Reply
New Visitor
altod
Posts: 1
Registered: ‎04-18-2011

Starting Credit History

Hi i am a teenager almost 16. I wanted to know if there were any credit cards that i could get withh a parent that would cosign with me. I am interested in starting my credit history young.

Valued Contributor
MrShush
Posts: 1,412
Registered: ‎04-18-2008

Re: Starting Credit History

A minor child, in most cases, cannot have a credit card on your own. You cannot enter into a contract (signing for a purchase) because of age. I'm not sure how it works on the issuers end, perhaps the rules are different since the issuer can come after your parents having you as an authorized user.

Regular Contributor
danisgods
Posts: 219
Registered: ‎08-21-2010

Re: Starting Credit History

I heard here on this forum that it is possible for your parents to add you as a authorized user, i have my wife as AU on all my CC, i added her online, all they asked was her name, no SSN or DOB, so how could they know?

 

Ask your parents to check it out for you, that is a great idea man, i came to the USA when i was 21 it sucked because i was too old and no credit , takes forever to build credit , so you are on the right path.


Starting Score: TU 715 EQ 704
Current Score: TU 715 EQ 704
Goal Score: 760-780


Take the FICO Fitness Challenge
Senior Contributor
Walt_K
Posts: 3,065
Registered: ‎11-02-2009

Re: Starting Credit History

I just recently filled out an Amex application and it asked if I wanted to add any authorized users who were at least 15 years old. Judging from that, it seems your parents could add you to an Amex if they have one.


Starting Score: ~500 (12/01/2008)
Current Score: EQ 681 (04/05/13); TU 98 728 (01/06/12), TU 08? 760 (provided by Barclay 1/2/14), TU 04 728 (lender pull 01/12/12); EX 742 (lender pull 01/12/12)
Goal Score: 720


Take the FICO Fitness Challenge
Regular Contributor
tpatterson2k9
Posts: 154
Registered: ‎04-04-2011

Re: Starting Credit History


altod wrote:

Hi i am a teenager almost 16. I wanted to know if there were any credit cards that i could get withh a parent that would cosign with me. I am interested in starting my credit history young.


You didn't hear this from me, but I actually lied about my birthday when I was 17 so I could get a CC in my own name early.  After I turned 18, I informed my bank that there was an error with my birthday and I had them correct it.  However, with the recent legislation, it is more difficult for those under 21 to get a CC on their own, so I don't know if a bank would outright approve you without a cosigner.


Starting Scores (lender pull 3/27/10): 759 (EQ), 752 (TU), 749 (EX)
Current Scores (myFICO 4/4/11): 768 (EQ)
Goal Scores: 800


Take the FICO Fitness Challenge
Senior Contributor
Walt_K
Posts: 3,065
Registered: ‎11-02-2009

Re: Starting Credit History


tpatterson2k9 wrote:

altod wrote:

Hi i am a teenager almost 16. I wanted to know if there were any credit cards that i could get withh a parent that would cosign with me. I am interested in starting my credit history young.


You didn't hear this from me, but I actually lied about my birthday when I was 17 so I could get a CC in my own name early.  After I turned 18, I informed my bank that there was an error with my birthday and I had them correct it.  However, with the recent legislation, it is more difficult for those under 21 to get a CC on their own, so I don't know if a bank would outright approve you without a cosigner.


Even if this would work, it is a horrible idea for what should be very obvious reasons. 


Starting Score: ~500 (12/01/2008)
Current Score: EQ 681 (04/05/13); TU 98 728 (01/06/12), TU 08? 760 (provided by Barclay 1/2/14), TU 04 728 (lender pull 01/12/12); EX 742 (lender pull 01/12/12)
Goal Score: 720


Take the FICO Fitness Challenge
Regular Contributor
william23
Posts: 113
Registered: ‎10-09-2010

Re: Starting Credit History

If you are between the ages of 18 and 21, you should be aware of the changes in your ability to get a credit card since the new credit card law (Credit CARD Act) became effective in February 2010. The Credit CARD Act now requires that this group of consumers be able to show proof of income or acquire a co-signer in the form of a parent or legal guardian in order to apply for their own credit card, both secured and unsecured.

 

Please note that these are guidelines and your approval for an unsecured credit card is not guaranteed even if you have some positive or absolutely no information on your credit report. If you do fall into one of these categories, a secured credit card may still be your best option, as approval is guaranteed.

 

Hope this helps :smileyhappy:.

Regular Contributor
brian2220
Posts: 118
Registered: ‎04-17-2011

Re: Starting Credit History

[ Edited ]
 
My Cards
BBVA/Compass 2/12 $ 5000 ----- Chase Freedom 12/10 $3000 ---- Cabela's 1/12 $3000 -----US Bank FlexPerks Cash Rewards 6/11 $3000 ----Walmart Discover 10/11 $2814 ------ Discover More 11/11 $2500 ----- Amazon Store Card 2/11 $2100---- Amex Zync 4/11 ---- Citi Dividend Platinum Select 3/11 $1950 ---- BofA Cash Rewards 12/11 $1000
Senior Contributor
Walt_K
Posts: 3,065
Registered: ‎11-02-2009

Re: Starting Credit History


brian2220 wrote:

you didnt hear if from me but i did the same on my sixteenth bday with a preapproved household card and a macys card and look where i am at now 

i have been approved for 4 credit cards in the last 4 months since my 18th bday


I don't want to beat a dead horse, but advising someone to lie about their age on a credit card application is irresponsible at best and bordering on plain stupid.  Especially where there is no pressing need for the credit and the OP simply wants a way to start building history.  Submitting false information on your application could potentially subject you to criminal penalties, mail fraud and wire fraud come to mind.  Would charges be brought?  I don't know.  But the whole point here was how to best get your foot in the door and build credit history.  If you're lying on your applications before you've even gotten started, there is a problem.  I hope the OP isn't considering this.


Starting Score: ~500 (12/01/2008)
Current Score: EQ 681 (04/05/13); TU 98 728 (01/06/12), TU 08? 760 (provided by Barclay 1/2/14), TU 04 728 (lender pull 01/12/12); EX 742 (lender pull 01/12/12)
Goal Score: 720


Take the FICO Fitness Challenge
Valued Contributor
vish1
Posts: 1,129
Registered: ‎01-20-2011

Re: Starting Credit History

 


Walt_K wrote:

brian2220 wrote:

you didnt hear if from me but i did the same on my sixteenth bday with a preapproved household card and a macys card and look where i am at now 

i have been approved for 4 credit cards in the last 4 months since my 18th bday


I don't want to beat a dead horse, but advising someone to lie about their age on a credit card application is irresponsible at best and bordering on plain stupid.  Especially where there is no pressing need for the credit and the OP simply wants a way to start building history.  Submitting false information on your application could potentially subject you to criminal penalties, mail fraud and wire fraud come to mind.  Would charges be brought?  I don't know.  But the whole point here was how to best get your foot in the door and build credit history.  If you're lying on your applications before you've even gotten started, there is a problem.  I hope the OP isn't considering this.


 

+1

 

This is absolutely unreasonable and crazy to lie to get a credit card and I am sorry to say, but people who lie to get credit must be ashamed of themselves. Atleast stop saying that here please don't pull others on the wrong path...

Amex PRG | BoA Cash rewards 35K | BoA Cash rewards 7K | Citi AAdvantage 15 K | Chase Sapphire Preferred 11 K | Chase Freedom 10k | Chase United 5 K | Chase Southwest 5K | Chase Airtran 6.4K | Discover IT 8K | Barclays US Airways 7.8 K | DCU 3 K | US Bank Flex Perks 8K | Toys r US 6 K | JC Penney 4.6 K | Macy's 1200 | Kohl's 600
Ex Fico: 762 (PSECU)
EQ Fico: 764 (DCU)
TX Fico: 773 (Discover)

myFICO is the consumer division of FICO. Since its introduction 20 years ago, the FICO® Score has become a global standard for measuring credit risk in the banking, mortgage, credit card, auto and retail industries. 90 of the top 100 largest U.S. financial institutions use the FICO Score to make consumer credit decisions.

>> About myFICO
FICO Score - The Score that matters
Fair Isaac Corporation is a BBB Accredited Financial Service in San Rafael, CA
FOLLOW US Social Media Facebook Twitter Pinterest Google+