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Best card for my 18 year old?

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Regular Contributor

Re: Best card for my 18 year old?


@AllZero wrote:

@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.



Sounds like a good option, I was gonna do the trailer since it's going with her. But then again when I think about that it won't help near as much because if I refinance that 4K that's left on it it would be 100 percent on the loan then. So that ssl makes sense.  

another question. Does discover do prequal on Experian but cold app on Equifax? If so that would explain the secured pre approval. Also Amex didn't hit with a hard inq. Yet maybe it's coming. She's only got the one one inq. From nfcu which obviously was worth it.  Wondering if Apple Card would be a good option for that 3rd card? They seem to give pretty decent limits also. 

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 41 of 50
Highlighted
Super Contributor

Re: Best card for my 18 year old?


@aesl1982 wrote:

@AllZero wrote:

@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.


Sounds like a good option, I was gonna do the trailer since it's going with her. But then again when I think about that it won't help near as much because if I refinance that 4K that's left on it it would be 100 percent on the loan then. So that ssl makes sense.  

another question. Does discover do prequal on Experian but cold app on Equifax? If so that would explain the secured pre approval. Also Amex didn't hit with a hard inq. Yet maybe it's coming. She's only got the one one inq. From nfcu which obviously was worth it.  Wondering if Apple Card would be a good option for that 3rd card? They seem to give pretty decent limits also. 


From a scoring perspective the SSL reigns supreme. For practical purposes, she gets a trailer with the new loan.

 

I think you are correct with Discover. The data points suggest it. https://ficoforums.myfico.com/t5/General-Credit-Topics/The-quot-Which-Banks-Pull-Which-Report-For-Ap...

 

BB&T does prequal if you are in their geographical area.

Message 42 of 50
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Regular Contributor

Re: Best card for my 18 year old?


 


 

From a scoring perspective the SSL reigns supreme. For practical purposes, she gets a trailer with the new loan.

 

I think you are correct with Discover. The data points suggest it. https://ficoforums.myfico.com/t5/General-Credit-Topics/The-quot-Which-Banks-Pull-Which-Report-For-Ap...

 

BB&T does prequal if you are in their geographical area.


@AllZero wrote:

@aesl1982 wrote:

@AllZero wrote:

@aesl1982 wrote:

@AllZero wrote:

@aesl1982

From a scoring perspective the SSL reigns supreme. For practical purposes, she gets a trailer with the new loan.

 

I think you are correct with Discover. The data points suggest it. https://ficoforums.myfico.com/t5/General-Credit-Topics/The-quot-Which-Banks-Pull-Which-Report-For-Ap...

 

BB&T does prequal if you are in their geographical area.



not sure about area, were in houston Texas, she already has the trailer, it would just swapping out of my name and into hers. I think the ssl method is the best route as you suggested. One more idea, pull the 3k off her new card out it in her savings open the ssl, use the money for. The loan to pay back 92 percent of the loan which in turn frees up the money that secured it and use the freed up money to pay off the credit card? A lot of steps but it's getting use on the card, would qualify her for the 3k spend in 90 days bonus etc? Or just bite the bullet and use some of my cash for it lol

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 43 of 50
Highlighted
Super Contributor

Re: Best card for my 18 year old?


@aesl1982 wrote:


@AllZero wrote:

@aesl1982 wrote:

@AllZero wrote:

@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.


Sounds like a good option, I was gonna do the trailer since it's going with her. But then again when I think about that it won't help near as much because if I refinance that 4K that's left on it it would be 100 percent on the loan then. So that ssl makes sense.  

another question. Does discover do prequal on Experian but cold app on Equifax? If so that would explain the secured pre approval. Also Amex didn't hit with a hard inq. Yet maybe it's coming. She's only got the one one inq. From nfcu which obviously was worth it.  Wondering if Apple Card would be a good option for that 3rd card? They seem to give pretty decent limits also. 


From a scoring perspective the SSL reigns supreme. For practical purposes, she gets a trailer with the new loan.

 

I think you are correct with Discover. The data points suggest it. https://ficoforums.myfico.com/t5/General-Credit-Topics/The-quot-Which-Banks-Pull-Which-Report-For-Ap...

 

BB&T does prequal if you are in their geographical area.


@AllZero wrote:

@aesl1982 wrote:

@AllZero wrote:

@aesl1982 wrote:

@AllZero wrote:

@aesl1982

From a scoring perspective the SSL reigns supreme. For practical purposes, she gets a trailer with the new loan.

 

I think you are correct with Discover. The data points suggest it. https://ficoforums.myfico.com/t5/General-Credit-Topics/The-quot-Which-Banks-Pull-Which-Report-For-Ap...

 

BB&T does prequal if you are in their geographical area.



not sure about area, were in houston Texas, she already has the trailer, it would just swapping out of my name and into hers. I think the ssl method is the best route as you suggested. One more idea, pull the 3k off her new card out it in her savings open the ssl, use the money for. The loan to pay back 92 percent of the loan which in turn frees up the money that secured it and use the freed up money to pay off the credit card? A lot of steps but it's getting use on the card, would qualify her for the 3k spend in 90 days bonus etc? Or just bite the bullet and use some of my cash for it lol


You are very savvy. I have read of that method as well.

 

However, I don't think it will count towards the SUB.

Message 44 of 50
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Frequent Contributor

Re: Best card for my 18 year old?

I would definitely open that SSL. That would wrap up this app process and credit building perfectly.

 

I like that pass on Disco and Cap1, they feel like a step backwards because of the other two approvals.

 

Don't forget the 3x CLI request on Amex in 61 days. I like that app, it will grow to 5 digits like the Navy too over time!

 

For the 3rd card, I would suggest Navy at 91/3.

 

With the new HPs, new accounts and possibly new SSL... I think the next chance at a quality card is probably only possible with then.

 

Great job! Thanks for sharing all that!

Message 45 of 50
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Frequent 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. 


Maybe don't remove the AUs until after first rounds of CLIs and possibly a 91/3 app with Navy? That's what I did.

 

Also, when I removed the AUs, I went straight to disputing them via bureaus. That seemed most sure fire way 

Message 46 of 50
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Regular Contributor

Re: Best card for my 18 year old?

@aesl1982 How did you get her credit score when she was 17 ? My daughter is also 17 will be 18 in September so I am very curious.

Message 47 of 50
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Established Contributor

Re: Best card for my 18 year old?

Congrats on all of DDs new credit.  My son is 17, turning 18 this year.  He is also a member of NFCU and is AU on 2 of my cards, soon to be 3 once I hit 91/3.  I really appreciate you sharing your experience!  Best of luck to DD at college.









Message 48 of 50
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Established Contributor

Re: Best card for my 18 year old?

Discover IT for students by a mile. My kid got one with only AU in her file and they gave her a student cash back with a $1,500 limit.

I'm Spartacus!

hr>Starting Score: EQ 546, EX 547, TU 580
Current Scores (lender): EQ 747 , EX FICO 760, TU 758 FICO scores>
Goal Score: ?
Take the FICO Fitness Challenge
Message 49 of 50
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Senior Contributor

Re: Best card for my 18 year old?


@omgitsMatt wrote:

@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. 


Maybe don't remove the AUs until after first rounds of CLIs and possibly a 91/3 app with Navy? That's what I did.

 

Also, when I removed the AUs, I went straight to disputing them via bureaus. That seemed most sure fire way 


I noticed you advised disputing AUs several times in this thread and I disagree with that method; there are all sorts of unintended consequences that can result from a dispute.  The correct way to remove an AU is for the account holder to call the lender and ask them to remove the AU.  You didn't have a problem calling to ask them to be added; there so be no issue calling and asking for them to be removed.





Message 50 of 50
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