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@Crashem wrote:
Op's sister will qualify for most student cards as she has income and in college
Don't Discover and Citi still like to see about 6 months of history? I know when I tried a couple of years ago they wouldn't approve me. Nobody would until Capital One sent me an offer in the mail.
If making her an AU is at all possible I would go that route. Wait for it to report and then have her apply for student cards. Discover it is an awesome card that will grow with her over time. Other then that there is always good old Capital One. They seem to be changing their ways, but who knows. I don't think a secured card is necessary unless she wants to dump a large amount of money into it to help get higher limits in a year. I have over $20k available credit in under two years without getting a secured card. As long as the accounts are managed properly bulding credit is easy.
@Crashem wrote:
You would only put her on cards with no negatives. Remember you don't get the primary's history but only the history of cards that are added. Also, should only be temporary until she gets cards of her own, it will help jump start her file.
That is the main thing and IF anything were to go bad on the account all she has to do is call up and be removed as an AU and then dispute with TU, EX, and EQ as the account not being hers. It would be removed right then and there.
My suggestion is to get a secured card with US bank even if it's only for $500 or so.
Wait 6 months, then app for Discover it and Walmart. I think Citi has a student card as well.
Then, garden all those cards for the next 6 months until she graduates. Should be in a pretty good position by then.
Good on you to look out for her.
Do we even know if she has a credit file? She should check and see what is on there if it exists. Assuming no credit file/no AU accounts, OP's sister should start with Cap One Journey for Students. (btw all this advice assumes she can handle her finances)
Use Cap One normally for a few months ALWAYS PIF. Check 3 months for credit file. Depending on how daring, either app then or wait 6 months. In any case, she will want to get the following student cards before she graduates:
1) Citi Student Forward: Only available to students now. the 5 pt categories are fairly unique and useful
2) Discover Student IT: good card and much easier to get as student
3) Walmart Card: for the FICO score and GEMB has great CLI policy
Once 6 months to 1 year hits, she should think about AMEX. If charge card works, then in 6 months. If only want revolver, then wait till 1 year history. Starting your history with AMEX is important as backdating becomes very useful later in credit life. Trust me on this. Also, AMEX has great CLI policy so really helpful for building up credit.
@09Lexie wrote:
First, she should pull her credit reports. If she has no credit at all, she could try Cap 1 Journey/Newcomer. If that doesn't work, a secured card is the other option. Discover Student probably will not work and Citi Forward seems a stretch too.
Edit : Crashem, you beat me!
On computer now vs. junky ipad
@09Lexie wrote:
First, she should pull her credit reports. If she has no credit at all, she could try Cap 1 Journey/Newcomer. If that doesn't work, a secured card is the other option. Discover Student probably will not work and Citi Forward seems a stretch too.
Edit : Crashem, you beat me!
BTW, was only suggesting Citi Forward and Discover IT (student versions for both) after using cap one for 3-6 months.