Best card for Thin file?

[Anonymous]

I'm trying to help my Fiance establish some credit.  Currently all she has is a Target and Macy's card with CL of $500. No installments debt.  She's an AU on one of my cards, but that's all she has.

I'm trying to get her a bank card, which bank's would she be best to apply with?  Not too concerned about APR since she will just be using it to improve her file.

Thanks!

[Callandra]

She could try Cap 1 or Barclays (Barclays if she has 6-12 months of payment history). 

[chalupaman]

Discover It is a good starting card IMO. You get a free FICO score and some good rotating cashback categories too. They tend to like people with thin files and not a lot of cards. Perhaps that card might be a possibility later on if she doesn't feel confident yet.

[Anonymous]

who does she bank with? Sometimes banks will extend a TL to their checking customers even if they have a very thin file. 

[red259]

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@Anonymous wrote:

who does she bank with? Sometimes banks will extend a TL to their checking customers even if they have a very thin file. 

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+1 This is the first thing to look at. If she has money on deposit it will help smooth over some concerns the bank may have. No matter what one thing she should do is get a card with no-AF as a first card. The reason being is that when she is starting out she will want to keep her initial cards for a long time to help her average age of accounts. Once she has enough history showing then an Amex can be a good fit, so she can get a good member start date and then if she picks up amex cards years later they will backdate to her original card. Decent lenders to start out with will be Cap 1, discover, maybe barclays. If she banks with chase and can get a freedom that would be great. 

[Anonymous]

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@Anonymous wrote:

who does she bank with? Sometimes banks will extend a TL to their checking customers even if they have a very thin file. 

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She bank's with Chase and has for a number of years with no overdrafts of anything.  I can have her apply there, just wasn't sure their approval standards.

[joltdude]

Ever think of trying for the BOA secured vs the Captial one.. No three HPs, but id hold out till they offer you the 99/500$ offer..  Pretty sure it will graduate in less than a year, esp with the AU

Discovers likes thin but clean files.. but is she generating a score yet?... I dont know if they consider AUs... but you could apply and worse case, she gets an offer for a coapped card...(or their secured).......

[joltdude]

Chase might throw her a bone, but Chase usually likes to see at least a year of credit history for cold apping... But they do believe in relationship banking so she might get a card... but its not going to be a great deal, or CL...

[Anonymous]

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@Anonymous wrote:

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@Anonymous wrote:

who does she bank with? Sometimes banks will extend a TL to their checking customers even if they have a very thin file. 

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She bank's with Chase and has for a number of years with no overdrafts of anything.  I can have her apply there, just wasn't sure their approval standards.

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Might not hurt to apply for a Freedom card in branch. I personally know two people for whom their first cc was a chase freedom. They were both checking customers. 

In addition to Fico scores, banks use internal scores that judge how much of a credit risk you are. If she used their checking product for years with no incidents and usually keeps more than $20 in checking chase will know that she gets a regular paycheck, is responisble with not overdrafting etc. 

Now this does not guarantee that she can get a Freedom, I would say it could still go either way. But she does have a chance. Especially with the TLs from her two store cards. Does she have a report yet? How old is her oldest account? 

[red259]

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@joltdude wrote:

Chase might throw her a bone, but Chase usually likes to see at least a year of credit history for cold apping... But they do believe in relationship banking so she might get a card... but its not going to be a great deal, or CL...

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I don't think she would need to wait a year, especially with a chase bank account. However, six months of payment history with a card showing may be a good idea. Maybe the best approach would be a cap 1 and/or discover card now and picking up a freedom  (and possibly an amex depending on scores etc) in six months. Then by 2016 she would have a solid foundation for pretty much any card.