Another 18 Year Old Looking To Build Credit

[johnicek]

I live in Wisconsin.

So basically, with no credit history, I won't be able to get anything? As far as I know, I don't have any reports. I have not pulled my reports and read them so I do not know 100%, however, I have never had credit. Just turned 18 on 4/27/13 so I doubt theres anything but the HP's.

Definately still waiting on the EO recon from Cap1. I'm just looking into other options, and trying to figure how I can start building history.

[johnicek]

For AU on a parent's card...

Which ones actually report?

Also,

My parents have great credit, and long history, that being said, they have high limits. Will these limits impact me as an AU at all? Some cards they have but I never see them use them, not sure if that's a problem.

[mcf]

I believe thats how crazy it is lol. But as an AU you dont need the card etc.. its just a reporting tool to give you history. I believe that would work if they would extend that to you. Sometimes it depends, im not real familiar with AU so id definite do some research.

[Laugh]

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@johnicek wrote:

I live in Wisconsin.

So basically, with no credit history, I won't be able to get anything? As far as I know, I don't have any reports. I have not pulled my reports and read them so I do not know 100%, however, I have never had credit. Just turned 18 on 4/27/13 so I doubt theres anything but the HP's.

Definately still waiting on the EO recon from Cap1. I'm just looking into other options, and trying to figure how I can start building history.

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Yup. Unfortunately, that's what everyone goes through. I was a bit luckier, abeit clueless.

I didn't know anything about credit when I was 20, but I wanted one so I asked my dad to make me an AU on his AMEX. 

Like others suggested, a secured credit card or becoming an AU on your parent's cards would be the best following action to take if Capital One's EO can't give you an approval. Also, check out any credit unions, but the only thing that will be going for you, will be your history and checking/saving balance with the credit union since your credit report is a blank.

[mcf]

Dont catch me lying, but i think the way it works is it reports the history on your credit... lol. So maybe itll show you had credit for years. Im sure a guru knows all about it!

[mcf]

Hey and for future reference doesnt the AMEX backdate, so if say in future op wanted an AMEX on their own it would backdate the history?? Once established and off the AU

[johnicek]

Would a small loan from a bank report on credit?

I have been banking with the same bank for 16 years or so, and I have a good balance with them, I think I will need to make the trip down there and see what i can find. Then I will wait for the EO recon from cap1 and see where that puts me. Otherwise I will go secured or AU.

It's not that I need the credit, I just want to establish the score. Tricky, as the ways to establish your history, require a history!

[johnicek]

Also,

Checking your credit yourself doesnt hurt your history, does it? I have heard that it does, and that it does not. Just trying to get a clear answer on that.

[Laugh]

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@johnicek wrote:

Would a small loan from a bank report on credit?

I have been banking with the same bank for 16 years or so, and I have a good balance with them, I think I will need to make the trip down there and see what i can find. Then I will wait for the EO recon from cap1 and see where that puts me. Otherwise I will go secured or AU.

It's not that I need the credit, I just want to establish the score. Tricky, as the ways to establish your history, require a history!

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Yes it would.

As for the question regarding the high limits on your parents' cards, high limits usually beget higher limits. However, because you do have a limited income, it may backfire since the creditor will see that you have credit card limit(s) that don't match your income. The creditor may feel that you have sufficient credit for an 8k income and deny your application. Someone correct me if I'm wrong about this. But to be honest, becoming an AU will help generate a score. After 6 months, you can apply for your own cards and if you do receive a denial due to your AU status, then cancel the AU cards. This is what I would do. I am also a beginner so take my advice with a grain of salt.

[mcf]

Doesnt hurt if you check it through a site like i had mentioned or on Myfico. Considered soft pull from what ive read. If you ask for it not bad, if others ask for it bad. lol.