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Established Contributor
Posts: 875
Registered: ‎03-04-2013
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Student's first cards...

My son just turned 19.  I put him on my Target card last Oct and I'll put him on my Macy's.  As far as his score, he has none, we're not even able to pull any of the 3 reports online.  I would think he would have a report by now due to the Target card as it's been over 6 mos.

 

Is he destined to start out with secured cards for now?  He will be applying for that tonight through our CU, they will graduate him to a regular gold Visa, but they don't have anything geared to students.  As far as I've read here, Discover for Students & Citi Forward for Students are the two to focud on, but do they approve with no report/no score?  I assume they wouldn't.  

 

I don't want to attempt buying a score at myFICO and get charged but have no score...  I wonder how that works.  Smiley Surprised

 

 

FICO: EQ 766 | TU 754 | EX 729
SFFCU Visa $15k + LOC $5k, USAA Amex $6k, USAA MC $7k, Amex BCE $25k, Cap1 $4.5k, Freedom $8.5k, Slate $3.2k, Barclays SM $9k, Care Credit $13.5k.

My Credit Repair Journey
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Posts: 3,360
Registered: ‎10-19-2012
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Re: Student's first cards...

The AU accounts may not be reported on his credit profile - I would call the CRA's in to inquiry about this.

Your son can get approved for student cards without a credit history - that's the point of student credit cards. But he should expect low credit limits and high APR's. Not that these matter anyway since I know he'll be paying in full every month and never exceeed the credit limit. Smiley Wink

Frequent Contributor
Posts: 271
Registered: ‎02-10-2013
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Re: Student's first cards...

I'm not sure about Target reporting AUs to CRAs. Maybe you should call to find out if they do? 

 

Major banks definitely report AUs (AmEx, BoA, etc). Can you add him to another of your accounts?

Established Contributor
Posts: 875
Registered: ‎03-04-2013
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Re: Student's first cards...



Your son can get approved for student cards without a credit history - that's the point of student credit cards. But he should expect low credit limits and high APR's. Not that these matter anyway since I know he'll be paying in full every month and never exceeed the credit limit. Smiley Wink


i WOULD HOPE FOR LOW LIMITS.  Smiley Wink

FICO: EQ 766 | TU 754 | EX 729
SFFCU Visa $15k + LOC $5k, USAA Amex $6k, USAA MC $7k, Amex BCE $25k, Cap1 $4.5k, Freedom $8.5k, Slate $3.2k, Barclays SM $9k, Care Credit $13.5k.

My Credit Repair Journey
Established Contributor
Posts: 875
Registered: ‎03-04-2013
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Re: Student's first cards...


 

Major banks definitely report AUs (AmEx, BoA, etc). Can you add him to another of your accounts?


Yep, I will do that.

FICO: EQ 766 | TU 754 | EX 729
SFFCU Visa $15k + LOC $5k, USAA Amex $6k, USAA MC $7k, Amex BCE $25k, Cap1 $4.5k, Freedom $8.5k, Slate $3.2k, Barclays SM $9k, Care Credit $13.5k.

My Credit Repair Journey
Frequent Contributor
Posts: 305
Registered: ‎04-15-2013
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Re: Student's first cards...

I might have to do the same thing with my son as well. I want to give him a head start on credit. Ill just add him to my high limit CC so when he does apply he can get a decent CL on his own.
Established Contributor
Posts: 647
Registered: ‎07-03-2012
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Re: Student's first cards...

Two years ago when I was first starting out Discover and Citi wouldn't touch me. I applied for student cards and they both said they wanted to see history first. From reading on here it's very much a YMMV situation. After everyone denying me I gave up for a few months and then Cap1 sent me an offer with no AF. That was my first card. As long as the CU approves him I would say just leave it at that for a while and then apply for Discover in 6-12 months. 


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