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Best card for my 18 year old?

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Valued Contributor

Re: Best card for my 18 year old?

Very nice!! That NFCU is a monster SL. I don't even have anything that high yet lol. Congrats!





Message 31 of 50
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Regular Contributor

Re: Best card for my 18 year old?

Yes I was quite surprised with the 15k limit for her. The. AMEX came through with 1k. Still trying to find that third card for her to optimize report. Then I'll work the Instalment part of it. And then remove the AU's in a few months.  For installment I'm thinking about putting the livestock trailer only owe 4K we have for her and refinancing it into her name. Or her truck. 

Discover it miles 9/19 Sl 5000 | Care Credit 9/19 SL 3500 | Cap 1 QS 4/14 AU 500 | Cap 1 QS1 4/14 AU 600 | NFCU Secured 8/19 200 | NFCU CLOC 9/19 500 | NFCU auto 10/19 6.29 66k | NFCU Auto 4.9% 37k
Experian- 702
Equifax- 676
Transunion- 611
Util- 9%
Message 32 of 50
Highlighted
Super Contributor

Re: Best card for my 18 year old?


@aesl1982 wrote:

Yes I was quite surprised with the 15k limit for her. The. AMEX came through with 1k. Still trying to find that third card for her to optimize report. Then I'll work the Instalment part of it. And then remove the AU's in a few months.  For installment I'm thinking about putting the livestock trailer only owe 4K we have for her and refinancing it into her name. Or her truck. 


How about a 2nd Navy card in 91 day and 3 statements?

 

Navy also does offer a 5 year Shares Secured Loan. Minimum $3,001 required with ~2% APR. They allow to pay in advance and push out the due date. Thus, recouping the majority of the funds back immediately.

 

I would recommend reading the below from CreditGuyInDixie
Adding an installment loan -- the Share Secure technique
The Quest for an SSL alternative to Alliant


NFCU SSL

Message 33 of 50
Highlighted
Regular Contributor

Re: Best card for my 18 year old?

That may work, I wonder if they do the same for unsecured loan? Maybe a 3k unsecured loan and then use that 3k to put it under 8.9 percent? 

Discover it miles 9/19 Sl 5000 | Care Credit 9/19 SL 3500 | Cap 1 QS 4/14 AU 500 | Cap 1 QS1 4/14 AU 600 | NFCU Secured 8/19 200 | NFCU CLOC 9/19 500 | NFCU auto 10/19 6.29 66k | NFCU Auto 4.9% 37k
Experian- 702
Equifax- 676
Transunion- 611
Util- 9%
Message 34 of 50
Highlighted
Super Contributor

Re: Best card for my 18 year old?


@aesl1982 wrote:

That may work, I wonder if they do the same for unsecured loan? Maybe a 3k unsecured loan and then use that 3k to put it under 8.9 percent? 


They do but you'll have interest to deal with and a HP as well. The advantage of the SSL is the rate is only 2.25% and there is no HP. 




Message 35 of 50
Highlighted
Super Contributor

Re: Best card for my 18 year old?


@aesl1982 wrote:

That may work, I wonder if they do the same for unsecured loan? Maybe a 3k unsecured loan and then use that 3k to put it under 8.9 percent? 


SSL no HP.

 

Unsecured, you're looking at a HP. Plus not sure how loose or tight they will be with loans in this current climate and how long the loan term will be for that amount.

Message 36 of 50
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Super Contributor

Re: Best card for my 18 year old?


@aesl1982 wrote:

That may work, I wonder if they do the same for unsecured loan? Maybe a 3k unsecured loan and then use that 3k to put it under 8.9 percent? 


Is funding the SSL an issue?

Message 37 of 50
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Regular Contributor

Re: Best card for my 18 year old?


@AllZero wrote:

@aesl1982 wrote:

That may work, I wonder if they do the same for unsecured loan? Maybe a 3k unsecured loan and then use that 3k to put it under 8.9 percent? 


Is funding the SSL an issue?


Not really an issue since you'll get 92 percent of it back when you pay it. But in the times were in I'm trying to hoard all my cash as much as possible. I have 90 day reserve but again I'm also off work for who knows how long. 

Discover it miles 9/19 Sl 5000 | Care Credit 9/19 SL 3500 | Cap 1 QS 4/14 AU 500 | Cap 1 QS1 4/14 AU 600 | NFCU Secured 8/19 200 | NFCU CLOC 9/19 500 | NFCU auto 10/19 6.29 66k | NFCU Auto 4.9% 37k
Experian- 702
Equifax- 676
Transunion- 611
Util- 9%
Message 38 of 50
Highlighted
Super Contributor

Re: Best card for my 18 year old?


@aesl1982 wrote:

@AllZero wrote:

@aesl1982 wrote:

That may work, I wonder if they do the same for unsecured loan? Maybe a 3k unsecured loan and then use that 3k to put it under 8.9 percent? 


Is funding the SSL an issue?


Not really an issue since you'll get 92 percent of it back when you pay it. But in the times were in I'm trying to hoard all my cash as much as possible. I have 90 day reserve but again I'm also off work for who knows how long. 


Understood. Yes, you get back whatever you pay. It is really a simple process. The SSL will be there when you and your DD are ready to apply.

Message 39 of 50
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Super Contributor

Re: Best card for my 18 year old?


@aesl1982 wrote:

nfcu cash rewards- 15k starting limit @16.49 


Congratulations on DD approval!

Message 40 of 50
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