Manage Minor's Credit

[BronzeTrader]

I just like to share how I manage minor credit. The minor is a college freshman. He was a AU on my IHG card and he used it with his trip to Europe with its no FTF. So he established his credit. Also he has bank accounts at BA and WF, though with little balance. After he graduated from high school, I applied BA Cash Rewards card and he got CL of $3.5k. He used in the summer. Then I realized he wouldn't get much benefits, like gas etc. So I applied Citi DC for him and he got $2.5k CL. 

Since he has his Amazon college Prime, I first got him the Discover, with CL of $1.5k. Then I got the Amazon Prime store card with CL of $2.2k. 

I tried to get him the Chase Unlimited, but it was declined due to length of his credit history, and the fact he is already an AU with my IHG. So I put him on my Unlimited card and this is his main CC. 

I think he is pretty much set now. We may want to try again to get his own Unlimited again in half a year or so. 

His FICOs are all around 770 level. I don't care much about them now. We will likely stay dormant for some time and get the credit age further. 

[newhis]

I hope a bright future for your minor. Teach them well and will have great financial opportunities.

If you want the scores to go higher, you can open a $500 secured loan for 5 years, pay it down to 8% or so, and may get 30 extra FICO points. You can read more here:

http://ficoforums.myfico.com/t5/Understanding-FICO-Scoring/Adding-an-installment-loan-the-Share-Secu...

It will help with credit mix and thicken the profile.

[BronzeTrader]

No need for that. With current 770 FICO and $8k his own CLs, he will come out of college in excellent shape. During the mean time, he will max his benefits with his Amazon Prime card and my Chase Unlimited on his dineout etc. Then get 1.5x with my CSR. Even the Citi DC stays dormant. 

He does not need any CLI. After he gets his own job, he can do his own CLI on his own with his own income etc.

I have no plan to get him the CLI. Dangerous to get minor a high CL.