HELP

[Anonymous]

Okay, so my daughter just turned 18 and we want to get a jump start on building her credit history. We were able to pull 2 of her three reports on FICO (TU wasn't available) and she has scores of 701 and 698.  She has two accounts showing on those two reports because I added her as an AU on one of my long term perfect history cards and on one of my husbands.  

We have applied for a Discover student - denied because she wasn't acually in college yet (I thought she just had to be a student, not necessarily college). We called the number to see if they would reconsider - they wouldn't, and would not give her a regular card because of no credit history (they pulled from TU).

She applied for a Chase Starbucks card, have not heard from them yet.

She applied for a preapproved gas card - apparently the preapproval meant nothing, because she doesn't have an answer for them yet either.

Both of these cards pulled from EX.

Now, we want to apply for something that pulls from EQ and we have some ideas (Target or Dillards) - hoping that maybe a store card would be easier to get.

Any advice on what we can do for her?  She doesn't really care what the credit limit is, she just wants to get an unsecured card to start building her history and we don't want to rack up a bunch of inquiries.  What would be the easiest unsecured card for her to get with limited history?  She has been working full time for a year and has both a checking and savings account.

[Creditaddict]

FOR SURE Target

Citi bank was my first credit card I applied for when I turned 18 because my parents had also added me to there account when I was 16.  I applied for a regular card

Household

Capital one

They will also approve and they have a pre-approval site to see what you will get before a full credit pull

[Anonymous]

Thanks. Target gave her the standard "two weeks" reply.  I am getting very frustrated. I will look into Cap 1 and Household. If they don't give you a pre-approval choice on their site, is it likely that they won't approve?     Thank you.

[Anonymous]

You are awesome, creditaddict!   She was approved for the HSBC one!!!   Score! 

[Anonymous]

Where are you guys located at?

FYI:  Do not apply for instant credit online.  You have a better chance of getting approved in-store.  The criteria is different that way.  I can assit you with this I think.  Just let me know where you are located.

Thanks!

[haulingthescoreup]

Looks like you're taken care of, but I would strongly recommend getting her in with a credit union. The college that she'll be starting (in the fall, presumably) might have a CU of their own.

Almost all CU's pull Equifax; they're great about working with those new to credit; and they're usually less vicious than the big banks and will give people a chance to redeem themselves, which can be handy with college students.

[Anonymous]

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@Anonymous wrote:

Where are you guys located at?

FYI: Do not apply for instant credit online. You have a better chance of getting approved in-store. The criteria is different that way. I can assit you with this I think. Just let me know where you are located.

Thanks!

---

I've always wondered if that was true or not. Has there been any conclusive proof?

[Anonymous]

We are in AZ.  I want to get her 5 accounts started - one of them being an auto loan. My husband and I purchased a car in our names for her last year but she has been making the payments on it. We are going to the bank (where we all have accounts) and try to refinance for her there. They will have record of her making all the payments from her account..  that may not help, but then again it may. It's a smaller bank (not like Chase or BofA) so they are more personal.

Thanks everyone for their help!  I want to help get her a good start on her credit scores and history.

[Anonymous]

Maybe also consider a secured credit like most doing here (that grads) but also maybe a secured loan (small amount) then she will have ok credit mix.

Maybe some store card also but.. I would choose a store card that she dont frequent go to for clothes shopping... not to be sexist or rude in saying - you dont want her buying up the store on credit.

and the rest?? I'm sure alota great ideas from other forum users

edit:

maybe she can take a summer course in college in something fun.. even though she in high school.. and that might get her around the college student rule you talking about.. just a thought

Message Edited by antsmith101 on 05-21-2008 02:23 PM

[Anonymous]

Update.

We have managed to get her an HSBC card, a shell card, and a victorias secret card. Now she is trying to get the car refinanced in her name (it's in mine and my husband's name). She went to a credit union and they turned her down even though her scores are near 800.

Any suggestions on getting the car refinanced?  Should we try to go through Wachovia which is the same place it is financed now?  Or should we try a bank?  I just don't want her to have a bunch of needless inquiries on her report.