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Helping a Friend build a credit

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Anonymous
Not applicable

Helping a Friend build a credit

Hello All

Trying to help a friend build a credit here, stats:

 

*Brand new social ( Just got last month)

*1 Cap one card w/ $750 limit

*Never late

*No inquiries
*10 year old card

*No loans or debts

*Score 740 with Cap one Credit Wise.

 

She want to build up a better credit limit, different cards? Charge cards? not sure

 

Thanks for the help

 

Message 1 of 9
8 REPLIES 8
noobody
Established Contributor

Re: Helping a Friend build a credit

Does the 10 year old card show up on his/her report?

 

If so, get an American Express credit crad

 

He will get 5 digs limit in no time

EX819 1HP|TU797 1HP| EQ(Fico8 BankCard)841
Message 2 of 9
Anonymous
Not applicable

Re: Helping a Friend build a credit

Sounds like a thin file. Based on that I'd also recommend discover as they seem to like folks with thin files the most.
Message 3 of 9
Anonymous
Not applicable

Re: Helping a Friend build a credit

Should also try the Shared Secured method or something similar to get an installment loan reporting. Seems to help most who lack that mix of credit.

Message 4 of 9
DollyLama
Established Contributor

Re: Helping a Friend build a credit


@Anonymous wrote:

Should also try the Shared Secured method or something similar to get an installment loan reporting. Seems to help most who lack that mix of credit.


Yes the SSL would be perfect as outlined in the thread. Just make sure it she does not want Alliant SSL, that it is a bank. I'm getting dinged for having a consumer finance loan ie a finance company (was an easy no hassle loan at the time-had I known that this shows me as a risk factor I would not have done it). Regardless that I have a perfect payment history with them. Helps my credit mix, but hit me like have a sub prime credit card. 

Message 5 of 9
Anonymous
Not applicable

Re: Helping a Friend build a credit

Discover, Amex, and a Synch card.
Message 6 of 9
noobody
Established Contributor

Re: Helping a Friend build a credit


@DollyLama wrote:

@Anonymous wrote:

Should also try the Shared Secured method or something similar to get an installment loan reporting. Seems to help most who lack that mix of credit.


Yes the SSL would be perfect as outlined in the thread. Just make sure it she does not want Alliant SSL, that it is a bank. I'm getting dinged for having a consumer finance loan ie a finance company (was an easy no hassle loan at the time-had I known that this shows me as a risk factor I would not have done it). Regardless that I have a perfect payment history with them. Helps my credit mix, but hit me like have a sub prime credit card. 


Are you SURE Alliant CU SSL will show up as "consumer finance loan"?

EX819 1HP|TU797 1HP| EQ(Fico8 BankCard)841
Message 7 of 9
Anonymous
Not applicable

Re: Helping a Friend build a credit

Thanks for the help guys, i just refer her with Amex program and she got approved for the Amex Delta with 44k miles after spending $1k and i get 5k miles Smiley Very Happy, not sure her limit yet, but hopefully will be something better that the Cap 1. I gotta be honest, I'm not happy with Cap1 myself, I've been with them for over 16 years and my limit is barely $7k, i got a Amex last December and I'm up to $30k, Guess what? all my Cap1 cards are in the drawers, been using my Amex almost everyday, and paying off every other week. Thanks again for the help, i think she will do fine with her new credit line.

 

Edi

Message 8 of 9
Anonymous
Not applicable

Re: Helping a Friend build a credit

I'd say either an AMEX or a Discover with CLIs

Message 9 of 9
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