AU as history?

[Anonymous]

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Monoglot wrote
Btw all the creditors will overlook the fact that your son has AU history. They only care about his individual history in the application process. I know this from personal experience as the creditors in my sig have cited me for having limited experience on my own. Therefore AU isn't really counted when applications are put under review, but they definitely contribute to his credit score.

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So with just AU history, if he applied for Amex gold charge card on 18th birthday, there would be a slim chance for him to get approved?

[vanillabean]

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@Anonymous wrote:

Currently he is AU on 4 cards

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Has he been an AU for six months? FICO scores require a credit file to be of such a minimum.

[Anonymous]

I built my entire file on au history. At 6 months au history got a prescreened Discover in the mail. Approved for $500. The next week with a recently increased and reported 6 month old Cap One card with a $3750 limit, was approved in store for Bloomingdale's with a $1500 limit.

The end of the next month got a prescreened Costco Am Ex app in the mail and was approved for $5000.

Keep in mind though his young age and income  (or lack of higher income ) could affect his results. Macy's may approve him in store in February. Wait a few months till the other accounts are 6 months for other options.

[Anonymous]

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@Anonymous-own-fico wrote:

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@Anonymous wrote:

Currently he is AU on 4 cards

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Has he been an AU for six months? FICO scores require a credit file to be of such a minimum.

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^^

And if he has sufficient income, I'm pretty sure he will be approved. (like I was) 

I put $20k on my AMEX TE app. 

[RobertEG]

Using accounts of another can give an artificial boost in your three-digit credit score, but in actuality, it does not build any credit history in the eyes of a potentail creditor doing a manual review of your credit report.  It is history of another, not yours.

If applying for credit where the creditor does not do a thorough manual review, which is common for lower-principal amounts of credit, it can be a good means to build or rebuild.

However, if a manual review is conducted, the potential creditor may choose to discount any score that is based in part on history that is not yours.

Thus, the determination of whether an AU builds history is in the eyes of the creditor making that assessment.

Technically, it does not build history.

[Anonymous]

If you are approved by the computer it does help. If a recon is needed, probably not.

[vanillabean]

My mental sphere is in complete disarray! Has RobertEG ever posted to this forum before?

[Anonymous]

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@Anonymous-own-fico wrote:

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@Anonymous wrote:

Currently he is AU on 4 cards

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Has he been an AU for six months? FICO scores require a credit file to be of such a minimum.

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Yes, by his birthday one of the account will be 6 months old

[Anonymous]

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@Anonymous wrote:

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@Anonymous-own-fico wrote:

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@Anonymous wrote:

Currently he is AU on 4 cards

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Has he been an AU for six months? FICO scores require a credit file to be of such a minimum.

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^^

And if he has sufficient income, I'm pretty sure he will be approved. (like I was) 

I put $20k on my AMEX TE app. 

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He does work and has an income of around 25000, so that should help

[Anonymous]

So my son turns 18 in 6 weeks currently on his file he has 5 AU accounts, Citi Secured $500 09/2015, Kohls $300 11/2015 Walmart $500 12/2015, Barclay Rewards MC $500 12/2015 and Barclay Apple Visa $1500 12/2015. His Income is about 25K and was accepted to college so he is able to apply for student cards as well. Since one account will be 6 montsh old (citi Secured) he should have a fico score. What are some card reccomendations that he should apply for? Who is likely to approve him? Will the 3 new accounts opened in december hurt his history or score?