topic Re: Getting Credit for a 19 year old in General Credit Topics

Getting Credit for a 19 year old

Anonymous — Thu, 28 Jun 2007 03:04:55 GMT

Hey all,

It's Eve. My daughter is 19 years old and works full time. She has been applying trying to get a credit card because she has no credit history and she always gets denied. Can u tell us what to do, she needs credit so she can get a car.

Re: Getting Credit for a 19 year old

Anonymous — Thu, 28 Jun 2007 03:42:35 GMT

My advise is to have her open an account at a credit union.

She should be able to get a small CC though them -

She will get a great rate on a car loan when she and her credit is ready.

Re: Getting Credit for a 19 year old

chartley3 — Thu, 28 Jun 2007 03:58:27 GMT

If she is a Student she would easily qualify for a student VISA with CAP1 or Chase. As for the car are you or your husband able to co-sign for her on the car??

Re: Getting Credit for a 19 year old

Anonymous — Thu, 28 Jun 2007 04:10:07 GMT

No, not right now. Maybe next year.

Re: Getting Credit for a 19 year old

Anonymous — Thu, 28 Jun 2007 05:37:30 GMT

You've gotten good advice so far...I think your first logical stop would be her bank or credit union. If she has had an account relationship with them and kept her nose clean (no or maybe only one bounced check or overdraft), they would likely give her a starter card. With no baddies on her credit report, it won't take long for her FICO to rise. As soon as she is able (probably six months) she should get another couple of credit cards, always paying on time and keeping her balance below 10% of the credit limit.

You'll be amazed how fast her credit score starts rising by autumn. I have a friend of mine whose FICO is around 690, and she's only had credit a year. By the end of the year, she'll be around 720 and able to get approved for just about any reasonable credit offer. No reason your daughter can't do the same.

Re: Getting Credit for a 19 year old

Anonymous — Thu, 28 Jun 2007 13:02:15 GMT

Thanks everyone, I will tell her to go to the credit union this week to get the ball rolling.

Eve