19yo looking for advice for a first "real" card

[Anonymous]

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@pinkandgrey wrote:

Wow congrats to your son for getting a successful business off the ground. $30k! That's awesome. Honestly I would shoot for the Discover card. That was the second card I ever got and I had only about 6 months of credit history. Discover tends to be friendly to credit newbies. Good luck!

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Thanks for your reply, do you see any downside (other than a 2nd HP) to him apping for both the Discover and AMEX simultaneously?

[Anonymous]

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@Anonymous wrote:

So happy and proud you guys are educating yourselves regarding credit! I myself flew to America when I was 18. So no credit history at all. My 1st CC was Cap One Platinum. 2nd is Citi Dividend for students. I could go on and on about mine and how I have 10 cards at age 23 but I suggest Amex. I have the BCE. 3X CLI happened to me too and it was SP as everybody knows. Discover is generous with CLI even only 3 months within each other.

More tips as you probably know, don't get the cards with AF.

I'm practical so I don't pay for any credit monitoring and just check the credit cards info.

CONE has score and report - Vantage 3.0 Transunion

Citi has score - Equifax

Discover score - Transunion Fico 8

BOA score - Transunion Fico 8

AMEX score - Experian

Chase score and report - same as CONE

Lowe's score - Transunion Fico 8

Good luck!!

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This is really good advice, thanks for your reply.  A good goal would be to have cards repoting all 3 scores in the stable.  Thanks!  Since you have both Discover and AMEX in your wallet, do you see any downside to him apping for both at the same time?

[Anonymous]

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@Anonymous wrote:
Another poster had a similar question. Below is the link to my reply(if I'm linking this correctly) if not, it's reply number 8.


https://ficoforums.myfico.com/t5/Credit-Cards/CC-app-for-child/m-p/5369854/highlight/true#M1592542

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Thanks for your reply.  Unfortunately he isnt a student, but those are good DP's and I assume they would be pretty similar to a non student card with a similar file/history.

[Anonymous]

Well he apped for preapproved Discover IT and AMEX Cash Magnet simultaneously today.  The Discover IT was flat out denied, the AMEX was approved for 1k!  I am shocked by the Disco denial, is there a recon possibility?  Should he app Discover IT Secured to take advantage of the HP he sustained? 

[shiftomnimega]

I am surprised Discover didn't approve him.  If it were me, I would be interested in reading the rejection letter they'll mail.  I'm coaching my girlfriend in credit and went with the Discover Chrome Secured to start her off.  We will look to get her converted between 6 to 12 months.  My goal for her is to build a relationship with Chase for the trifecta.  I figure once she gets past all that, then she won't need to worry about 5/24 and can go nuts apping everywhere else.

I like the NFCU strategy as mentioned before as they have also extended me incredibly generous lines.  Oddly, when they approved the last one for 25k, several of my other creditors increased my CL with them.  This might be a way to make your son's file more attractive.

There is a credit blogger who opined that one's first AMEX should be the Platinum.  That's because only folks without a relationship with AMEX get offered the incredibly generous 100k SUB.  AMEX has been incredibly good to me and currently is my oldest account.  I have never been targeted with that 100k SUB and only get the standard 60k offers. 

[JustBPatient]

You might as well recon, but in the meantime, I would use the heck out of that AMEX, get the 3Xcli hopefully in 61 days, and reapply for DCVR in 6 months.

[Anonymous]

I am not sure regarding applying at the same time for Discover and AMEX. I know AMEX pulls EX and Discover pulls TU. Both will report to Credit Bureau so if he has high scores, I'd say you have nothing to lose except a few points in score. AMEX will grom 3X after 61st day for sure.

[Anonymous]

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@Anonymous wrote:

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@Anonymous wrote:

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@Anonymous wrote:
I get "message not found" when I click the link!

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That's odd. I re-entered the link. It's here also -- tale of a 19 year old got a 24K SL. Seemed apropos. 

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Thanks for the reply, thats a great story.  Hopefully in 9 months his scores are similar to those in the link and he follows a similar path.  Joining NFCU is officially on the to-do list, my father is a veteran I am going to get him to join so we qualify for membership!

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***Update: While it hasnt been 6 months, my sons scores are all over 750+, he used the blueprint provided in the story you linked and got approved for a $15k SL with Navy Federal.  I posted his DP's in the thread you linked.  Thanks for the great timely advice, we appreciate it!