Reply
Regular Contributor
Posts: 197
Registered: ‎10-22-2010
0

Help getting my brother started in credit

[ Edited ]

My brother just turned 19 and I am would like to get him a credit card just to start building some form of credit. I thought I remembered seeing a while back that the Citi Forward Student was a good card for people with no credit. He has 0 history and 0 inquiries. He works full time and is a student at night. I was curious if anyone had any reccomendations. Want to do something now to try to open a Zync in December.

 

Thanks.

 

P.S. - Is it better to apply over the phone to talk to the rep or is it no difference than over the computer (since they are just imputting the information into a computer).

What's In My Wallet:American Express Starwood Preferred Guest Business Card, American Express Costco True Earnings, Citi AA Visa, Barclays US Air, Citi Prestige
What's In My Sock Drawer: Chase Sapphire Preferred, Discover More, Bank of America Accelerated Rewards AmEx, SME FCU Visa
Contributor
Posts: 98
Registered: ‎04-13-2012
0

Re: Help getting my brother started in credit

Right - There is no difference applying via computer/phone, at least in terms of your approval chances.

 

Also, since he is working full-time, I wouldn't necessarily bother applying for the student version just because he's a student... The best long-term play may be to apply for the regular Forward, which has a pretty low barrier to entry to begin with. CapitalOne is the other lender you'll want to look at for a thin file: Their Journey product (a student card) offers some of the best features you can get on the low end of the credit spectrum, and also carries no AF.

 

The other thing you may want to consider is adding him as an AU on one of your AMEX credit products, like the Blue. It won't give him any history (I believe they stopped doing that a while back), but it would give him an account with a high limit and low utilization, at least to get a report generated for him.

 

.ılılıll | CK/TU FAKO [770] // CS/EX FAKO [789] // QZ/EX FAKO [724] // EX FICO [763] | llılılı.
Chase Hyatt [$9K] // AMEX SimplyCash [$8K] // Chase Freedom [$7K] // PenFed Platinum Rewards [$6.5K] // AMEX Clear [$6K] //
Citi Forward [$6K] // BoA Privileges Cash [$5K] // Discover it [$3.5K] // Citi ThankYou Preferred [$2.2K] //
Valued Contributor
Posts: 3,096
Registered: ‎01-26-2012
0

Re: Help getting my brother started in credit

I would add him as AU to whatever cards are old, high limits, little/no utilization.  I would pick one AMEX to lock in his member year (remember to register the card with online id).  Give him 2-3 VISA/MCs if you have enough that match those standards.  Do not apply for any cards until all these AU accounts are reporting on his credit report.

               LIMITS IN CARD DESCRIPTIONS
Regular Contributor
Posts: 197
Registered: ‎10-22-2010
0

Re: Help getting my brother started in credit

Makes sense. I'll probably add him as an AU to my Blue (since it's sock drawered) and my Chase United (sock drawer) so I am reporting 0 util and 2k with Blue and 5k with Chase.

 

Would this make his AmEx date 2012 or 2010 (mine)? Also, how long till they would report to his credit report.

 

Thanks for the feedback and help. I really appreciate it.

 

Also, would this instant show my history on his report (so 2 years for the AmEx) and a few months for the United or would it all start at 0 for him?

What's In My Wallet:American Express Starwood Preferred Guest Business Card, American Express Costco True Earnings, Citi AA Visa, Barclays US Air, Citi Prestige
What's In My Sock Drawer: Chase Sapphire Preferred, Discover More, Bank of America Accelerated Rewards AmEx, SME FCU Visa
Valued Contributor
Posts: 3,096
Registered: ‎01-26-2012
0

Re: Help getting my brother started in credit

His member date would be 2012.  Au Amex will show open now so no aaoa gain, but will be good for him in future.  I'm not loving your choices on cards.  If Amex blue only 2k limit, then add him to green instead.  Plus if you ever use green, you don't need to worry about affecting his utilization.   Open date on Amex doesn't matter as he will show open date of now.  As for visa/mc, can you list out your cards by limit, any normal balance on card, any nrgative history, and open date.  Since he will inherit entire history on visa/mc, good to do old card and high limit cards.  Also, probably take a couple months to report but depends on timing.

               LIMITS IN CARD DESCRIPTIONS
Regular Contributor
Posts: 197
Registered: ‎10-22-2010
0

Re: Help getting my brother started in credit


Crashem wrote:

His member date would be 2012.  Au Amex will show open now so no aaoa gain, but will be good for him in future.  I'm not loving your choices on cards.  If Amex blue only 2k limit, then add him to green instead.  Plus if you ever use green, you don't need to worry about affecting his utilization.   Open date on Amex doesn't matter as he will show open date of now.  As for visa/mc, can you list out your cards by limit, any normal balance on card, any nrgative history, and open date.  Since he will inherit entire history on visa/mc, good to do old card and high limit cards.  Also, probably take a couple months to report but depends on timing.


Thanks for the help, really appreciate it.

 

Visa

 

Chase Sapphire Preferred - Open 08/11 - $500-$1000/month - $5000 limit

Chase Freedom - Open 2/12 - $0 - $500/month (based on 5% spend bonus) - $4000 limit

Chase United Mileage Explorer - Open 5/12 - $0/month - $5000 limit

 

MC

 

Citi Divended Platinum - Open 3/11 - $0/month - $4300 limit

 

No negatives on any cards

What's In My Wallet:American Express Starwood Preferred Guest Business Card, American Express Costco True Earnings, Citi AA Visa, Barclays US Air, Citi Prestige
What's In My Sock Drawer: Chase Sapphire Preferred, Discover More, Bank of America Accelerated Rewards AmEx, SME FCU Visa
Valued Contributor
Posts: 3,096
Registered: ‎01-26-2012
0

Re: Help getting my brother started in credit

Seem to be  missing a couple of cards such as he ones in sock drawer.

               LIMITS IN CARD DESCRIPTIONS
Regular Contributor
Posts: 197
Registered: ‎10-22-2010
0

Re: Help getting my brother started in credit


Crashem wrote:

Seem to be  missing a couple of cards such as he ones in sock drawer.


Ahh sorry

 

Discover More - Open 5/08 - $0/month - $3,000 limit

Bank of America AmEx - Open 10/10 - $0/month - $10,000 limit

 

I also have one through a credit union I used to live near which was open 6/10 - $0/month - $3,000 limit (Visa)

 

What's In My Wallet:American Express Starwood Preferred Guest Business Card, American Express Costco True Earnings, Citi AA Visa, Barclays US Air, Citi Prestige
What's In My Sock Drawer: Chase Sapphire Preferred, Discover More, Bank of America Accelerated Rewards AmEx, SME FCU Visa
Valued Contributor
Posts: 3,096
Registered: ‎01-26-2012
0

Re: Help getting my brother started in credit

Add him to Amex green, discover, and bofa Amex.  Once he is added, I would verify that they show up on his credit report.  Amex green for sure will.  Once you get Amex green card, make sure to register Amex green on website with his own online ID.  As for other cards, it would help if you and him share an address currently but any past address on the credit report is okay too.  Might need to make a purchase on eother those cards to get them to report would help too.  Once all are reporting on his creditreport, you want to apply to card issuer who doesn't discount au accounts too much.  If I remember correctly, Citibank is good choice.

               LIMITS IN CARD DESCRIPTIONS
Frequent Contributor
Posts: 269
Registered: ‎03-15-2012
0

Re: Help getting my brother started in credit

[ Edited ]

Discover and Citi count AU from recent experience. I got the more/forward with 5 months of personal credit history. Chase defiantly ignores AU accounts.

Fico Scores: 763 EQ(12/11/12) 801 TU(02/06/15) 776 EX(02/14/2015)
AMEX BCE 18K AMEX Blue Sky 13.6K AMEX BCE 13.5K AMEX Zync
NPSL(AU) Citi Double Cash 10K PenFed Plat Rewards 8.5K Citi Forward $7.1K Discover it 6.5K Wells Fargo Cash Back $4.4K BankAmericard Better Balance $700 Chase Freedom $500 Capital One Quicksilver $6K Capital One Platinum (AU) $500 Capital One Secured Card (AU) $251(Closed)
Advertiser Disclosure: The listings that appear on myFICO are from companies from which myFICO receives compensation, which may impact how and where products appear on myFICO (including, for example, the order in which they appear). myFICO does not review or include all companies or all available products.

Copyright ©2001-2015 Fair Isaac Corporation. All rights reserved.   | Terms of Use | Privacy Policy | Sitemap

IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more

FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.