topic Re: Please Help! in Credit Card Applications

Please Help!

Anonymous — Sat, 22 Nov 2014 05:59:01 GMT

I am a 20 year old community college student. I have three part time jobs - seasonal retail ($7.25 an hour), childcare ($11.47 an hour), and substitute teacher (approx $11.07 an hour).

Back in May, was able to convince my parents to add me as an AU to their Fidelity Investments AMEX (CL of $12k) that has been open since 2009 to help build my credit. The card is paid in full each month. In September, I viewed my free annual credit report to make sure that the Fidelity AMEX was being reported and it was not being reported (FIA and Fidelity both told me it would report). I contacted AMEX to try to figure out why it was not being reported for me and they said that some cards (business and investment cards) do not get reported for AU's - and the Fidelity AMEX was on the list that does not get reported.

I spoke to my parents again and I was able to get them to also add me as an AU to their Discover it (CL of $14.5k) that has been open since the beginning of Discover which was 1986 and I received the card in the mail a few days ago. The card is paid in full each month - however the card is currently on a promotional APR of 0% interest until February 2015 and my parents are taking advantage of that 0% APR - however the card will be paid in full with the January 2015 bill.

Since being an AU does not affect one's credit in the long term, I slowly would like to have my own credit card account(s) to greatly affect my credit.

I am requesting your assistance in helping me find a card.

I will pay it in full each month
Must have no annual fee
Prefer unsecured card
Prefer a card with some type of rewards (cash back, points, etc.)

Thank you for your help and I can't wait to see what suggestions you make!

OP- In the future, please refrain from posting duplicate threads across multiple boards. ~ Lexie, myFICO Moderator

Re: Please Help!

joedtx — Sat, 22 Nov 2014 05:37:47 GMT

@Anonymous wrote:
I am a 20 year old community college student. I have three part time jobs - seasonal retail ($7.25 an hour), childcare ($11.47 an hour), and substitute teacher (approx $11.07 an hour).

Back in May, was able to convince my parents to add me as an AU to their Fidelity Investments AMEX (CL of $12k) that has been open since 2009 to help build my credit. The card is paid in full each month. In September, I viewed my free annual credit report to make sure that the Fidelity AMEX was being reported and it was not being reported (FIA and Fidelity both told me it would report). I contacted AMEX to try to figure out why it was not being reported for me and they said that some cards (business and investment cards) do not get reported for AU's - and the Fidelity AMEX was on the list that does not get reported.

I spoke to my parents again and I was able to get them to also add me as an AU to their Discover it (CL of $14.5k) that has been open since the beginning of Discover which was 1986 and I received the card in the mail a few days ago. The card is paid in full each month - however the card is currently on a promotional APR of 0% interest until February 2015 and my parents are taking advantage of that 0% APR - however the card will be paid in full with the January 2015 bill.

Since being an AU does not affect one's credit in the long term, I slowly would like to have my own credit card account(s) to greatly affect my credit.

I am requesting your assistance in helping me find a card.
I will pay it in full each month
Must have no annual fee
Prefer unsecured card
Prefer a card with some type of rewards (cash back, points, etc.)

Thank you for your help and I can't wait to see what suggestions you make!

Do your parents have an Actual Amex product and not a Co-brandred product like Fidelity?

Re: Please Help!

Anonymous — Sat, 22 Nov 2014 05:41:53 GMT

Yes, they have the Blue Cash Everyday Card from American Express

Re: Please Help!

uswala — Sat, 22 Nov 2014 05:49:31 GMT

@Anonymous wrote:
I am a 20 year old community college student. I have three part time jobs - seasonal retail ($7.25 an hour), childcare ($11.47 an hour), and substitute teacher (approx $11.07 an hour).

Back in May, was able to convince my parents to add me as an AU to their Fidelity Investments AMEX (CL of $12k) that has been open since 2009 to help build my credit. The card is paid in full each month. In September, I viewed my free annual credit report to make sure that the Fidelity AMEX was being reported and it was not being reported (FIA and Fidelity both told me it would report). I contacted AMEX to try to figure out why it was not being reported for me and they said that some cards (business and investment cards) do not get reported for AU's - and the Fidelity AMEX was on the list that does not get reported.

I spoke to my parents again and I was able to get them to also add me as an AU to their Discover it (CL of $14.5k) that has been open since the beginning of Discover which was 1986 and I received the card in the mail a few days ago. The card is paid in full each month - however the card is currently on a promotional APR of 0% interest until February 2015 and my parents are taking advantage of that 0% APR - however the card will be paid in full with the January 2015 bill.

Since being an AU does not affect one's credit in the long term, I slowly would like to have my own credit card account(s) to greatly affect my credit.

I am requesting your assistance in helping me find a card.
I will pay it in full each month
Must have no annual fee
Prefer unsecured card
Prefer a card with some type of rewards (cash back, points, etc.)

Thank you for your help and I can't wait to see what suggestions you make!

It is weird as I have a Fidelity Amex with my wife as AU and it reports on all her CRs!!

Re: Please Help!

Anonymous — Sat, 22 Nov 2014 05:53:43 GMT

It really confused me because Fidelity and FIA both said yes it would report. Yet AMEX said their policies for reporting AU's to the credit bureaus were cards except for some of the business and investment cards.

Re: Please Help!

Anonymous — Sat, 22 Nov 2014 05:57:20 GMT

I think you should take advantage of the upcoming Xmas Spirit and ask your parents for a small loan to get yourself a secured card with BofA. It will be the quickest and most efficient way to built your credit profile FOR REAL. Six months later, you can start getting unsecured cards, right and left.

It may take $300 to open the account, or you may be offered one of their 99/500 deals in which you only have to put $99 of your own money and get a $500 credit line.

Do this and you will be following the steps of giants, in this forum, like myself!

Re: Please Help!

Skye12329 — Sat, 22 Nov 2014 05:58:07 GMT

Since your a college student. I would suggest Discover IT - Student Version

Re: Please Help!

Anonymous — Sat, 22 Nov 2014 06:03:29 GMT

@Anonymous wrote:
It really confused me because Fidelity and FIA both said yes it would report. Yet AMEX said their policies for reporting AU's to the credit bureaus were cards except for some of the business and investment cards.

I am confused. Exactly, which credit cards were you added to?

Re: Please Help!

Anonymous — Sat, 22 Nov 2014 06:13:47 GMT

@Anonymous wrote:

I think you should take advantage of the upcoming Xmas Spirit and ask your parents for a small loan to get yourself a secured card with BofA. It will be the quickest and most efficient way to built your credit profile FOR REAL. Six months later, you can start getting unsecured cards, right and left.

It may take $300 to open the account, or you may be offered one of their 99/500 deals in which you only have to put $99 of your own money and get a $500 credit line.

Do this and you will be following the steps of giants, in this forum, like myself!

The Bank of America one has an annual fee and I really do not want to have to pay an annual fee for a credit card for now (later in life maybe but not now).

What about the Harley-Davidson Visa Secured Card? I could also get a secured credit card from my credit union - Apple Federal Credit Union Credit Builder.

Re: Please Help!

Anonymous — Sat, 22 Nov 2014 06:14:38 GMT

@Anonymous wrote:
@Anonymous wrote:
It really confused me because Fidelity and FIA both said yes it would report. Yet AMEX said their policies for reporting AU's to the credit bureaus were cards except for some of the business and investment cards.
I am confused. Exactly, which credit cards were you added to?

I was added to the Fidelity Investments: Investment Rewards AMEX back in May.

I was added to the Discover it about a week ago.

Re: Please Help!

Anonymous — Sat, 22 Nov 2014 06:18:45 GMT

@Anonymous wrote:
The Bank of America one has an annual fee and I really do not want to have to pay an annual fee for a credit card for now (later in life maybe but not now).

What about the Harley-Davidson Visa Secured Card? I could also get a secured credit card from my credit union - Apple Federal Credit Union Credit Builder.

True. There are other options, and the ones you mention are not bad.

The case for BofA, despite the $39 (that I did not enjoy paying either), is that it graduates into unsecured in 9-12 months, plus you can win rewards all along (I made on my secured year about three times what I had to pay in AF), and you end up with a card from one of the BIG banks. That helps with other applications. It's something to think about...

Re: Please Help!

Anonymous — Sat, 22 Nov 2014 06:21:52 GMT

@Anonymous wrote:
@Anonymous wrote:
@Anonymous wrote:
It really confused me because Fidelity and FIA both said yes it would report. Yet AMEX said their policies for reporting AU's to the credit bureaus were cards except for some of the business and investment cards.
I am confused. Exactly, which credit cards were you added to?
I was added to the Fidelity Investments: Investment Rewards AMEX back in May.

I was added to the Discover it about a week ago.

So, you are contacting FIA and Discover, not Amex- correct?

Re: Please Help!

Anonymous — Sat, 22 Nov 2014 06:25:00 GMT

@Anonymous wrote:
@Anonymous wrote:
@Anonymous wrote:
@Anonymous wrote:
It really confused me because Fidelity and FIA both said yes it would report. Yet AMEX said their policies for reporting AU's to the credit bureaus were cards except for some of the business and investment cards.
I am confused. Exactly, which credit cards were you added to?
I was added to the Fidelity Investments: Investment Rewards AMEX back in May.

I was added to the Discover it about a week ago.
So, you are contacting FIA and Discover, not Amex- correct?

When I was added to the cards FIA and Discover were called at the phone number listed on the back of the card.

After I noticed the Fidelity not reporting I called FIA and asked them and they said I had to call the AMEX Credit Reporting department and ask them. I called them and they told me it would not be submitted.

Discover told me that it would report. Guess I will have to wait until September 2015 to see what truly is being reported on my credit report.

Re: Please Help!

Anonymous — Sat, 22 Nov 2014 06:32:47 GMT

@Anonymous wrote:
@Anonymous wrote:
@Anonymous wrote:
@Anonymous wrote:
@Anonymous wrote:
It really confused me because Fidelity and FIA both said yes it would report. Yet AMEX said their policies for reporting AU's to the credit bureaus were cards except for some of the business and investment cards.
I am confused. Exactly, which credit cards were you added to?
I was added to the Fidelity Investments: Investment Rewards AMEX back in May.

I was added to the Discover it about a week ago.
So, you are contacting FIA and Discover, not Amex- correct?
When I was added to the cards FIA and Discover were called at the phone number listed on the back of the card.

After I noticed the Fidelity not reporting I called FIA and asked them and they said I had to call the AMEX Credit Reporting department and ask them. I called them and they told me it would not be submitted.

Discover told me that it would report. Guess I will have to wait until September 2015 to see what truly is being reported on my credit report.

I have no idea why Fidelity Amex would suggest you contact a different lender. That being said, do you have a credit score? Assuming that FIA/Discover eventually reports, the new scoring models will not include the AU accounts anyway. It is best that you start building your own credit and allow the AU cards to help for those lenders that will factor those accounts into their UW .

The other poster was correct, BoA is a good choice if you have a FICO score. You might want to consider joining a local CU, or looking into SDFCU Secured Visa.

Re: Please Help!

joedtx — Sat, 22 Nov 2014 07:32:48 GMT

@Anonymous wrote:
@Anonymous wrote:
@Anonymous wrote:
@Anonymous wrote:
@Anonymous wrote:
@Anonymous wrote:
It really confused me because Fidelity and FIA both said yes it would report. Yet AMEX said their policies for reporting AU's to the credit bureaus were cards except for some of the business and investment cards.
I am confused. Exactly, which credit cards were you added to?
I was added to the Fidelity Investments: Investment Rewards AMEX back in May.

I was added to the Discover it about a week ago.
So, you are contacting FIA and Discover, not Amex- correct?
When I was added to the cards FIA and Discover were called at the phone number listed on the back of the card.

After I noticed the Fidelity not reporting I called FIA and asked them and they said I had to call the AMEX Credit Reporting department and ask them. I called them and they told me it would not be submitted.

Discover told me that it would report. Guess I will have to wait until September 2015 to see what truly is being reported on my credit report.
I have no idea why Fidelity Amex would suggest you contact a different lender. That being said, do you have a credit score? Assuming that FIA/Discover eventually reports, the new scoring models will not include the AU accounts anyway. It is best that you start building your own credit and allow the AU cards to help for those lenders that will factor those accounts into their UW .

The other poster was correct, BoA is a good choice if you have a FICO score. You might want to consider joining a local CU, or looking into SDFCU Secured Visa.

Amex DOES report AU's just ask your parents to add you the Blue Cash and you should be good to go.

Re: Please Help!

Anonymous — Sat, 22 Nov 2014 08:05:41 GMT

That I know of, I do not know what a credit score.

Re: Please Help!

Anonymous — Sat, 22 Nov 2014 08:48:15 GMT

It very well maybe that the CRAs cannot match your information to your parents credit cards. If your parents will add you as an ACM to their Amex Blue Cash, they will ask for your SSN.

Re: Please Help!

Anonymous — Sat, 22 Nov 2014 12:41:57 GMT

I think I would ask your parents to AU you to their AMEX BCE. Applying to a student card, such as Discover IT student, or maybe Sallie Mae uPromise (good rewards, helps pay off student loans). If your parents are members of an FCU, you might also be able to get a card in your own name through that FCU.

Re: Please Help!

Anonymous — Sat, 22 Nov 2014 20:03:22 GMT

Go for the capital one journey card . It gives you rewards and you can product change it to a better capital one card after 6 months . It's a decent card to start with . They give you a CLI after 5 on time payments . If you have no baddies on your report and a decent income like yours it's almost a guaranteed approval .

Re: Please Help!

FixingMyCreditASAP — Sat, 22 Nov 2014 20:38:30 GMT

You're right. A 300 secured Harley Visa grew into a Chase Freedom 3.5k and a Barclay Rewards 2k.