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Established Member
Posts: 64
Registered: ‎04-01-2011
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Us Bank

2 Questions My son is 15 and he decided that he wanted the us bank young adult card i will be the cosigner on the card hw will turn 16 in november. Should i apply for a us bank card now to build some history before he applys for the card? What buraue do they pull? Do they give good credit limits?

Valued Contributor
Posts: 1,230
Registered: ‎09-22-2009
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Re: Us Bank

 


ldah wrote:

2 Questions My son is 15 and he decided that he wanted the us bank young adult card i will be the cosigner on the card hw will turn 16 in november. Should i apply for a us bank card now to build some history before he applys for the card? What buraue do they pull? Do they give good credit limits?


US Bank almost exclusively pulls EQ, at least in the midwest.  They give good credit limits (my CC is 10K along with a 15K LOC) but they do seem to require better than 700 FICO scores from what I've read.    

 

EQ FICO - EQ08 - 850 - 01/01/15
TU FICO - TU08 - 850 - 01/01/15
EX FICO - EX08 - 850 - 01/01/15
EX FICO - EX04 - 840 - 01/01/15
EQ FICO - EQ04 - 818 - 01/01/15
EQ FICO - Bankcard Enhanced 8 - 885 - 1/24/15
Established Member
Posts: 64
Registered: ‎04-01-2011
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Re: Us Bank

I have 0 INq on equifax and a fico of 778, should i apply for the platinum card or are the rewards cards better? i ultimatley want my son to be able to get  a card

Super Contributor
Posts: 5,744
Registered: ‎01-28-2008
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Re: Us Bank

Choose a bank that reports AUs.

Established Member
Posts: 64
Registered: ‎04-01-2011
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Re: Us Bank

I have him as an au on my cards and my wifes.

Super Contributor
Posts: 5,744
Registered: ‎01-28-2008
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Re: Us Bank


ldah wrote:

2 Questions My son is 15 and he decided that he wanted the us bank young adult card i will be the cosigner on the card hw will turn 16 in november. Should i apply for a us bank card now to build some history before he applys for the card? What buraue do they pull? Do they give good credit limits?


He's 15, unless he is planning to buy a house at 18, there's no need to co-sign a card for him.  Being an AU on your cards is sufficient.  If he plans to attend college, he can apply for cards in his name at that time.   

Valued Contributor
Posts: 1,230
Registered: ‎09-22-2009
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Re: Us Bank

[ Edited ]

 


ldah wrote:

I have 0 INq on equifax and a fico of 778, should i apply for the platinum card or are the rewards cards better? i ultimatley want my son to be able to get  a card


 

You'd certainly qualify for either from your FICO alone.  I have the regular (not signature, the limit reports) Flexperks cash back card.  It's not great as far as rewards cards go, but I've banked with US Bank for twenty years, and I kind of felt obligated.   The platinum card has a lower interest rate and no rewards that i know of.  It just depends on whether rewards mean anything to you or not.  

 

As far as setting up your son with a card at 15, IMHO, you can never start teaching responsible money and credit habits too early.  Teach him well, and he'll likely avoid the pitfalls that so many of the members (including me) of this forum have had at some time in their lives.   

EQ FICO - EQ08 - 850 - 01/01/15
TU FICO - TU08 - 850 - 01/01/15
EX FICO - EX08 - 850 - 01/01/15
EX FICO - EX04 - 840 - 01/01/15
EQ FICO - EQ04 - 818 - 01/01/15
EQ FICO - Bankcard Enhanced 8 - 885 - 1/24/15
Frequent Contributor
Posts: 321
Registered: ‎10-25-2009
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Re: Us Bank

 


DI wrote:

ldah wrote:

2 Questions My son is 15 and he decided that he wanted the us bank young adult card i will be the cosigner on the card hw will turn 16 in november. Should i apply for a us bank card now to build some history before he applys for the card? What buraue do they pull? Do they give good credit limits?


He's 15, unless he is planning to buy a house at 18, there's no need to co-sign a card for him.  Being an AU on your cards is sufficient.  If he plans to attend college, he can apply for cards in his name at that time.   


 

Not entirely. Banks are beginning to program their systems to disregard AU accounts entirely from internal scoring methods.

 

For example, if someone, age 21 just for this example) applied in-branch at my bank, say with one individual card and four AUs, the system would automatically turn them down for insufficient trade lines.

 

So AUs are not sufficient, to a point, any longer. 

 

I got my first credit card in joint with my mom at age 14, and it is without the best decision I made. It's not for everyone, however.

Despite my employment in the banking industry, any and all views contained in this post are purely my own, and do not represent any financial institution, nor constitute as financial or investment guidance or advise.

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