topic Re: Little brother wants a credit card in Credit Cards

Little brother wants a credit card

icyhot — Sun, 26 Apr 2015 17:40:58 GMT

My brother is a 19 year old college student and he says he wants to build his credit but he doesn't want to get a credit card until he has a job, even tho I told him I'd pay the bill for him. He plays college football so I don't see him having a job on top of his studies happening for him. I'm thinking about just making him an AU on my Foreard card, I know he's responsible and won't abuse it. Does being an AU without having any other history help someone's credit at all so he's not limited in options when he's ready for his own?

Re: Little brother wants a credit card

Anonymous — Sun, 26 Apr 2015 17:47:13 GMT

@icyhot wrote:
My brother is a 19 year old college student and he says he wants to build his credit but he doesn't want to get a credit card until he has a job, even tho I told him I'd pay the bill for him. He plays college football so I don't see him having a job on top of his studies happening for him. I'm thinking about just making him an AU on my Foreard card, I know he's responsible and won't abuse it. Does being an AU without having any other history help someone's credit at all so he's not limited in options when he's ready for his own?

My brother had a 760 FICO ... with 100% AU accounts.

He added a 3K AMEX (under his name). Then 3X CLI to 9K. He recently got a 20K Venture as well. His FICO is even higher than mine's now (like 810) and it all started with only AU history

They say AU was nerfed in FICO '08 but I'd say it still helps...ALOT.

Add him onto all of your accounts (the older the better) ...on paper, throw away the cards themselves when they come in the mail. Cap1 has an option of sending a card or not, just don't send the card.

Don't give your bro any credit cards for him to use unless you're willing to be repsonsible for a drunken spending binge or whatever else bad that might happen.

Re: Little brother wants a credit card

Anonymous — Sun, 26 Apr 2015 17:55:38 GMT

@Anonymous wrote:
@icyhot wrote:
My brother is a 19 year old college student and he says he wants to build his credit but he doesn't want to get a credit card until he has a job, even tho I told him I'd pay the bill for him. He plays college football so I don't see him having a job on top of his studies happening for him. I'm thinking about just making him an AU on my Foreard card, I know he's responsible and won't abuse it. Does being an AU without having any other history help someone's credit at all so he's not limited in options when he's ready for his own?
My brother had a 760 FICO ... with 100% AU accounts.

He added a 3K AMEX (under his name). Then 3X CLI to 9K. He recently got a 20K Venture as well. His FICO is even higher than mine's now (like 810) and it all started with only AU history

They say AU was nerfed in FICO '08 but I'd say it still helps...ALOT.

Add him onto all of your accounts (the older the better) ...on paper, throw away the cards themselves when they come in the mail. Cap1 has an option of sending a card or not, just don't send the card.

Don't give your bro any credit cards for him to use unless you're willing to be repsonsible for a drunken spending binge or whatever else bad that might happen.

It's up to you whether you want to give him the card or not. If you don't he will still get the benefit of AU but can't spend anything. Also some cards (Amex) let you set a limit for each AU account, so say you had a 20k limit you could set the AUs to anything lower than that ($200/$1k/$10k, whatever you want it to be). Just remember if he charges up the card and doesn't pay it's legally your responsibility to pay it off, not his.

Re: Little brother wants a credit card

icyhot — Sun, 26 Apr 2015 17:59:01 GMT

@Anonymous wrote:
@Anonymous wrote:
@icyhot wrote:
My brother is a 19 year old college student and he says he wants to build his credit but he doesn't want to get a credit card until he has a job, even tho I told him I'd pay the bill for him. He plays college football so I don't see him having a job on top of his studies happening for him. I'm thinking about just making him an AU on my Foreard card, I know he's responsible and won't abuse it. Does being an AU without having any other history help someone's credit at all so he's not limited in options when he's ready for his own?
My brother had a 760 FICO ... with 100% AU accounts.

He added a 3K AMEX (under his name). Then 3X CLI to 9K. He recently got a 20K Venture as well. His FICO is even higher than mine's now (like 810) and it all started with only AU history

They say AU was nerfed in FICO '08 but I'd say it still helps...ALOT.

Add him onto all of your accounts (the older the better) ...on paper, throw away the cards themselves when they come in the mail. Cap1 has an option of sending a card or not, just don't send the card
Don't give your bro any credit cards for him to use unless you're willing to be repsonsible for a drunken spending binge or whatever else bad that might happen.
It's up to you whether you want to give him the card or not. If you don't he will still get the benefit of AU but can't spend anything. Also some cards (Amex) let you set a limit for each AU account, so say you had a 20k limit you could set the AUs to anything lower than that ($200/$1k/$10k, whatever you want it to be). Just remember if he charges up the card and doesn't pay it's legally your responsibility to pay it off, not his.

Oh I know it, like I said he's responsible and keeps his nose clean, I'm just wondering if AUs actually are benefitted from the card that's not actually in their name, and it looks like they do

Re: Little brother wants a credit card

bigbang91 — Sun, 26 Apr 2015 18:52:36 GMT

A secured credit card also works, i got one when i was 18

Re: Little brother wants a credit card

Callandra — Sun, 26 Apr 2015 18:59:04 GMT

Your brother can look into students cards too -- Cap 1, Citi, etc. have some good ones. I also think it's great he doesn't want one until he gets a job. You could just add him as an AU and not give him a card.

Re: Little brother wants a credit card

Anonymous — Sun, 26 Apr 2015 19:17:21 GMT

The easiest way is to make him an AU without actually giving him the card. He'll benefit from your payment history, util, etc. just make sure you have no baddies on the card or have a high util bc he will be hurt by it.