Helping a sibling establish credit with nfcu

[kugel]

I am applying 2 cards for my sibling that has zero credi
t since I am a member with navy if I add him to a card will this help him in the long run getting approved also or it’s not a good idea since this card is a 25k and they will look at it as he has allot credit already with them like max exposure ?
I am planing to get him in as a sibling status to be a member

[Anonymous]

I can't really comment on the product you mentioned above, but one common suggestion on this forum is to have someone with little to no credit apply for secured cards through Capital One and Discover.  After 6 months FICO scores will be generated and shortly after the option to unsecure one or both of them will become available assuming sound credit behavior (no late payments, utilization kept low).  At about the time both accounts turn 1 year in age, a 3rd card could be applied for from a company that is alright with thinner files, such as Amex. 

[DU556]

Make sure you can limit the amount they can charge on the card. Or may be just add them without ever giving them a card.

[kugel]

Exactly what I planned

[HeavenOhio]

Just so you're not surprised by this, Capital One has been telling customers that their secured cards are no longer unsecuring.

I don't see any harm in adding the Navy AU limit. I don't recall anyone reporting denials based on high limit AU cards. Of course, there'd be other factors to consider. It needs to be practical to keep utilization in check on that card. And ideally, the card is more than two years old (and not an AMEX issued by AMEX; the NFCU AMEX would be fine).

It should also be noted that banks will treat AUs differently. In some cases, they help. In other cases, they're ignored. The only way I've seen them treated negatively by a lender is Chase counting them against 5/24.

I'd suggest that NFCU should be the first place to discuss a card of his own.

[kugel]

He actually applied for the rebuilding capital one cc just before
and it came back with the 10 days message I would think they would decline and offer only a secured cc but I am surprised he got this message
from my own personal experience wen I used to applie with them I got always this message and it ended to be a approval

[kugel]

What is 5/24 if I may ask ?

[HeavenOhio]

5/24 is a Chase rule that results in denials if one has acquired five or more cards in the past 24 months. A lot of banks are sensitive to new accounts, but Chase is more specific about it. AUs count toward 5/24; loans do not.

It's important to think about it because your sibling will likely be positioned for a Chase card (if he wants it) when his oldest card reaches a year in age.

[CreditInspired]

OP
Since you’re a NFCU Member, just sponsor your sibling. He/she can open a checking and savings account. Then have sibling apply for NFCU secured CC.

https://www.navyfederal.org/loans-cards/credit-cards/nrewards-secured/?cmpid=PPC%7CGOOGLE%7C%7C%7C%7...

Can’t go wrong with NFCU!

[kugel]

Credit inspired
Just for Sponsoring him to open a checking or savings account will this be a credit pull?

I’m trying to avoid a secured credit card and I will be adding him as a authorized user on my use navy card witch is 3 years old and with the capital one that he will be approved hopefully that he apped yesterday,
in six or 8 months he will be able to get a regular navy card

What is the fastest route to gat good credit lines fast the secured card or with adding him as a authorized user it’s the age that will help also plus looks like he gets a cap one rebuilding regular card ?