cancel
Showing results for 
Search instead for 
Did you mean: 

Advice for my grandmother

Auto Loans for ANY Credit Situation. Immediate Response.
Advertiser disclosure
Contributor

Advice for my grandmother

Hello again everyone,

 

I posted a few minutes ago about opinions about my credit but this thread is for my grandmother. We recently lost my grandfather who was a pay in cash and cash only type of man. He never had a credit card of any sort, paid for his cars with cash, built his house back in the day with a small $10,000 loan the rest he paid upfront, pretty much my pap never needed credit or a loan of any sort because of some smart financial decisions he made growing up. Long story short its been a rough few months without him, and to make matters worse he was my student loan cosigner. My gram said she'll cosign for me to get through my final year in school and so I have been helping her build her credit over the past year. I added her as AU on my chase FU card about a year ago (same for  my grandfather) and then she got a Cap one platinum with $1500 limit currently, and a Amex Cash magnet (I am an AU on it) and I taught her the 3x CLI so that limit is now $6000 so she has only 3 cards total with only $9500 in revolving credit. Her scores are hovering at 760-770 with 3% utilization, 3 hard inquiries across the board (all over a year old) and no lates, misses, or collections. Sadly her AAoA is only 1 year and 4 months. I am looking at getting her a good "all around card" as she doesn't use my Freedom unlimited, and the Cap one platinum just sits around, BUT she uses her Cash Magnet heavily for groceries and as her daily driver. I want to get her a card that she can use for her utilites bills and such that will rack up rewards or cashback. Her main spending is groceries, bills, and occasionally we go to the mall and do some clothes shopping. What do you guys think would be best for her? She's completely new to this world and once I showed her how much cashback she's earning on her normal purchases she was shocked hahaha.

I was thinking the Citi DoubleCash(solid 2% back is nice), Chase Freedom (for rotating categories??), Chase Amazon Prime(she obsessed with amazon), or we are planing a cruise in september so maybe Chase Sapphire Reserve for SUB and travel credits(might be out of her league for credit age).




Very Happily in the garden until June 2020
Goal Cards:
Chase Amazon Prime
Chase Sapphire Reserve
9 REPLIES 9
Established Contributor

Re: Advice for my grandmother

When will she be co-signing for your student loan? She already has a strong profile so she might want to hold off on applying for anything else until the loan. Otherwise her average age will just be even lower. After that, she should have quite a few cards to choose from. I would check prequals to see what comes up.


September 2019:

Stats:
Message 2 of 10
Community Leader
Senior Contributor

Re: Advice for my grandmother


@Bmn5940 wrote:

Hello again everyone,

 

I posted a few minutes ago about opinions about my credit but this thread is for my grandmother. We recently lost my grandfather who was a pay in cash and cash only type of man. He never had a credit card of any sort, paid for his cars with cash, built his house back in the day with a small $10,000 loan the rest he paid upfront, pretty much my pap never needed credit or a loan of any sort because of some smart financial decisions he made growing up. Long story short its been a rough few months without him, and to make matters worse he was my student loan cosigner. My gram said she'll cosign for me to get through my final year in school and so I have been helping her build her credit over the past year. I added her as AU on my chase FU card about a year ago (same for  my grandfather) and then she got a Cap one platinum with $1500 limit currently, and a Amex Cash magnet (I am an AU on it) and I taught her the 3x CLI so that limit is now $6000 so she has only 3 cards total with only $9500 in revolving credit. Her scores are hovering at 760-770 with 3% utilization, 3 hard inquiries across the board (all over a year old) and no lates, misses, or collections. Sadly her AAoA is only 1 year and 4 months. I am looking at getting her a good "all around card" as she doesn't use my Freedom unlimited, and the Cap one platinum just sits around, BUT she uses her Cash Magnet heavily for groceries and as her daily driver. I want to get her a card that she can use for her utilites bills and such that will rack up rewards or cashback. Her main spending is groceries, bills, and occasionally we go to the mall and do some clothes shopping. What do you guys think would be best for her? She's completely new to this world and once I showed her how much cashback she's earning on her normal purchases she was shocked hahaha.

I was thinking the Citi DoubleCash(solid 2% back is nice), Chase Freedom (for rotating categories??), Chase Amazon Prime(she obsessed with amazon), or we are planing a cruise in september so maybe Chase Sapphire Reserve for SUB and travel credits(might be out of her league for credit age).


OP, I am so touch that you are helping your grandmother like this. Kudos to you!!!!!

 

I suggest the DiscoverIT since she's tickled about the cashback. She will really be tickled knowing that she will get DOUBLE cashback the first year plus 0%APR. And since she just loves Amazon, DiscoverIT's 5% category for Oct-Dec is Amazon, Walmart, and Target--that's 10%. Yep, right now, I can't think of a better card for hard.

 

 

GOALS: Garden til APR 2020 and 800 Club


SEP 2019: EX 791, TU 797, EQ 800
JUN 2019: EX 788, TU 794, EQ 779
DEC 2018: EX 777, TU 783, EQ 799

|| AmX Cash Magnet $25K || NFCU CashRewards $20K || Macy's $20K || Discover IT $18.7K || NFCU CLOC $15K || NFCU Platinum $12.5K || AmX ED $11.5K || CitiCostco $7K || CitiDC $6.3K ||
Message 3 of 10
Super Contributor

Re: Advice for my grandmother


@Bmn5940 wrote:

Hello again everyone,

 

I posted a few minutes ago about opinions about my credit but this thread is for my grandmother. We recently lost my grandfather who was a pay in cash and cash only type of man. He never had a credit card of any sort, paid for his cars with cash, built his house back in the day with a small $10,000 loan the rest he paid upfront, pretty much my pap never needed credit or a loan of any sort because of some smart financial decisions he made growing up. Long story short its been a rough few months without him, and to make matters worse he was my student loan cosigner. My gram said she'll cosign for me to get through my final year in school and so I have been helping her build her credit over the past year. I added her as AU on my chase FU card about a year ago (same for  my grandfather) and then she got a Cap one platinum with $1500 limit currently, and a Amex Cash magnet (I am an AU on it) and I taught her the 3x CLI so that limit is now $6000 so she has only 3 cards total with only $9500 in revolving credit. Her scores are hovering at 760-770 with 3% utilization, 3 hard inquiries across the board (all over a year old) and no lates, misses, or collections. Sadly her AAoA is only 1 year and 4 months. I am looking at getting her a good "all around card" as she doesn't use my Freedom unlimited, and the Cap one platinum just sits around, BUT she uses her Cash Magnet heavily for groceries and as her daily driver. I want to get her a card that she can use for her utilites bills and such that will rack up rewards or cashback. Her main spending is groceries, bills, and occasionally we go to the mall and do some clothes shopping. What do you guys think would be best for her? She's completely new to this world and once I showed her how much cashback she's earning on her normal purchases she was shocked hahaha.

I was thinking the Citi DoubleCash(solid 2% back is nice), Chase Freedom (for rotating categories??), Chase Amazon Prime(she obsessed with amazon), or we are planing a cruise in september so maybe Chase Sapphire Reserve for SUB and travel credits(might be out of her league for credit age).


Those all sound good for her, but if she doesn't travel much, I don't think the CSR is a good card just for one cruise. If she does travel, then the CSR would seem ok.

 

 


Total revolving limits 719k (592500 reporting) FICO 8 scores: EQ 735 TU 782 EX 746
Message 4 of 10
Contributor

Re: Advice for my grandmother

Thanks everyone I'm going to talk to her tonight and show her the comments on this post with suggestions. I'll be applying for my loan the end of July and beginning of August so she's perfectly fine to wait a bit to apply the discover seems to be the smartest decision with the 10% off from them matching your first year. CSR could still be an option for her to get SUB and collect the rewards then product change to a freedom or freedom unlimited before the second annual fee hits. Thanks for the suggestions!



Very Happily in the garden until June 2020
Goal Cards:
Chase Amazon Prime
Chase Sapphire Reserve
Message 5 of 10
Community Leader
Senior Contributor

Re: Advice for my grandmother


@Bmn5940 wrote:
Thanks everyone I'm going to talk to her tonight and show her the comments on this post with suggestions. I'll be applying for my loan the end of July and beginning of August so she's perfectly fine to wait a bit to apply the discover seems to be the smartest decision with the 10% off from them matching your first year. CSR could still be an option for her to get SUB and collect the rewards then product change to a freedom or freedom unlimited before the second annual fee hits. Thanks for the suggestions!

I just want to confirm some things about the DiscoverIT

  • It's double cash back the first year only making it 2%
  • When you shop during Discover's stated categories (example: Amazon 5% Oct-Dec), then it's 10% cash back 1st year only
  • Discover categories changes every quarter. This quarter it's restaurants and PayPal

Just wanted to make sure we're on the same page.

GOALS: Garden til APR 2020 and 800 Club


SEP 2019: EX 791, TU 797, EQ 800
JUN 2019: EX 788, TU 794, EQ 779
DEC 2018: EX 777, TU 783, EQ 799

|| AmX Cash Magnet $25K || NFCU CashRewards $20K || Macy's $20K || Discover IT $18.7K || NFCU CLOC $15K || NFCU Platinum $12.5K || AmX ED $11.5K || CitiCostco $7K || CitiDC $6.3K ||
Message 6 of 10
Contributor

Re: Advice for my grandmother

If she’s anything like my grandma, I’d have her stick with the Cash Magnet or get her a card for 2% everything.

Discover It - 19.1K
Citi Double Cash - 16K
AMEX BCP - 35K
Elan Financial - 24.2K
Uber - 25K
Amazon Prime Visa Sig - 9.6K
Fort Knox Platinum - 2.5K
US Bank Cash+ - 14K
Citi AAdvantage PSWE - 21.5K
Message 7 of 10
Super Contributor

Re: Advice for my grandmother


@Bmn5940 wrote:
Thanks everyone I'm going to talk to her tonight and show her the comments on this post with suggestions. I'll be applying for my loan the end of July and beginning of August so she's perfectly fine to wait a bit to apply the discover seems to be the smartest decision with the 10% off from them matching your first year. CSR could still be an option for her to get SUB and collect the rewards then product change to a freedom or freedom unlimited before the second annual fee hits. Thanks for the suggestions!

BTW I should mention that none of those kinds of cards are really good for utilities, because most utilities charge a convenience fee that wipes out the rewards.


Total revolving limits 719k (592500 reporting) FICO 8 scores: EQ 735 TU 782 EX 746
Message 8 of 10
Established Contributor

Re: Advice for my grandmother

What about Blue Cash Everyday? 3% on groceries, 2% at gas stations & department stores, 0% intro APR for 15 months, and no AF. Plus it’s only a SP since she already has an AMEX.


September 2019:

Stats:
Message 9 of 10
Contributor

Re: Advice for my grandmother

I love my BCE and why did I just now find out you get 2% at department stores wow I've been missing out on that. I really appreciate it everyone I'm going to compile all your comments into a pro and con list and let her decide what she thinks she'll use the most.



Very Happily in the garden until June 2020
Goal Cards:
Chase Amazon Prime
Chase Sapphire Reserve
Message 10 of 10
Advertiser Disclosure: The offers that appear on this site are from third party advertisers from whom FICO receives compensation.