NEW APPLICATIONS

[Anonymous]

Good Afternoon-

This is my first post and I have a question for my younger sister that might help others that are trying to establish credit. Some applications that are completed in person require a credit or debit card; my sister has been an authorized user on my cards for the past 2 years. She wants to start applying for her own credit and I wanted to know if it would matter that the address on the account is mine and not hers? I'm familiar with the swiping of the debit/credit card at the register for applications, and I didn't want her to swipe a card that she is an AU on and it declines the app because my address doesn't match hers. Could someone provide clarity for this? Thanks! 

[Anonymous]

Store cards aren't the best option anyway.  Swiping a CC at a register is just a quick way to ID verify someone.  

I would advise you to get her scores from https://www.creditchecktotal.com

It's a $1 for all 3 FICO scores and you just cancel the trial after getting the scores and can get them again whenever she wants to for another $1.

Knowing what she spends on will help guide suggestions on which card will be the best fit.  There are some generally easier cards to get with a thin file as well.

[Anonymous]

Thanks for your reply! She is dead set on having a Macy's and a Victoria's Secret card of her own, so I wanted to get more info before she went and cold-apped for it. If there are any other suggestions, I am going to allow her to read this thread so she can get a better understanding. I've tried to explain these things to her but it seems as though she is stubborn as to how to go about it. 

[Anonymous]

Macy's and VS.... 

Looking at the short sightedness of discounts and store credit.  While they're useful to an extent they're worthless in the long run.

Really need to be looking into the long term options she'll be able to use in more than 2 places.

Depending on her scores and reports determines where we suggest from here though.  W/O that info we're shooting in the dark at moving targets.  Primarily starting out with CC's that are V/MC/Disco/Amex is where you need to be to build age and stability to her profile.  Some lenders are more willing to open the doors to someone that lacks personal experience with CC's while others won't touch her with a 10 foot pole.

If there's any dirt or anything negative that will also influence the results and suggestions.

[CreditInspired]

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@Anonymous wrote:

Thanks for your reply! She is dead set on having a Macy's and a Victoria's Secret card of her own, so I wanted to get more info before she went and cold-apped for it. If there are any other suggestions, I am going to allow her to read this thread so she can get a better understanding. I've tried to explain these things to her but it seems as though she is stubborn as to how to go about it. 

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Okay. I'm finish laughing now.   Hi and welcome to myFICO

I see absolutely nothing wrong if she wants a Macy's card or a VS card. She's young and we've all been there, done that. If she makes a mistake, she makes a mistake. That's how she will learn.

So, first, after she gets her FICO scores, she can see if she prequalifies for a Cap1, Discover or AmX since she's been an AU on your cards. Are the cards that she's an AU on have high SLs and very low UT? If yes, that's a good start. Just let her know it's best to apply for a card every 6 months. Also, if she's dead set on getting both, tell her 6 months apart and that 2 retail cards are the maximum she should get. And who knows, she might get approved for the Macy's AmX. 

So I suggest you realize that she wants a little independence in getting her own card and let her know that you get that. I say KUDOS to her for wanting her own cards. At least she's not saying she wants a CreditOne card.

Again, she'll be okay even if she makes a mistake. 

GL2U and her

[Anonymous]

I don't mind her wanting store cards; she spends quite a bit at both stores, so it makes sense that she would want the 2. I just wanted her to go for something better, like a MC or V. She has good scores- TU-734 EQ-727 EXP-744. So whatever she wants, she can get. I just wanted her to try to get something else that she can use everywhere. She doesn't want the triple pull that Cap One cards bring; she's currently an AU on 2 of my Cap One cards. That's why I started this thread so she could get some solid advice from those that know more than I. 

*UPDATE*

She tried the SCT for VS and it preapproved her for $1000. She said when she completed the app, it gave her the 2 week message. When she called Comenity, they stated that it was normal and that she shouldn't be alarmed because she more than likely was approved. So she's just going to have to wait to see what happens. 

[Brian_Earl_Spilner]

She'll apply for an open loop card when she wants something and can't put it on the Macy's or VS. Also, there are plenty of people here who have grown a Macy's to $25k and/or converted it to the Amex version, so it's not a completely useless card outside of Macy's.

[Anonymous]

The VS card is a good move if she shops there often. I got it for my wife and older daughter and they practically throw money at me in the form of CLIs, discounts via spend points, 0just because” $15-20 off coupons, etc. For a store card it actually gives a lot of return and I think she will be very happy with it.

[GApeachy]

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@Anonymous wrote:

Good Afternoon-

This is my first post and I have a question for my younger sister that might help others that are trying to establish credit. Some applications that are completed in person require a credit or debit card; my sister has been an authorized user on my cards for the past 2 years. She wants to start applying for her own credit and I wanted to know if it would matter that the address on the account is mine and not hers? I'm familiar with the swiping of the debit/credit card at the register for applications, and I didn't want her to swipe a card that she is an AU on and it declines the app because my address doesn't match hers. Could someone provide clarity for this? Thanks! 

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Too late to post  I wanted to warn your sis not to sct with Comenity via her address if it's yours that's on her reports.   Oh well, hopefully it's just an easy verification thing coming in the mail.

[Anonymous]

She should be afraid of the SCT not the triple pull. Unless you are applying for a mortgage, lenders only see the reports they pull. Its not like its adding 3 pulls to one report. They can see it one app by the app date

imho your sister is focusing on the wrong things. SCT and store cards in genreral are terrible  for people with young/thin files. Discover and American Express will give cards to people like her with thin files. But after you fill up your file with store cards your risk goes up. Then you actually need a higher score to get those cards after that. There is small window that she need to jump through before it closes.

They view somone young and new to credit as less risky than someone who's profile is built on store cards.

Ok I'll get off my soapbox now....kids today