Brother New To Credit Help Me Help Him

[Anonymous]

My brother is 22 and he has never had a bill in his name besides a cable bill. We tried to pull his credit report but cannot prally because of this. So if he wants to esablish credit and estblish good credit fast how does he do it. i coulndn't explian it. Any suggestions are helpful.

[Anonymous]

Yep, you guessed it. Ya'll can't pull his credit reports because he HAS no credit. And chances are, until he HAS credit, he won't have a credit profile and won't be able to GET credit (catch-22, anyone?).

Is he a student? If so, he *might* be able to apply for a student level CC. At the very least, he might be able to app for a secured CC (where the credit limit is whatever the amount of funds you use as collateral for the "loan" of credit).

Or, if ya'll's parents have good credit, they can add him to their account(s) as an authorized user. However, make sure that Mom and Dad put him on a card with a good, long history and a low balance. Why? Because an authorized user gets whatever history (good OR bad) comes with the account.

[Anonymous]

 Okay so here is the prob our parents suck so they will not add him, nobody will add him. I would add him but I only have 2 years of history although I am very proud of my 795 EX score but I don' think this will help him. So what about hte credit card apps he gets in the mail, yeah very high intrest but can't it help biuld history?

[Anonymous]

Ack!! Ilecs, you moved this thread just as I was posting to it!! For a minute there, I thought I was kicked out of the forums!!

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@Anonymous wrote:
Okay so here is the prob our parents suck so they will not add him, nobody will add him. I would add him but I only have 2 years of history although I am very proud of my 795 EX score but I don' think this will help him. So what about hte credit card apps he gets in the mail, yeah very high intrest but can't it help biuld history?

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Anywho, TAEZU (if that IS your real name! LOL!) ...

Actually, even though your history is not very long, adding him to YOUR accounts (if you're nervous about that, you can make it so he can't actually USE the account) WILL help him. Why? Because it will give him a starting point in terms of credit -- to lenders it will look like SOMEONE extended him credit -- and it means a lot to creditors to not have to be the first one to take a chance on someone.

He COULD go for one of the starters -- but it'd be oodles better for him to try to get a secured CC with a "legitimate" lender -- like Bank of America, Wells Fargo, Washington Mutual, or CitiBank.

Or he could try his local credit union. Some ARE large enough to offer secured cards. Or he could try to get a car loan. He just needs some sort of credit to him started.

I'd stay away from most "starter" sub-prime cards, if possible. Simply because the interest is so high, the cards won't grow with him (as his credit profile matures, the card will stay sub-prime and with a crappy credit limit), and he'll likely have outrageous annual fees, monthly fees, etc.

[Anonymous]

  Okay so I think I got what ur sayin, see I didnt have this prob because I had a friend of mine sign me on his and he move out of state and lost contact yata yata, but your saying for him to go to his bank and get a credit card from them like I did that has a preset ballance on the card right. Sorry to be so nieve but I skipped all the hard crap and went striat to keeping curent curent.

[llecs]

TAE2U, I moved your post here as this board deals with credit rebuilding. If you need help with merging Cuda67 with TAE2U, let myself or an admin know and we'll get the straightened - out.

Start by telling his brother to pull his CR. Maybe he had trouble here because FICO will not assign a score unless he were to have 6 months worth of history. He can pull for free via annualcreditreport.com.

If he's getting offers in the mail, then I'd say go for it. He can always build up that history and then app for better cards later and cancel any high-interest, high-fee cards. Also have him try for a secured CC if necessary.

[llecs]

Sorry Wonderin.....but you are the faster typer.

[Anonymous]

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@llecs wrote:
Sorry Wonderin.....but you are the faster typer.

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"Aha" said the crazy woman, "But you are the smarter thinker."

[Anonymous]

When I had no credit history I was able to get an unsecured CapOne visa with a $300 credit limit. Before that I actually had someone ask me if I was sure I wasn't dead.

[Anonymous]

    well guys I think I got it basically we need to get him some type of credit card whether it be a secured through the bank or  a Capital one or whatever as long as they repot that is what we want. And he asked me this and I could tell him the answer but does he start at 300 and work up and if so how long does it take for him to get to say like 650 or somethin. I lucked out and skpped the hard stuff so i dont know. Thanks