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New Contributor
Posts: 178
Registered: ‎04-06-2013
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Helping a young person start

K, short and tall of it: baby sister is 18, graduates high school this year, will start college in the fall. Would it be better to start her with her own CC, or add her as AU on our (brand new) accounts? She will be living with us when she starts school. Her income is going to be fairly low, my parents and I are going to be providing her with most of her financial support.

Starting my rebuild!


Super Contributor
Posts: 7,132
Registered: ‎02-27-2013
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Re: Helping a young person start

She can apply for some college cards, such as discover, Wells Fargo, etc.

Also add her as Au as long as those accounts are in good standing.

Overall she will be set then!
JPMorgan Palladium (100k), AmEx Platinum (NPSL), AmEx SPG (46k), AmEx BCP (42k), Chase Sapphire Preferred (47k), Citi Prestige (31k), Citi Thank You Preferred (27k), Citi Executive AAdvantage (25k), JPMorgan Ritz-Carlton (21k), Merrill+ (15k), US Bank Cash+ (22.5k), Wells Fargo (12k), Bloomingdale’s (12.4k), Chase Freedom (5k), Discover IT (5k).
New Member
Posts: 7
Registered: ‎04-15-2013
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Re: Helping a young person start

add her on as an AU on an older card that has a low utilization.  i added my gf on my $6000 citi that carried about $100 balance  when she was 18 and in 6 months she got her own citi card with a $1000 spending limit.

American Express ZYNC - NPSL
Chase Sapphire - $6000
Citi Thank You Card - $8200
Discover - $4000
Best Buy / Capital One - $3200
Moderator
Posts: 27,207
Registered: ‎09-13-2012
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Re: Helping a young person start

Agree with AU suggestions, also BoA has a good secured card that graduates.
Senior Contributor
Posts: 3,930
Registered: ‎10-26-2012
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Re: Helping a young person start

Awesome replies Smiley Happy No need for my input!!!!!! Smiley Tongue

New Contributor
Posts: 178
Registered: ‎04-06-2013
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Re: Helping a young person start

We don't have any older cards, otherwise it would be a no-brainer. I just didn't know if about 6 months with her as an AU on ours would put her in a better position to get her own card, instead of getting her first all on her own.

Starting my rebuild!


Moderator
Posts: 27,207
Registered: ‎09-13-2012
0

Re: Helping a young person start

What cards can you put her on? Limits, balances pyt history
Mega Contributor
Posts: 15,442
Registered: ‎04-09-2011
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Re: Helping a young person start

I would go for her own secured card. Cap1 is great for this.



Silver Spade Garden Club Member - Last App 12/16/13 - Looking for a clean slate NO INQ's / Diamond Inspired!
Starting Score:
EX (PLUS) 583 EQ FICO 565 TU FICO 590 3/15/2011 / Goal Scores: 720
Current Score: EX FICO (PSECU) 671 (myFICO) N/A / EQ FICO 679 / TU08 FICO 678 / TU VS 706 3/6/2014
New Member
Posts: 7
Registered: ‎04-15-2013
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Re: Helping a young person start

as long as you have good payment history on an account it will be fine, make sure there is nothing no missed payments on the cards you add her too, and as soon as you add her she gets all your history of the card regardless if it's been a year or 12 years. also if it's an amex you add her too later on she can get her own amex backdated to this date.

American Express ZYNC - NPSL
Chase Sapphire - $6000
Citi Thank You Card - $8200
Discover - $4000
Best Buy / Capital One - $3200
New Contributor
Posts: 178
Registered: ‎04-06-2013
0

Re: Helping a young person start

Brand new nRewards 10k limit, VS 250 limit. Both will be 0% util, barring any huge tragedy. No plans to actually charge anything to them that can't be PIF. Been on a cash only basis for years, only difference is now things will roll through the CC solely bc we have to have open revolving accounts to have good credit. I like being cash-only.

Starting my rebuild!


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