topic Re: 40 year old ready to establish credit in Rebuilding Your Credit

40 year old ready to establish credit

Anonymous — Thu, 27 Feb 2014 19:46:57 GMT

Hi all,

My little brother just turned 40 and wants to grow up and establish credit. He has nothing on his report, no bank account and no credit cards. Can someone give me advice on the first steps to take to get him going? Such as best card(s) to apply for?

Thanks

Re: 40 year old ready to establish credit

mebell — Thu, 27 Feb 2014 20:13:52 GMT

Does he have any negative information on his report? Knowing where he stands before applying will be better than just blindly going App-crazy for a bunch of cards. My wife (26), has no credit history. There is literally nothing good or bad in her file. So you have to start somewhere and she just started applying for cards. Well she got the fun denied letters in the mail. You have to know where to start like I said. Store cards will be easier to get than credit cards. The shopping cart trick will also be a way to get aa line of credit. One any of these cards start reporting and if he pays on time every month and keeps UTL low then it won't take lond to establich good credit history. Which he could then apply for credit cards. SO I'd say the best bet is to figure out where his credit stands.

Re: 40 year old ready to establish credit

Anonymous — Thu, 27 Feb 2014 20:22:51 GMT

If he has nothing either good or bad on his credit then I'd suggest a finger hut fresh start program or a secured credit card maybe Thur cap 1 or another like First Progress. Make sure if you go secured that it reports to ALL 3 credit bureaus.its gonna be hard to get prime ccc's to consider him with no history. Best of luck and keep us updated.

Re: 40 year old ready to establish credit

Anonymous — Thu, 27 Feb 2014 20:23:29 GMT

No negatives. He's been flying under the radar for years. I'll have to look up the shopping cart trick. Thanks

Re: 40 year old ready to establish credit

SunriseEarth — Thu, 27 Feb 2014 20:35:38 GMT

@Anonymous wrote:
Hi all,

My little brother just turned 40 and wants to grow up and establish credit. He has nothing on his report, no bank account and no credit cards. Can someone give me advice on the first steps to take to get him going? Such as best card(s) to apply for?

Thanks

With no credit history, he'd likely need to start off with a secured CC

Would you consider adding him as an AU? You wouldn't necessarily have to give him an actual card.

Re: 40 year old ready to establish credit

Anonymous — Thu, 27 Feb 2014 20:41:16 GMT

I''l have to see how he makes out with the secured. I don't know that my wife would support adding him as an AU.

Re: 40 year old ready to establish credit

credit-hunter — Thu, 27 Feb 2014 20:51:41 GMT

Secured cards are a good place to start BOA, wells Fargo, cap1 usbank and a few credit unions that graduate their secured cards.

Re: 40 year old ready to establish credit

Anonymous — Thu, 27 Feb 2014 22:12:15 GMT

+1

If he is a member of a credit union I'd start there for sure. They'll be more apt to work with him. Most offer secured cards as well

Re: 40 year old ready to establish credit

Whitneyy — Thu, 27 Feb 2014 22:53:55 GMT

My fiance is only 24 and doesn't have anything good or bad in her file. I applied her for a fingerhut freshstart and a secured capital one, she got approved for both. Now it's just the point of letting things take it's time. In about six months I'll try to apply her for other types of cards.

Re: 40 year old ready to establish credit

Whitneyy — Thu, 27 Feb 2014 23:02:39 GMT

She also got approved for secured card from her bank, Wells Fargo.

Re: 40 year old ready to establish credit

Anonymous — Fri, 28 Feb 2014 18:49:53 GMT

The wife and I have decided to add him as an authorized user on our Dell ($4k - no balance) and Kay ($7100 - $80 balance). Both have a few years of perfect history and should give him a chance to get an unsecured card a couple of months from now. Does that make sense?

Re: 40 year old ready to establish credit

credit-hunter — Fri, 28 Feb 2014 22:18:39 GMT

YES great plan to etablish a credit foundation for him.

Re: 40 year old ready to establish credit

ChicagoGirl2014 — Mon, 03 Mar 2014 09:52:21 GMT

My Mom has no credit and recently she was approved for an unsecured Capital One platimum card...