06-25-2014 10:27 PM
My son is 42 years old and does not have a credit record. I have two cards with USAA, one is 4 years old, the other is 2 years old. I added him as an AU a few days ago and I asked USAA if they will be reporting on his credit report and they said yes. I asked about the cards being dated the same as mine and they said yes. So, with the two cards reporting and an AAoA of 3 years and all payments on time what kind of score could he expect once USAA reports to the CRAs? He will have a thin file but it should be a good start. I have checked all of the annualcreditreports.com, Credit Karma, Credit Sesame and Credit.com and none of them have a record of him. The cards will be sent to me and he will never see them, let alone, use them. He wanted me to cosign for a car but I figured this to be the best course of action. It will help him and I won't be liable if he messes up. He has been on a small paying job for a couple of years after caring for his ill mother for over 10 years. What do you guys think about this?
06-25-2014 10:46 PM
Hard to say what his score will be. I added my 20 yr daughter about a month ago, on my discover 6.6k limt $500 owed & my baclays visa 4k with 1k owed & both reported. Did not generate a credit score yet. I did however help her get aproved for a cap one on her own wth $300 liit. Both my cards are 3 years old perfect payment history. Good luck too your son. Im sure it will hrlp get his foot in the door with cap one etc.
06-25-2014 10:51 PM
Your son cared for his ill mother?
plan for the 2 AU sounds good
Yes, she was my first wife we had been divorced over 30 years
06-25-2014 10:54 PM
Hard to say what his score will be. I added my 20 yr daughter about a month ago, on my discover 6.6k limt $500 owed & my baclays visa 4k with 1k owed & both reported. Did not generate a credit score yet. I did however help her get aproved for a cap one on her own wth $300 liit. Both my cards are 3 years old perfect payment history. Good luck too your son. Im sure it will hrlp get his foot in the door with cap one etc
I figured he should app for a card himself after the other cards report. Both should be reported within 2 months.
06-26-2014 04:31 AM
My son was like you, very thin file and only negative in it. What I did was add him as AU on a few of my cards and also kept trying the Credit one Pre-approval site and everytime they couldnt approve him they gave him a letter with his score on it. Its not a hard pull on his credit. But that helped me to know how much more work we ( him and I ) needed to do to get his score up.
Capital one also has a pre-approval area where you can see if his score is up enough for them with out taking a hard pull on his credit.
It took 3 months before my son was even qualified for a Credit one card of his one. But it was worth the wait, he's finally on the road to his own credit!
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.