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Update: Discover Approved - Best Card for a financially responsible 18 year old

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Valued Member

Update: Discover Approved - Best Card for a financially responsible 18 year old

I added her to one of my cards as an authorized user in March 2019. She has done well and spent very little and always repaid perfectly. As of today she has her first official fico score. It is 713 per Experian.com. Her Equifax and Transunion havent generated yet. Any idea of a good card for her to get in her own name to keep her credit history building and on the rise? She has a job and is a fulltime student. Doesnt pulldown much, maybe 12-14k a year. 

 

She is very financially responsible thus far and has been taught the importance of paying in full and paying on or before the due date if possible. Makes me proud that she is handling the learning curve and new found resposibilities so well. Perhaps it has been me and her mom telling her if she messes it up she will regret it because everything gets so much harder and much more expensive. 

 

Mod note:  I've updated your subject to reflect your approval; feel free to change/edit if you would like.  --UB


Fico 8 Scores
6/2/20 EX 685 EQ 670 TU 683
8/19/19 EX 657 EQ 694 TU 682
5/28/19 EX 665 EQ 690 TU 674
5/4/19 EX 665 EQ 663 TU 675
4/30/19 EX 657 EQ 686 TU 675
4/1/19 EX 623 EQ 660 TU 618
3/21/19 EX 627 EQ 650 TU 621
Message 1 of 9
8 REPLIES 8
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Community Leader
Mega Contributor

Re: Best Card for a financially responsible 18 year old

Despite that score, her report is still thin. She should prequal with the usual suspects. Cap1, disco, and amex. She may still need to start with a secured card. Disco would be my choice.







Message 2 of 9
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Valued Member

Re: Best Card for a financially responsible 18 year old


@Brian_Earl_Spilner wrote:

Despite that score, her report is still thin. She should prequal with the usual suspects. Cap1, disco, and amex. She may still need to start with a secured card. Disco would be my choice.


 

 I was thinking Disco as well. Disco prequalified her however Capital One will not prequal anyone under 21 years of age and Amex didnt prequal her for anything yet. 


Fico 8 Scores
6/2/20 EX 685 EQ 670 TU 683
8/19/19 EX 657 EQ 694 TU 682
5/28/19 EX 665 EQ 690 TU 674
5/4/19 EX 665 EQ 663 TU 675
4/30/19 EX 657 EQ 686 TU 675
4/1/19 EX 623 EQ 660 TU 618
3/21/19 EX 627 EQ 650 TU 621
Message 3 of 9
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Super Contributor

Re: Best Card for a financially responsible 18 year old

Bank of America cash rewards? They also have secured $99 deposit for $500 credit line. Should be Experian hard pull depending on your state. Secured card can graduate quickly in 5-6 months.

 

Is she a member of NFCU? If not, have her join and let her membership marinade until her TU is reporting.

Message 4 of 9
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Re: Best Card for a financially responsible 18 year old

Discover Student It is pretty much guaranteed and Cashback match is really good so definitely should go for that. Make sure to use a referral link and get the $50 bonus! She could also try for Cap One Journey which can easily product change to QuickSilver in a few months. Then just age those 2 for a year along with your AU card and she should be golden for most cards.

Message 5 of 9
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Valued Member

Re: Best Card for a financially responsible 18 year old

 

 She was approved tonight for Discover IT using a referral link. SL is $1,250. Not too bad for starting out. 


Fico 8 Scores
6/2/20 EX 685 EQ 670 TU 683
8/19/19 EX 657 EQ 694 TU 682
5/28/19 EX 665 EQ 690 TU 674
5/4/19 EX 665 EQ 663 TU 675
4/30/19 EX 657 EQ 686 TU 675
4/1/19 EX 623 EQ 660 TU 618
3/21/19 EX 627 EQ 650 TU 621
Message 6 of 9
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Established Contributor

Re: Best Card for a financially responsible 18 year old

Congratulations to her!
AU


Message 7 of 9
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Frequent Contributor

Re: Best Card for a financially responsible 18 year old

Congrats! the Student it gives a good grade bonus of $20 statement credit almost immediately. I got my card and my balance was -$20 right off the bat. Also, when she graduates her credit line will increase and she can PC to whatever card suits her from what I understand. 




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Message 8 of 9
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New Contributor

Re: Best Card for a financially responsible 18 year old

That's awesome, Good starting card and decent SL for such limited history!!! I remember when I got my first credit card at $300.....Smiley Frustrated

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