topic Re: Fresh File, which cards to app for? in Credit Cards

Fresh File, which cards to app for?

Anonymous — Wed, 03 Feb 2016 16:33:30 GMT

My son turns 18 in a week. With his AU history he wont generate a fico score till next month since the acocunt is 5 months old. I will list The AU accounts currently on his report (all paid on time) Citi $500 opened 9/15 Kohls $300 opened 11/15 ~~Walmart $500 opened 12/15~~ Barlcay Rewards $500 opened 12/15 and Barclay apple $1500 opened 12/15. As of this month all cards but 1 report a 0 Balance. the apple card reported a 58$ balance. His overall UTL is under 1% and his AAOA is ~~2.8~~ 3 Months. All these accounts are mine but report on his report as authorized user. He has no negatives and no inq. He wanted to apply for AMEX but I advised him to wait till next month once he generates a score. Will waiting for amex make a difference since they like thin files? Which cards do you suggest that he apply for? All input would be appreciated.

Re: Fresh File, which cards to app for?

Anonymous — Wed, 03 Feb 2016 01:35:35 GMT

Congratulations on the great job it sounds like you're doing teaching your son about credit. One of the best things you're doing is teaching him to pay the cards in full every month. If he follows that example and resists the temptation to start carrying a balance once he gets his own card, he'll be well on his way to lifetime of healthy credit.

First, I would discourage him from getting a bunch of store cards. It really isn't going to provide any kind of long term benefit. And more than one or two for someone just starting out isn't going to look good in a manual review (if he applies for a car loan or something). I wouldn't get any store cards at all unless there is one store that he already purchases from regularly (hopefully one like Amazon with decent rewards).

Second, I would focus on one bank card. Managing one card well, reporting small end-of-the-month balances and paying it in full, will lay a solid credit foundation that will not only improve his score but also stand up to a manual review.

Third, that single bank card will hopefully continue to be his oldest card for a long time. So I would choose a card that he will likely still want ten years from now (or a card that can product change into one he will want). That gives him lots of options. If he wants an American Express, I could see a Blue Cash Everyday. Either that or an entry level VISA from any of the major banks (or better than entry level, depending on what his scores look like next month). He should go to the bank webpages and see there what he prequalifies for (once he has a score).

Re: Fresh File, which cards to app for?

Anonymous — Wed, 03 Feb 2016 01:44:39 GMT

@Anonymous wrote:
Congratulations on the great job it sounds like you're doing teaching your son about credit. One of the best things you're doing is teaching him to pay the cards in full every month. If he follows that example and resists the temptation to start carrying a balance once he gets his own card, he'll be well on his way to lifetime of healthy credit.

First, I would discourage him from getting a bunch of store cards. It really isn't going to provide any kind of long term benefit. And more than one or two for someone just starting out isn't going to look good in a manual review (if he applies for a car loan or something). I wouldn't get any store cards at all unless there is one store that he already purchases from regularly (hopefully one like Amazon with decent rewards).

Second, I would focus on one bank card. Managing one card well, reporting small end-of-the-month balances and paying it in full, will lay a solid credit foundation that will not only improve his score but also stand up to a manual review.

Third, that single bank card will hopefully continue to be his oldest card for a long time. So I would choose a card that he will likely still want ten years from now (or a card that can product change into one he will want). That gives him lots of options. If he wants an American Express, I could see a Blue Cash Everyday. Either that or an entry level VISA from any of the major banks (or better than entry level, depending on what his scores look like next month). He should go to the bank webpages and see there what he prequalifies for (once he has a score).

Thank you very much! I think he has learned most of his credit habits from my mistakes honestly. As for store cards, he probably won't need too many since he knows he can use which ever of mine he needs. He does want the TJX rewards card since he works for the company but told me he was waiting to build some history since he wants to he the MC version only. As for applying for bank cards, which do you recommend he could he for next week before he gets his score next month? Which lenders like thin files? and would it be better to wait for amex until he generates a score? And also an extra piece of info, he is going on vacation with friends in 2 weeks and it would be nice if he could bring a card with him to help if it has any sign up bonuses to earn rewards and what not

Re: Fresh File, which cards to app for?

Anonymous — Wed, 03 Feb 2016 01:50:14 GMT

Also how accurate is the credit card .com card match tool? It shows him 5 Amex and 3 chase (he banks with them)

Re: Fresh File, which cards to app for?

Anonymous — Wed, 03 Feb 2016 01:57:47 GMT

@Anonymous wrote:
Also how accurate is the credit card .com card match tool? It shows him 5 Amex and 3 chase (he banks with them)

Not accurate at all. They get paid for people to apply from those links and do not represent any sort of pre approval.

Re: Fresh File, which cards to app for?

Anonymous — Wed, 03 Feb 2016 02:00:54 GMT

Does he have any income?

I'm curious because I'm also 18 with an AU and my own discover. I'm really interested in an amex, but i'd like to know my likelihood of approval.

So, if you dont mind sharing, what income would he put on the app? Also, if he applies and gets it, could you let me know? Thank you!

Re: Fresh File, which cards to app for?

Anonymous — Wed, 03 Feb 2016 02:08:04 GMT

@Anonymous wrote:
@Anonymous wrote:
Also how accurate is the credit card .com card match tool? It shows him 5 Amex and 3 chase (he banks with them)
Not accurate at all. They get paid for people to apply from those links and do not represent any sort of pre approval.

Okay thank you! it only showed the 5 amex for him but as of about a week and a half ago chase showed up. I thought it may have had to been due to barclay reporting but i guess not.

Edit:

I also notice for the amex if he clicks apply from card match the terms show a specific apr whereas if he goes to the amex website to apply it shows the apr range

Re: Fresh File, which cards to app for?

Anonymous — Wed, 03 Feb 2016 02:02:47 GMT

@Anonymous wrote:
Does he have any income?
I'm curious because I'm also 18 with an AU and my own discover. I'm really interested in an amex, but i'd like to know my likelihood of approval.
So, if you dont mind sharing, what income would he put on the app? Also, if he applies and gets it, could you let me know? Thank you!

He has a 25K income. not sure if he should apply next week or wait till next month till a fico generates. It would probably be smart for him to wait instead of wasting an INQ but how long was your AU History when you got approved for discover?

Re: Fresh File, which cards to app for?

Anonymous — Wed, 03 Feb 2016 02:08:24 GMT

dabels731 wrote:

waltis1 wrote:

Does he have any income?

I'm curious because I'm also 18 with an AU and my own discover. I'm really interested in an amex, but i'd like to know my likelihood of approval.

So, if you dont mind sharing, what income would he put on the app? Also, if he applies and gets it, could you let me know? Thank you!

I think I would play it safe and wait just so that I would not beat myself up over the HP! If I applied without the fico, and got denied, i'd be upset because I could have waited. If I get denied with the fico already generated, then I'd know I just was not a good match. I applied for the amazon chase visa and got denied because I did not my own history. I have banked with them for four years! So, keep that in mind because I know you brought it up. I had around 8-9 months AU history for that chase and the discover it student.

Edit: I messed up my quoting How do I unquote my response?

Re: Fresh File, which cards to app for?

Anonymous — Wed, 03 Feb 2016 02:08:47 GMT

@Anonymous wrote:
@Anonymous wrote:
@Anonymous wrote:
Also how accurate is the credit card .com card match tool? It shows him 5 Amex and 3 chase (he banks with them)
Not accurate at all. They get paid for people to apply from those links and do not represent any sort of pre approval.

Okay thank you! it only showed the 5 amex for him but as of about a week and a half ago chase showed up. I thought it may have had to been due to barclay reporting but i guess not

It doesnt mean that he wouldnt be approved just that they arent coming from Amex or Chase and represents more of a guess on their part, similar to what CreditKarma does with its 'recommendations'

Re: Fresh File, which cards to app for?

Anonymous — Wed, 03 Feb 2016 02:10:52 GMT

@Anonymous wrote:
@Anonymous wrote:
@Anonymous wrote:
Does he have any income?
I'm curious because I'm also 18 with an AU and my own discover. I'm really interested in an amex, but i'd like to know my likelihood of approval.
So, if you don't mind sharing, what income would he put on the app? Also, if he applies and gets it, could you let me know? Thank you!
He has a 25K income. not sure if he should apply next week or wait till next month till a fico generates. It would probably be smart for him to wait instead of wasting an INQ but how long was your AU History when you got approved for discover?
I think I would play it safe and wait just so that I would not beat myself up over the HP! If I applied without the fico, and got denied, i'd be upset because I could have waited. If I get denied with the fico already generated, then I'd know I just was not a good match. I applied for the amazon chase visa and got denied because I did not my own history. I have banked with them for four years! So, keep that in mind because I know you brought it up. I had around 8-9 months AU history for that chase and the discover it student.
Edit: I messed up my quoting How do I unquote my response?

Okay so For sure will wait for a score to apply for amex, but which cards do you guys recommend that he applies for next week when he only has the 5 month AU history and no score yet? Which banks UW like thin files?

Re: Fresh File, which cards to app for?

Anonymous — Wed, 03 Feb 2016 02:15:32 GMT

@Anonymous wrote:
@Anonymous wrote:
@Anonymous wrote:
@Anonymous wrote:
Also how accurate is the credit card .com card match tool? It shows him 5 Amex and 3 chase (he banks with them)
Not accurate at all. They get paid for people to apply from those links and do not represent any sort of pre approval.

Okay thank you! it only showed the 5 amex for him but as of about a week and a half ago chase showed up. I thought it may have had to been due to barclay reporting but i guess not
It doesnt mean that he wouldnt be approved just that they arent coming from Amex or Chase and represents more of a guess on their part, similar to what CreditKarma does with its 'recommendations'

Thank you for clearing that up, when he ordered his TU report last week we did see all the SP from them

Re: Fresh File, which cards to app for?

Anonymous — Wed, 03 Feb 2016 02:15:12 GMT

Re: Fresh File, which cards to app for?

Anonymous — Wed, 03 Feb 2016 02:18:01 GMT

I know everyone says a secured card, if your son is anything like me, I hated the prospect of getting a secured card.

I'd recommend the discover it, if he's a student! Or any of the student cards really, I think they're a bit more lenient.

Maybe get the student and wait 6 months-1 year before applying for an amex?

Re: Fresh File, which cards to app for?

Anonymous — Wed, 03 Feb 2016 02:20:51 GMT

@Anonymous wrote:
I know everyone says a secured card, if your son is anything like me, I hated the prospect of getting a secured card.

I'd recommend the discover it, if he's a student! Or any of the student cards really, I think they're a bit more lenient.
Maybe get the student and wait 6 months-1 year before applying for an amex?

He does also want to apply for discover, but besides discover are there any cards that he has a chance of approval with his limited history? Saving capital one for last since they are the most lenient.

Re: Fresh File, which cards to app for?

Anonymous — Wed, 03 Feb 2016 02:24:26 GMT

@Anonymous wrote:
@Anonymous wrote:
I know everyone says a secured card, if your son is anything like me, I hated the prospect of getting a secured card.

I'd recommend the discover it, if he's a student! Or any of the student cards really, I think they're a bit more lenient.
Maybe get the student and wait 6 months-1 year before applying for an amex?
He does also want to apply for discover, but besides discover are there any cards that he has a chance of approval with his limited history? Saving capital one for last since they are the most lenient.

I have an idea! Why doesnt he try the prequal pages on the majors? It's not for sure but it might give him some ideas?

Other than that, I'm not really sure what others are lenient.

There are BOA, Wells Fargo, and US Bank student cards.

I've heard that the Cap one is easy to get, like the discover, but maybe wait until the end since they pull all three bureaus.

Re: Fresh File, which cards to app for?

Anonymous — Wed, 03 Feb 2016 02:29:14 GMT

@Anonymous wrote:
@Anonymous wrote:
@Anonymous wrote:
I know everyone says a secured card, if your son is anything like me, I hated the prospect of getting a secured card.

I'd recommend the discover it, if he's a student! Or any of the student cards really, I think they're a bit more lenient.
Maybe get the student and wait 6 months-1 year before applying for an amex?
He does also want to apply for discover, but besides discover are there any cards that he has a chance of approval with his limited history? Saving capital one for last since they are the most lenient.

I have an idea! Why doesnt he try the prequal pages on the majors? It's not for sure but it might give him some ideas?

Other than that, I'm not really sure what others are lenient.

There are BOA, Wells Fargo, and US Bank student cards.
I've heard that the Cap one is easy to get, like the discover, but maybe wait until the end since they pull all three bureaus.

Definitely saving capital one for last, he wants a venture or venture one but I don't think he has enough history so probably will have to go for a qs or qs1. As for the pre quals, will they show up even though he isn't 18 yet?

Re: Fresh File, which cards to app for?

Anonymous — Wed, 03 Feb 2016 02:31:22 GMT

@Anonymous wrote:
@Anonymous wrote:
@Anonymous wrote:
@Anonymous wrote:
I know everyone says a secured card, if your son is anything like me, I hated the prospect of getting a secured card.

I'd recommend the discover it, if he's a student! Or any of the student cards really, I think they're a bit more lenient.
Maybe get the student and wait 6 months-1 year before applying for an amex?
He does also want to apply for discover, but besides discover are there any cards that he has a chance of approval with his limited history? Saving capital one for last since they are the most lenient.

I have an idea! Why doesnt he try the prequal pages on the majors? It's not for sure but it might give him some ideas?

Other than that, I'm not really sure what others are lenient.

There are BOA, Wells Fargo, and US Bank student cards.
I've heard that the Cap one is easy to get, like the discover, but maybe wait until the end since they pull all three bureaus.

Definitely saving capital one for last, he wants a venture or venture one but I don't think he has enough history so probably will have to go for a qs or qs1. As for the pre quals, will they show up even though he isn't 18 yet?

Yeah, forgot about that lol! He'd have to wait

Maybe check then and see how it goes.

From what I've researched on here is generally: get an easy-ish or secured card and then move on to something else in 6 months. Maybe that is his best bet?

Re: Fresh File, which cards to app for?

Anonymous — Wed, 03 Feb 2016 02:33:26 GMT

I think as of now plan for next week is to go for 1-2 cards and then next month when his fico generates to go for amex since they like thin files, he just needs a healthy score. Do you know what capital one looks for in apps for QS and venture?

Re: Fresh File, which cards to app for?

Anonymous — Wed, 03 Feb 2016 02:39:17 GMT

I read on another thread that Pre quals aren't allowed if you're under 21? but on other threads people under 21 have been pre qualed? what is the situatuon with that?