Next Step for a 18-year old with 788 FICO

[coldnmn]

If he's in high school what would he put down for income? I would think he would have to have income to be approved.

[09Lexie]

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@coldnmn wrote:

If he's in high school what would he put down for income? I would think he would have to have income to be approved.

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+1

Also, with the CARD ACT :

If you’re under 21, it will be difficult to open a new credit card account.

You’ll need a co-signer or show proof of income.

[eagle2013]

Doesn't it also include any income where there is a reasonable access to? For students this may include part-time work, scholarships, financial aid, money from parents, etc. Someone 18 in high school could very well have income from part-time jobs

[09Lexie]

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@eagle2013 wrote:
Doesn't it also include any income where there is a reasonable access to? For students this may include part-time work, scholarships, financial aid, money from parents, etc. Someone 18 in high school could very well have income from part-time jobs

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Yes, it does but as a high school student there isn't financial aid or scholarships. Part time work would be considered but keep in mind until they turn 21, the parent/guardian is on the hook unless he can demonstrate his own income. 

[Closingracer]

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@abundancejones wrote:

From my research, Capital One, Chase, and even Citi will likely give him a starter card. 

Discover will NOT. Is he a college student?

Also, are the cards posting to Equifax?

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Why not? my First card was the discover it card and i have no prior history on my credit report other then inquries at the time 

[abundancejones]

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@eagle2013 wrote:

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@abundancejones wrote:

From my research, Capital One, Chase, and even Citi will likely give him a starter card. 

Discover will NOT. Is he a college student?

Also, are the cards posting to Equifax?

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Chase doesn't consider AUs and will not issue any card without 6-12 months prior history. He'll either have to get a secured card, or perhaps a student card. I would recommend BofA to start.

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An underwriter won't give AUs credit, but if his score is that high, he can pass through with an auto approval. Chase uses a bankcard enhanced FICO that values any card, even if it is AU. Same with Citi. 

 If the teen is working, he should be able to easily get a card. 

[xgac12x]

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@abundancejones wrote:

From my research, Capital One, Chase, and even Citi will likely give him a starter card. 

Discover will NOT. Is he a college student?

Also, are the cards posting to Equifax?

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I actually got my starter card from Discover. Got it two months after I turned 18. $500 line. I was an AU on a card, and had my parents cosign on a BB Store card that I bought an iPad with and made payments.