Cap1 also offers a secured card (that reports as a regular unsecured credit card AFAIK). It can either be partially secured or fully secured depending on your creditworthiness. The BoA card is sometimes harder to get as it is elligible to be given the 1-2-3 rewards program they have but you can apply for it regularly without needing to be denied another card from them (https://www.bankofamerica.com/credit-cards/product
starting out at a local CU is a great choice because CUs tend to be more in favor of relationships than the big banks, however, some CUs do back their cards through different establishments (Like Elan Financial) in which case your relationship with the CU isn't taken into consideration, so I would make sure you look into that if you decide to go this route.
Depending on who you and your child do your main banking with, I would always talk to them as well, as some banks (such as wells fargo) do actually take relationships into consideration, especially if you or your child happen to have a substantial deposit account with them.
And lastly, AUs are still considered in FICO scoring. However, if your child's application is put under manual review, AU accounts report just as they are. It will say something like "AUTHORIZED USER - <Account Name>" followed by all the details. Many people have used AU accounts to get ahead of the game and had success, others have not.
Good Luck!
Edit: If you 18 y.o is a college student, make sure you look into student cards. Secured CCs aren't the only option in a situation like this, and to be honest I would start with a student card first and if you have no luck there go for a secured card.
jsucool76 wrote:Cap1 also offers a secured card (that reports as a regular unsecured credit card AFAIK). It can either be partially secured or fully secured depending on your creditworthiness. The BoA card is sometimes harder to get as it is elligible to be given the 1-2-3 rewards program they have but you can apply for it regularly without needing to be denied another card from them (https://www.bankofamerica.com/credit-cards/product
s/secured-credit-card.go) I know when I was denied a card from BoA I was not countered with the offer, so it isn't a sure thing, and I would hate to see an inquiry go to waste.
starting out at a local CU is a great choice because CUs tend to be more in favor of relationships than the big banks, however, some CUs do back their cards through different establishments (Like Elan Financial) in which case your relationship with the CU isn't taken into consideration, so I would make sure you look into that if you decide to go this route.
Depending on who you and your child do your main banking with, I would always talk to them as well, as some banks (such as wells fargo) do actually take relationships into consideration, especially if you or your child happen to have a substantial deposit account with them.
And lastly, AUs are still considered in FICO scoring. However, if your child's application is put under manual review, AU accounts report just as they are. It will say something like "AUTHORIZED USER - <Account Name>" followed by all the details. Many people have used AU accounts to get ahead of the game and had success, others have not.
Good Luck!
Edit: If you 18 y.o is a college student, make sure you look into student cards. Secured CCs aren't the only option in a situation like this, and to be honest I would start with a student card first and if you have no luck there go for a secured card.
I agree. Discover is a good option if you have some AU accounts reporting.
Wolf3 wrote:
mousebandit wrote:We're looking to start building my 18 yo's FICO, and now that AU's aren't going to count anymore, we're thinking secured cards. Any recommendations for good ones?Thanks!Why aren't the your AU's going to count anymore?
Where does the 18 yo have his checking/savings account. Start there if they have a secured card.
Because this thread is from 2007 
.
Case of necrosis to the mostis. I think 2007 was when they actually started the credit card forum specifically, hard to ressurect a thread earlier than this one.
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