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Helping out a co worker

addicted_to_credit
Established Contributor

Helping out a co worker

I’ve got a coworker that has never had a credit card only auto loans, he’s got a repo that’s approximately 6 years old. I’m not sure what his best route to obtaining a card would be so I’m turning to you all in hopes of better help. I’m thinking discover might be a good idea since they tend to prefer thin profiles. He currently has 2 auto loans he’s paying on I assume with no issues. Any help is appreciated!

He doesn’t know his FICO’s either AFAIK











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7 REPLIES 7
Saeren
Mega Contributor

Re: Helping out a co worker

Have him pull his FICOs from Experian for a $1. Hard to give recommendations without knowing scores.


Message 2 of 8
HeavenOhio
Community Leader
Senior Contributor

Re: Helping out a co worker

Just to be clear, your friend has nothing on his report other than the repo and the two open auto loans? How old are the open loans?

 

I think the main thing is that your friend should be able to start with an unsecured card. I think Discover would be a good choice.

Message 3 of 8
addicted_to_credit
Established Contributor

Re: Helping out a co worker

That’s all he’s had AFAIK he said he’s never wanted to get a credit card











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Message 4 of 8
alohawinn
Established Contributor

Re: Helping out a co worker


@Saeren wrote:
Have him pull his FICOs from Experian for a $1. Hard to give recommendations without knowing scores.

THIS!!!





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Message 5 of 8
KJinNC
Valued Contributor

Re: Helping out a co worker

Pending more information, I think Discover is likely to be the best next step. Check prequalification and get unsecured if possible, else secured.


FICO Resilience Index: 62. Cards: 17/24, 5/12, 0/6. Accounts including loans: 21/24, 6/12, 0/6. At first accidentally, later deliberately, I used what I call the "thick-start" build method, which leads to heavy credit-seeking for a while with the goal of coming out of it without needing to build a thin profile for years. There are pros and cons. Thread describing method
Cards (oldest to newest)

Authorized user / Corporate / Auto loan / Personal loan

Card CLs total $104,100, not counting the AU card. The AU card brings the total to $129,100. In March 2019, card CLs totaled $0.
CU and bank memberships: Coastal Credit Union, member since 1987, direct deposit; PenFed, member since 2019; Navy Federal, member since 2020; USAA, member since 2020; Chase Bank, member since 2020.

Closed but still on reports: American Express Delta Gold, $1,000, 09/19-10/20 | American Express Hilton Aspire, $3,100, 09/19-12/20 | Citi secured, $200, 04/19-09/19 | Capital One secured, $300, 04/19-08/19 | My Jewelers Club, $5,000, 05/19-08/19 | Green Dot Primor, $300, 05/19-08/19 | Self Lender secured $500 loan, 04/19-01/20 | Unsecured personal loan from Coastal, $1,000, 06/19-08/19.
Note: My signature is updated frequently, and updates appear on all instances of my signature including on old posts.
Message 6 of 8
CWA1984
Regular Contributor

Re: Helping out a co worker


@addicted_to_credit wrote:
I’ve got a coworker that has never had a credit card only auto loans, he’s got a repo that’s approximately 6 years old. I’m not sure what his best route to obtaining a card would be so I’m turning to you all in hopes of better help. I’m thinking discover might be a good idea since they tend to prefer thin profiles. He currently has 2 auto loans he’s paying on I assume with no issues. Any help is appreciated!

He doesn’t know his FICO’s either AFAIK
If your looking to just build up his credit score I got to ask who the guy banks with?  If it's a local credit union chances are good they will give him a credit card if he applies for one and that way he can avoid the unsecured card route and worrying about if he will get approved for the unsecured card or not.  
Message 7 of 8
KJinNC
Valued Contributor

Re: Helping out a co worker

I would actually rather have a secured Discover than about half of all unsecured cards. And they unsecure after as little as seven months anyway. My credit union offers three unsecured cards (1: - 3/2/1 signature Visa rewards; 2: - 1% rewards; 3: - low interest rate, no rewards) and I would pick Discover secured over two of them without hesitation. That said, definitely investigate credit union options as well.


FICO Resilience Index: 62. Cards: 17/24, 5/12, 0/6. Accounts including loans: 21/24, 6/12, 0/6. At first accidentally, later deliberately, I used what I call the "thick-start" build method, which leads to heavy credit-seeking for a while with the goal of coming out of it without needing to build a thin profile for years. There are pros and cons. Thread describing method
Cards (oldest to newest)

Authorized user / Corporate / Auto loan / Personal loan

Card CLs total $104,100, not counting the AU card. The AU card brings the total to $129,100. In March 2019, card CLs totaled $0.
CU and bank memberships: Coastal Credit Union, member since 1987, direct deposit; PenFed, member since 2019; Navy Federal, member since 2020; USAA, member since 2020; Chase Bank, member since 2020.

Closed but still on reports: American Express Delta Gold, $1,000, 09/19-10/20 | American Express Hilton Aspire, $3,100, 09/19-12/20 | Citi secured, $200, 04/19-09/19 | Capital One secured, $300, 04/19-08/19 | My Jewelers Club, $5,000, 05/19-08/19 | Green Dot Primor, $300, 05/19-08/19 | Self Lender secured $500 loan, 04/19-01/20 | Unsecured personal loan from Coastal, $1,000, 06/19-08/19.
Note: My signature is updated frequently, and updates appear on all instances of my signature including on old posts.
Message 8 of 8
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