21 Year Old With No Credit, Where Should He Start?

[masscredit]

My first credit card was JCP back in '88. It was pretty easy to obtain credit back then. After that card, they just kept rolling in. Store cards, gas cards, Visa, MC, AMEX ect... I had a pile of them! But now, things are difference. My buddy''s son is 21 with no credit. Income isn't big. Maybe about $15k per year and he has no expenses. What do you guys suggest for him?

A secured card might be the easiest route but before that, any unsecured cards that he might be able to get approved for to get things rolling?  Or possibly be added as an AU on one or two of his parent's cards then apply for others in 3-6 months?  My experience is outdated when it comes to this one  

[LS2982]

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@masscredit wrote:

My first credit card was JCP back in '88. It was pretty easy to obtain credit back then. After that card, they just kept rolling in. Store cards, gas cards, Visa, MC, AMEX ect... I had a pile of them! But now, things are difference. My buddy''s son is 21 with no credit. Income isn't big. Maybe about $15k per year and he has no expenses. What do you guys suggest for him?

A secured card might be the easiest route but before that, any unsecured cards that he might be able to get approved for to get things rolling?  Or possibly be added as an AU on one or two of his parent's cards then apply for others in 3-6 months?  My experience is outdated when it comes to this one  

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A secured card or a local credit union may take him in.

I would go for a secured card personally, hold it for 6 months and unsecured credit should be OK to get.

[maiden_girl]

A secured card or...a CAP1 "average" or "rebuilding" credit card.

[jeskedu]

If he didn't have money for a secured card cap 1 is pretty easy to get Evan with no credit history. I just helped my friend get his first card ever thrue them. The limit won't grow but after 6 months hell have a credit score my friend got approved for a 2500 bofa 123 card 6 months after the cap 1 card. Sorry for typing errors done from smart phone

[justcallmetj]

He'll probably qualifiy for one of the introductory cap1 cards. If not, he can always get the cap1 secured card and build from there.

Would you be willing to add him as an a/u to one of your cards? That will put him in great standing while he builds.

[Anonymous]

Contact a local/national credit union. Why deal with a card issuer known not to grow as his income increases and secured cards require money upfront which he is probably in short supply?

[Anonymous]

If he is in school try a student credit card. His income is enough to obtain one.

[webhopper]

Go with a secured card that wi graduate... I'm thinking of boa or wells Fargo. If he has military affiliations he should go with usaa or nfcu...

Other than what's above he should definately talk to a credit union. A lot of folks here have had success with digital credit union. Pcescu (this is probably not correct) is for Pennsylvanians ...

[youngandcreditwrthy]

Uhm does he have ANY credit at all? You can forget about any type of card if he has no credit at all, even Crapital One.

I say... Best route... Add him as an AU to an aged, high line... Then app once or twice for some store cards and go from there.

[Croselx]

As someone else mentioned before, if he is in college a student visa or something similar would be the way to go. In PR they do a lot of promotions at the start of the semester and pretty much anyone with a job (3 months at job minimum here) can get one starting with a $300 limit and increases to a max of $500 on the 6th month. Not much, but enough to get you at the door with other creditors. Otherwise AU for a few months (make sure they report) and make a relation with a local CU or bank (checking account/savings, maybe a CD as collateral).