See my signature, mainly the link in it, for what I did. It does not work for everybody or every situation. But 30 months ago, I had no credit cards or other open loans, and no FICO scores on TransUnion or Experian, and what scores I did have were in the low 500s. You can be pretty aggressive if you don't plan to apply for a mortgage for two or three years. I would definitely recommend some form of installment loan, which could be a car loan if he needs a car, or Self or equivalent "fake loan". Look up Self loan to see what I mean.
There are many paths to success with different pros and cons, as long as you do the main thing, which is to pay your bills on time and don't carry large balances. JMO, good luck!
Oh! This is a very interesting idea! I rather like it, he seemed to like this as well. We're going to make an appointment at his bank this week and talk about some options. This is certainly an option we'll be asking about. 
Thanks for this input!
@Taurus22 wrote:I realize you're probably looking for best suggestions for CC's, but given that he is starting out I thought I would add an alternative approach.....one that I personally took to raise my credit after I opened my first secured card.
Borrowing against a Certificate of Deposit: (Of course you want to talk with your bank manager or financial adviser there first to make them aware of what you're wanting to do. I have a super cool bank manager who completely understood what I wanted)
I went to my bank and bought a $1,000 CD for a 6-month term. (You can also do CD's as low as $500 at some banks) Then the next day, I went back to the bank and took out a 6-month personal loan for $1,000 against that CD. (basically borrowing my own money back) The CD still sits in place, you're just using it as collateral for the loan, ie secured loan. (If it helps you to keep it separated, as I did, I put my re-loaned money into a secondary savings account apart from my checking)
Over those 6 months, I simply took $170 from that separated savings to make my loan payment each month. (Using the very same money to pay itself back) At the end of the 6 months, I made my final payment, which included some interest. (Interest for mine was 5% I think for an accumulated total of $70) The CD was now paid back, matured, and I got my $1,000 back again.
So the overall venture gives you a 6-month completed and satisfied "fixed line of credit" on your credit history to go with your revolving credit. (you know, that credit mix your credit score is based on) And, you can rinse-and-repeat. After my first one, I waited 2 months (just because, for no other reason) and did it again. For the low, low cost of $70 in loan interest....I was able to "buy" myself a line of credit, which was far more valuable to me than that $70 it cost me. (Well, $140 after the 2nd one...)
@KLEXH25 wrote:
@GatorGuy wrote:First suggestion would have been for you to add him as an AU. Remember he doesn't have to have a card or use it to benefit from it. It also can be temporary, add him let him get the boost and a few months after him getting some better cards, remove him or remove him after you buy your house. Which is a far bigger financial entanglement.
As far as the mortgage goes, from what I've seen you only need one person to have great credit and the additional borrower only being additional income.
If you don't want to go the AU route, you can find the thread which lists all the pre-approvals and try his luck and see which cards would be most beneficial for him.
Good luck!
I was under the impression that they will base the interest rate on the lowest middle score between the two borrowers. So if his mortgage score is only 670 and OP's is 780, they will go with 670.
As far as a mortgage on a second home (we have a current home that is our full time residence. The house we live in is owned by my family's trust, I pay the mortgage on it, and my partner pays me some rent). We are looking at buying a second home to live in parttime. Our plan is to buy this together, with his credit, his income and my credit and my income with the oversight of an attorney who will draw up a contract regarding what happens to it should one of us die, or if we split up (this seems unlikely, but things happen in life that are unlikely) or other emergency. It just makes sense.
Luckily, I work for a mortgage company, and have a little more flexibility when it comes to loans and interest rates, but we're very much wanting to purchase this home evenly. We'll both even pay into the downpayment equally. 10% from me, 10% from him. We're not in a huge rush to make a purchase. Right now, our focus is on getting his credit ratings built.
@Xerisca No problem at all. If you have any questions or need clarification on anything, feel free to send me a PM and I'd be happy to offer any additional info. I found this method online when I was trying to start my credit build in 2013, and after talking to my bank manager, he was already familiar with the premise so it was a very smooth process for me.
On Deck: No Plans Currently
