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I need your guys help please.
My son is 18 and still a Senior in high school. He has been an AU on 2 of my CCs since he was 16 and has credit scores now that are around 760. He will be going off to college next year but I want to get him his own credit card now if possible.
Thanks in advance for your advice!
Student Discover for sure!
Since he's only had the AU history, a Student card would likely be the best option starting out. Even though 760 is a very good score. Once they disallow AU accounts, as most banks do not count them. There will be nothing else reporting for him.
Income should be whatever he pulls in on his own, such as part time job etc. If there is none, you could put down Parents if you still fully support him. Or whatever amount you provide him support with nad that he has access to might look better.
As already been mention Discover, Chase, Citi and Amex. Or which ever CC he's already an AU on could be an option since they already know his background to an extent.
My granddaughter is in a similiar situation. She just turned 18 about a month ago. I had added her as an authorized user on my Sony Card, Discover and Bank of America Cash Rewards cards when she was 16. My DH also opened her a NFCU membership and campus checking account at 16. She started working part-time a month after her 16th birthday. She is currently a senior in HS as well, still employed at her original part-time job.
The day after her 18th birthday my DH removed himself as joint owner on her NFCU accounts. The same day I helped her apply for a NFCU cash rewards card and CLOC. She was approved instantly for the Cash Rewards card with a SL of $9600 at 12.49% APR. The CLOC went pending and later the same day was approved for $3000.
The same day she applied for the Discover student card and after submitting a copy of her ID, SS card and letter of college acceptance for the fall of 2020, she was approved for $500 CL. She really has just basic needs and actually prefers using her debit card. Her limits get minimal use but, hopefully, she will be building a strong credit profile that will be useful during her college years and beyond. She has no idea that you can "carry a balance" on credit cards...we told her they must be paid in full when the bill comes. For now, that's all she needs to know