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Helping brother with credit

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signaturecardmember
Frequent Contributor

Re: Helping brother with credit

good for you for helping your family, a lot of people forget about sticking together as a family anymore! yes add him as an AU, if you two live near each other you could just hold on to the cards and give htem to him to hold when hes traveling etc when he might have an emergency. The AU will help him but not by a ton, probably start off with some Capital One card and maybe a Bank of America Secured card.

Started: 4/14 Bank of America Signature $6k, 85% Utilization, 745 Fako
Currently: 6/18 Bank of America Signature $99.9k, Chase Slate $0, Chase Freedom Signature $2.5k, American Express Gold NSL, American Express Everyday $6k, Lowes GE $0 (From $35k), Discover IT $38.5k, Capital One Quicksilver $5k, Barclays US Airways $24k, DCU Platinum $30k, PenFed Promise $47k, Chase Freedom Unlimited Signature (From CSP) $50k, Chase AARP Signature $7.5k, American Express Blue Cash $7.5k, Citi American Airlines Platinum $10.5k, Capital One Venture Signature $30k, Chase Sapphire Preferred (From Reserve) $12k, Chase Ink Business Preferred $10k, Barclays Aviator Business $14k. Total Available Credit: Over $350k, Utilization 4%, AAoA 7 Years, TU Fico 799, EX Fico 727
Message 11 of 21
Anonymous
Not applicable

Re: Helping brother with credit

Hi,

My little sister is graduating from college this coming May and is in the same boat your brother is. I was myself when I also completed my 4 year degree. The first thing to do  is to get an idea of that range of FICO score he actually possess. just because he has no credit cards doesn't mean that he was ever hit with collection sutdent loans or such.

Then, have him apply for a Bank of America secured credit card. He would have to learn and get familiar with credit utilization ratios, minimum monthly payment that has to be made on time EVERY MONTH, ect.

After 6 months or less Bank of America will graduate him to a secured credit card and the deposit would be paid for.(If you really wanna help him you could help fund the secured card to your loss if he fails).

Credit is very important and I would not recommend adding him to your card. Some things are better learned.

Joining this forum is free and there is an array of information available to anyone who is in the process of building credit.....

That's is just my opinion regarding your question and best of luck!

Message 12 of 21
Anonymous
Not applicable

Re: Helping brother with credit

He could get turned down with a credit union. My sister was becasue she had no history. We had to go woth Bank of America and it is the only bank that graduate members after  6 months  and refund the money put as a deposit. the other secured card are only to establish credit and when you had enough and and to apply for an unsecured card in order to get your money back you start back at 0 in regard to your history and if you close that secured card, there goes your oldest card being reported as close.

Be wise and just don't have him open any secured credit card.

Message 13 of 21
Anonymous
Not applicable

Re: Helping brother with credit

The only card worth adding him on as AU is Amex for backdating purposes . This is what I'd do if I were :

1. Get him ONE secured card (BofA or Credit union)
2. Garden 8 months
3. Get 2 unsecured card like Discover and Amex
4. Garden 6-8 months
5. Get a one or two cards that start at 5k like CSP .

From there you just lay back and grow your limits . Maybe join a couple credit unions for the generous limits and low rate loans . This strategy works like clockwork . Tried and tested .
Message 14 of 21
Anonymous
Not applicable

Re: Helping brother with credit

Add him as an AU on an Amex card.  If you trust him, you can even let him hang onto the card.  I was added as an AU on my dad's 18 year old Chase card (I was 6 at the time), ungrateful me wishes it was an Amex Smiley Happy

 

If you'd prefer him to pull himself up by his own bootstraps, go with a secured BoA card that would graduate.  Once his report shows up (6 months), that card should graduate.  Discover likes clean and thin files, have him app for one of those.  Try his hardest to get in with Amex to establish the MSD.  I think charge cards are easiest to get.

Message 15 of 21
b1gr3dmachin3
Contributor

Re: Helping brother with credit

Really appreciate all the advice, lots of great ideas!! I think I have a pretty good idea now of the path he should take, I'll talk to him about it and set up a game plan. Again, thank you for all the help!! Smiley Happy

BoA 123 $2.5k (11/12) // Discover It $3.9k (7/13) // Citi Forward Student $3.8k (7/13) // Chase Freedom 5k (12/13) // Amex Blue Cash 6k (1/15)

Starting Score: No Credit History (11/12)
Current Score: MyFico 761
Goal Score: 800+


Take the myFICO Fitness Challenge
Message 16 of 21
SecretAzure
Valued Contributor

Re: Helping brother with credit


@b1gr3dmachin3 wrote:

Really appreciate all the advice, lots of great ideas!! I think I have a pretty good idea now of the path he should take, I'll talk to him about it and set up a game plan. Again, thank you for all the help!! Smiley Happy


I am currently doing this with my sister, she doesn't understand why yet but she is in the process of understanding. I've added her to my Ring, Freedom, and BCE. So far only 1 card is reporting on CK(CreditKarma) and she has a FAKO score of 719 with 0 mos of credit. Insane with no other credit history. 

 

Make sure to hit the Kudos button (Stripe and the Star) for all the people who you feel helped you! I'm sure they'd appreciate it! Smiley Wink

"Show your thanks with action! Hit the "Kudos" button (the stripe with the star) for every post you find helpful to show your appreciation to the community of great individuals who help you on these forums" -Me

Active Cards: Chevron Texaco, Amex BCE, Barclays Ring, Chase Freedom, Chase Freedom Unlimited, Best Buy Visa, Marvel MCMust garden until 2/1/2022 to hit my goal AAOA. Smiley Indifferent
Message 17 of 21
Anonymous
Not applicable

Re: Helping brother with credit

Thanks for all the good information! I'm actually working with my sister to try and get her credit back in order but I really need her to go pull her credit reports so I know what I'm dealing with. I know she has some student loans, not sure if they are in repayment or not, and she does have a US Bank CC that she got when at a PBR event in addition to two store cards, but I have no idea on her payment history with them.

 

I just added her as an AU to my Discover and I'm planning on holding on to the card for the foreseeable future. Sad, but I don't trust her not to go wild with it.

Message 18 of 21
chalupaman
Super Contributor

Re: Helping brother with credit

It's best to get them started on their own credit if they can. There are lots of good secured cards out there he can start out and build with, especially Bank of America's.

Tradelines: Macy’s - $18k, Penfed Power Cash Rewards - $10k, Ethan Allen (TD Bank) - $5.7k, Kay Jewelers - $5.5k, Appliances Connection - $5.3k, Jared - $5.25k, Best Buy (Citi) - $5k, Dell Preferred Account - $3.5k, Samsung - $3.2k, Firestone CFNA - $3.2k, Capital One Platinum - $3k, Mercury MC - $2.25k, Williams Sonoma - $2.1k, Wayfair (Fortiva) - $2k, Amazon Store Card - $1.8k, Apple Card - $1.7k, NFCU cashRewards - $1.5k, CareCredit - $1.5k, B&H Photo - $1.5k, Adorama - $1.25k, Ebay MC - $1k, Sam’s Club MC - $1k, American Eagle - $1k, Ollo MC - $600, Mission Lane Visa - $500, NY & Company - $500, Walgreens - $500, Home Depot - $500, Target RED Card - $500, CapOne Secured MC 0 AF - $500, Penfed Overdraft LOC - $500

Current FICOS: Mid 640s-50s on all reports, Ch 7 BK D/C Aug 2019
Starting scores: EX - 534, EQ - 574, TU - 516 | Total TLs: $91k approx | Total Utilization: 17%, getting this back down
Message 19 of 21
Anonymous
Not applicable

Re: Helping brother with credit

I helped my wife gain credit. I added her on my Capital One account. After a month she got approved for Discover IT for $1,500 on her own.

Message 20 of 21
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