topic Re: 🌱 Growing credit for a brand new adult 🌱 in Credit Card Approvals

🌱 Growing credit for a brand new adult 🌱

Hut1 — Wed, 24 Aug 2022 22:48:08 GMT

Who here owns a new adult? 👉😬

The moment my man-child turned 18, we applied for a cc with NFCU. We opened a banking acct with them about 4 yrs prior to establish a relationship.

They approved him for a $500 unsecured cash back card. In 6 months, they increased the limit to $1,000. We are now at the 1 yr mark and he just got an increase to $5K and they upgraded him to a Visa Signature while lowering his APR to 12%.

He officially has an EX8 credit score now - 743. 🎉

He has no idea cause he's in boot camp. So, here I sit.. opening his mail.. which I believe is a federal crime. 🤦‍♀️

Re: 🌱 Growing credit for a brand new adult 🌱

805orbust — Wed, 24 Aug 2022 23:11:19 GMT

That is HILARIOUS!!!!! And awesome at the same time. Congrats on laying that great foundation!

Re: 🌱 Growing credit for a brand new adult 🌱

mfinsmi1 — Wed, 24 Aug 2022 23:16:28 GMT

@Hut1 I wish my parents did this for me, I know when i have kids someday hopefully that I will do everything I can to set them up for financial succcess when they turn 18

Re: 🌱 Growing credit for a brand new adult 🌱

Hut1 — Wed, 24 Aug 2022 23:42:32 GMT

@805orbust wrote:
That is HILARIOUS!!!!! And awesome at the same time. Congrats on laying that great foundation!

It would be great if he knew what an accomplishment this is and how many actual adults are fighting to get there. I'm also sure he'll erase all of my hardwork with stupidity, but he's young... he can bounce back.

In fact, I just found out boot camp has been extended 2 weeks to teach financial responsibility which is clearly very needed. I need an "I told you so" moment to hold over his big goofy head. lol

Re: 🌱 Growing credit for a brand new adult 🌱

Hut1 — Wed, 24 Aug 2022 23:41:36 GMT

@mfinsmi1 wrote:
@Hut1 I wish my parents did this for me, I know when i have kids someday hopefully that I will do everything I can to set them up for financial succcess when they turn 18

Saaaammmeeee!!! I didn't even own a credit card until my late 30's. I can also say I didn't learn about debt until my late 30's. #fail

Re: 🌱 Growing credit for a brand new adult 🌱

805orbust — Wed, 24 Aug 2022 23:45:02 GMT

Its an awesome thing to do for them. We had ours (21, 20, 18) as AU's for at least 4 years before they turned 18. Now they've got their own cards/accounts but so far it seems they take it seriously. The Mrs and I have a standing threat to their safety if they even think about screwing it up. Good job.

Re: 🌱 Growing credit for a brand new adult 🌱

Hut1 — Wed, 24 Aug 2022 23:47:14 GMT

@805orbust wrote:
Its an awesome thing to do for them. We had ours (21, 20, 18) as AU's for at least 4 years before they turned 18. Now they've got their own cards/accounts but so far it seems they take it seriously. The Mrs and I have a standing threat to their safety if they even think about screwing it up. Good job.

Oh, man. I thought I was the only parent that threatens bodily harm.

Re: 🌱 Growing credit for a brand new adult 🌱

805orbust — Thu, 25 Aug 2022 02:35:00 GMT

@Hut1 wrote:

Oh, man. I thought I was the only parent that threatens bodily harm.

@Hut1 oh no... there's 2 of us! 🤣 A little fear never hurt them, me on the other hand? 🤣

Re: 🌱 Growing credit for a brand new adult 🌱

CreditAggie — Thu, 25 Aug 2022 05:09:49 GMT

Congratulations on DS NFCU success!

Re: 🌱 Growing credit for a brand new adult 🌱

nytokyobred79 — Thu, 25 Aug 2022 07:02:03 GMT

@805orbust wrote:
@Hut1 wrote:
Oh, man. I thought I was the only parent that threatens bodily harm.

@Hut1 oh no... there's 2 of us! 🤣 A little fear never hurt them, me on the other hand? 🤣

Ya'll are a hoot. I did get the fear speeches and still managed to muck it up from 18-22. I thought I knew any and everything those years. Wish I knew at 18 what I now know at 43. They shoulda been scarier 😂😂 with me.

Re: 🌱 Growing credit for a brand new adult 🌱

babygirl1256 — Thu, 25 Aug 2022 07:37:23 GMT

Congrats to your man-child on his NFCU CLI . . . that's awesome!!!

Re: 🌱 Growing credit for a brand new adult 🌱

805orbust — Thu, 25 Aug 2022 10:59:50 GMT

@nytokyobred79 I tell my 20 year old all the time that I remember 20 when I knew everything. It was so cool. 😂

Re: 🌱 Growing credit for a brand new adult 🌱

SUPERSQUID — Thu, 25 Aug 2022 12:30:24 GMT

CONGRATS to the young man.

Did he request that interest reduction?

Re: 🌱 Growing credit for a brand new adult 🌱

ambivalent — Thu, 25 Aug 2022 15:05:54 GMT

Congratulations! That is awesome!

Re: 🌱 Growing credit for a brand new adult 🌱

cashorcharge — Thu, 25 Aug 2022 21:40:11 GMT

WooHoo!! Congratulations on his Approval!!👏🏼🍾🥂

Re: 🌱 Growing credit for a brand new adult 🌱

Hut1 — Thu, 25 Aug 2022 23:35:23 GMT

@SUPERSQUID wrote:
CONGRATS to the young man.
Did he request that interest reduction?

@SUPERSQUID He did not. I guess they evaluated his profile for the APR reduction and CLI at the same time.