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Which Card next for my 20 yr old son

Cheryla18
Established Contributor

Which Card next for my 20 yr old son

He had a Secured Discover that graduated to a CL of $1,800 and has had that card for a year.  He just applied yesterday and was approved for a Best Buy Visa  CL $5,000.00. He also has a Auto Loan.  So his credit file is pretty thin. Any suggestions for his 3 card. I told him No store cards.  The  score he gets from the Discover site says  638  TransUnion and Experian  is 716

 

Edit... He is extremely responsible and currently has over $5,000.00 in his savings acct. I just know that having 3 cards is optimal for a higher Credit Score.

 

Current as of 3/21/18 EQ 609 TU 619 EX 628
Discharge 7/2016 Ch 7 BK
Message 1 of 11
10 REPLIES 10
angelwingz
Valued Contributor

Re: Which Card next for my 20 yr old son

It's a little hard to answer your question because you only gave us fako scores. Plus, what kind of card could he benefit from? (Travel, Cash Back, Big SUB, BT) Ok, so no more store cards which I agree with. Also, are there any negatives on his report?




My Cards:






Profile Type: New, Thick, 100% Clean
INQ's: EQ: 0 TU: 1 EX: 3 (last 12 mo.)
Recent Accounts: 4 (last 24 mo.)
Total CL: 28.95k Util. 3% AAoA: 1yr, 8mo.
AoOA: 2 yrs, 8 mo. AoYA: 0 mo. 100% PIF.





myFICO Member since: July 21, 2018 | Joined Community: Aug. 17, 2018 | Starting Scores: EQ: 716 TU: 738 EX: 698
Message 2 of 11
K-in-Boston
Moderator

Re: Which Card next for my 20 yr old son

FAKO from Discover?  The TransUnion score shown in Discover accounts and on statements is a FICO 8 score, and the one Discover provides at creditscorecard.com is an Experian FICO 8.

 

Is there a need to rush for a 3rd card?  What does he spend most of his money on?  That would lead to higher rewards based on spending.  No need to completely avoid store cards.  If he spends a lot at a store whose card offers a large discount, that's a sound financial decision.

Message 3 of 11
seattletravels
Valued Contributor

Re: Which Card next for my 20 yr old son

Why does he need a 3rd card? Give him some time using credit responsibly and then choose a card that will work best with his spending habits. If he's a 638 on Discover, that's actually a FICO and would suggest that he's probably carrying large balances on the 2 cards he has or potentially has been late. 



Last App: BECU 02-26-2020
Pronouns: He/Him/His
Message 4 of 11
Duke_Nukem
Established Contributor

Re: Which Card next for my 20 yr old son


@angelwingz wrote:

It's a little hard to answer your question because you only gave us fako scores. Plus, what kind of card could he benefit from? (Travel, Cash Back, Big SUB, BT) Ok, so no more store cards which I agree with. Also, are there any negatives on his report?


Agree ^^^

 

Do an analysis of what his spending patterns are and find cards to match.  I have 1 college daughter that cooks and hardly ever goes out, so her AMEX BCE gets heavy usage on the grocery spend rewards.  I have another college daughter that eats out with her friends all the time and loves to drive those friends around everywhere, so she benefits from a restaurant and/or gas card.


Message 5 of 11
AverageJoesCredit
Mega Contributor

Re: Which Card next for my 20 yr old son

Discover scores are not Fako.

Message 6 of 11
Cheryla18
Established Contributor

Re: Which Card next for my 20 yr old son

His balance on his Discover was at 33% and he has not gotten his Visa Best Buy card yet. He was approved yesterday so it's not reporting as of yet. No lates for his account. He was an AU on a account that had 1 late on it and he is disputing it to get it removed.

Current as of 3/21/18 EQ 609 TU 619 EX 628
Discharge 7/2016 Ch 7 BK
Message 7 of 11
Cheryla18
Established Contributor

Re: Which Card next for my 20 yr old son

Thank  you i will edit... i didn't know that. 

Current as of 3/21/18 EQ 609 TU 619 EX 628
Discharge 7/2016 Ch 7 BK
Message 8 of 11
K-in-Boston
Moderator

Re: Which Card next for my 20 yr old son

Based on the new information, I wouldn't suggest any new applications until the AU card with the late payment has been removed from his reports.  Since there is a disparity between the EX and TU scores, can we assume that perhaps it is not reporting to all 3 CRAs?

 

I'd take the time to have him review his spending and see where the money's going and look at a long-term card that best rewards spending in those categories.

 

If his Experian FICO 8 is still what you listed, American Express may be a safe bet if any of their cards fit his spend, but I would not apply for Amex with a late showing if that account is on Experian.

Message 9 of 11
seattletravels
Valued Contributor

Re: Which Card next for my 20 yr old son

Ok. That makes sense. Since he has his own accounts now, does it still make sense for him to be an AU? I'd definitely wait until he's clean before he applies elsewhere. 

 

What is he using his cards for? Is it mostly restaurants and groceries?  Also, is he a student or does he have full time employment? 



Last App: BECU 02-26-2020
Pronouns: He/Him/His
Message 10 of 11
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