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Hello Guys,
my uncle asked me to help build credit he never had credit ever So i was thinking
Option 1. Make him apply for a credit card of low limit like $500 where i co sign for him.
Option 2 .Add him as an authorized user on my old credit card.
Option 3. Geetting a secured credit card
which one will be faster or easier like I said he never had a credit no where.
I can co sign him with no risk we live together.
I'm no expert myself but I would use Credit Karma to give a rough idea of his situation. If he's never had any credit it will at least show any baddies he has had (collections etc.)
After that I would check all the pre-qualifications sites. Capital One, Discover, Citi, Chase, BofA, US Bank, Barclays, & AmEx all have one.
App for one or two cards that hopefully pop up on those. If none, app for a Capital One and a Discover card.
Just my 2 cents
EDIT:
I would also add him as an AU on your oldest card but not give him a physical CC to actually use. Just because you live with him doesn't mean he won't go out and max it out! But it is definitely up to you!
I would also maybe check with a local Credit Union or whomever he banks with to see if they would give him a card if he has established a good banking relationship with them.
Yeah you can add him as an AU and just cut up the card. This should get him going in the direction of being approved for another card, and you can then take him off as an AU on your account...
@shane82388 wrote:Yeah you can add him as an AU and just cut up the card. This should get him going in the direction of being approved for another card, and you can then take him off as an AU on your account...
This sounds like a great idea.
I wouldn't co-sign. I've co-signed for someone before who I knew would never screw me over. Except that they did
Thanks guys for head up. Really Appriciated. One question
when someone is an authorized user on my Credit Card, Can lenders/Creditor tell if that person owns the credit card or it just an au user?
Yes they can tell, it will say authorized user on their report. You may also want to verify with the company you choose for him to be authorized user that they report authorized users. Some companies, such as some credit unions will allow authorized users but don't report.
@wilson382 wrote:my uncle asked me to help build credit he never had credit ever So i was thinking
Option 3. Geetting a secured credit card
I would never, ever, in a million years, co-sign on anyone other than children. And I'd never ever, in a million years put an AU on it other than a spouse (if things are good).
You are just asking for trouble with co-signing and AU, lots of potential trouble for yourself, stay away from all of that.
He should get a secured card or two for himself. If he doesn't have the cash to put down the deposit for secured cards then he should work for it, or you could loan him the money I suppose. Don't sign your credit rating away by doing co-sign or AU.