@Anonymous wrote:
Im an Auntie too! My nephew is 19 a couple of months ago he was trying for a credit card (could of been Capital One) I am not sure.
He is actually my sisters son and she is a single Mom. Her credit hit some hiccups the past few years. She kind of put her head in the sand out of shame and would not let me look or help her work on her credit. She is going to after he starts college. Dads are not in the picture not financially and not in person. I am actually his Aunt but in many ways I am a surrogate father .. I pay his cell phone and gym membership to help him out. I don't feel comfortable co-signing, however what I discussed with my sister (his mother) is that I wanted to put him on as an AU on one of my cards, but sock drawer his card. I may take it out to use for a small purchase ... but not even sure its necessary. We have the same last name & have same town. I would only do this for close family.
Our intention is to do this for 6 months to a year contingent on him getting his own prime bank card, then to remove him as an AU.
It is a temporary jump start to get him a score so that he can app. Because he is not registering anything. Its bad enough he has a dead beat father that has financially incumbered my sister, but now it reaches into my nephews adult hood. This is not a woe with my nephew or my sister. They are fighters ! My sister is tenacious. She has had great credit but a series of events had her restart after loss of family & friend, moving, career changes etc. She gets knocked down, but she wipes herself off and gets back up. Then my nephew he just so anxious to chase after his dreams and make something of himself. He also mentions wanting to be prepared to take care of his mother (my sister)
Anyway, it is a sacrifice to put someone on as AU. Because even if you don't get them a card and they find out ... and do something dastardly to your credit.. like charge it up? So really think about what you are doing and all the what if's. There is always a risk even if its your spouse, siblings or your own children.
I did think this out for quite some time. My nephew have had obstacles and yes it makes you stronger and he is not the only person to go through life without a father. But with that .. he is a good young man and if I can remove 1 obstacle to help him achieve independence and help him get a good start.... then that is what I am prepared to do and I have done.
Just remember to research .. the one thing I did not know until yesterday .. is that if your AU is using your cards more than you are ....even if they are paying it in full. It does throw up a red flag and you can get a freeze and a review on your account. So always make sure you look like the Cardholder... if you look like the AU and the AU looks like the cardholder .. then that is not a good thing. Also, put on all those credit card alerts .... especially if they are young.
Your niece has a score going already - and if my nephew had those scores then I would not need to get him a giddy-up.
So the only thing now to help your niece is time ... time in the garden. ... maybe she should be reading the forums and threads ..
So that she can learn how to manage her credit.... she also can pass time while waiting for her scores to grow a bit.
Honestly believe that she will have super sweet scores in 3-6 months.
Good Luck and Keep us Posted.
AHHHH!! I also added her on my Chase Freedom w/ a 7.2k limit and my Chase United w/ a 1.2k limit as she banks w/ chase and shred the cards!! I might even do the same with my BOA 99/500 secured card... Thoughts??
