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08-20-2012 07:55 PM
So with AMEX she won't get the AAoA, but she will start getting credit history for using the card from there on out suppose if it was an AMEX is this correct? That is amazing how on another credit card you all of sudden get 16 years of history, seems a bit like cheating lol.
Yeah she will begin building history but not get the whole history. . Amex also has one of the best AU systems out there. AUs can get their own online access to track their purchases and the primary cardholder can also impose spending limits on the AUs cards to keep them from causing too much trouble.
08-20-2012 08:43 PM
08-21-2012 06:16 AM
Guys thanks for the great advise.
I think I will put her down as my AU on my Capital One card as we already did two inquires with Capital One and dont want to do anymore hard pulls for her report.
08-21-2012 07:33 AM
AU is the way to go.
Real quick. What cards do you have available to add her on as AU? Please list Card, open date, limit, typical balance on card, and any negatives (late pay etc.). If you list them out, I can tell you the bet subset and next steps for helping her get credit.
Also, will she be earning any income as student (part time job, scholarships and grants, set monthly money from parents etc.)?
08-21-2012 08:00 AM
08-21-2012 08:11 AM
These are following cards I have
Balance - 4500 (This will be paid in full next month)
Open Date - 2008
No lates or negatives
Cap One Venture
Balance - 2500
Open Date 2011
No lates or negatives
Open Date - 2011
No lates or negatives
She will be working partime and no scholarship or grant.
I was thinking of adding her to my Amex and then puttting a limit on her card as you cant do that with Cap One?
08-21-2012 09:10 AM
08-21-2012 10:01 AM
Now once he removes her as an AU - say in 4 years when she's got her own cards and is out in the real world by herself - will they totally remove that info on her CRA though? Is the reporting benefit really only worth it as long as she's an AU or will it last on her report for years (thus boosting her well beyond college)?
08-21-2012 10:49 AM
I have an 18 yr old daughter starting college next week. In Jan 2012, I added her as an authorized user on my Walmart Card 2.4K limit
She applied for 2 unsecured student cards in July 2012.. Cap One Journey and was approved for 300 cl and a student Discover with a 500 cl
She has no other credit history, had to send enrollment letter for Discover approval. Nothing for Cap One.
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