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Public Record

Stugotsv10
Frequent Contributor

Public Record

ok so my SECOND young kid I"m helping with credit this month now (what am I santa??? lol)   Kid is 19, no credit, finger hut was going to approve but said denied to a lack of publicrecords out there, anyone ever heard of this? and what public record would a 19 year old have?  maybe most important how can we give this kid some public record? is there a data base we can put him into? 

Message 1 of 8
7 REPLIES 7
Revelate
Moderator Emeritus

Re: Public Record

Sounds like some identity check vis a vis prove that you exist.  Mortgage, marriage those sorts of official records.  Presumably a credit report would typically be sufficient.

 

Don't worry about it frankly.  Public records from a credit perspective are something else entirely, and those ones (BK, lien, etc) you don't want heh.




        
Message 2 of 8
Stugotsv10
Frequent Contributor

Re: Public Record

I'm only worried about it because its stopping him from getting his first tradeline 

Message 3 of 8
RonM21
Valued Contributor

Re: Public Record


@Stugotsv10 wrote:

I'm only worried about it because its stopping him from getting his first tradeline 


Is Fingerhut the only app that you have done so far?

                

TCL: $306,100Utiliz: 6%AAoA: 5yrs 2mOther: Lease, Loan, *No MortgageCollections-Lates-BK's: 0

LWS-35k | BOA-50k | AMX-32.4k | DISC-33.6k | ALNT-25k | NFCU-33k | BARC-15k | BBUY-12k | CSE-10k | CP1-10k | CITI-11.7k | PF-38.4k


Message 4 of 8
Revelate
Moderator Emeritus

Re: Public Record


@Stugotsv10 wrote:

I'm only worried about it because its stopping him from getting his first tradeline 


Add him as an AU to some of your tradelines, then suddenly he is no longer a nofile with no tradelines (officially).  The public records search is almost assuredly a secondary method, or maybe just specific to this lender as they play deep subprime where those nasty type public records often live when we're talking credit strata.

 

After that apply for a card or two, probably wouldn't even need Fingerhut at that point... I certainly wouldn't be shopping that low on the credit ladder starting with a no file if I were building it for someone.




        
Message 5 of 8
RonM21
Valued Contributor

Re: Public Record


@Revelate wrote:

@Stugotsv10 wrote:

I'm only worried about it because its stopping him from getting his first tradeline 


Add him as an AU to some of your tradelines, then suddenly he is no longer a nofile with no tradelines (officially).  The public records search is almost assuredly a secondary method, or maybe just specific to this lender as they play deep subprime where those nasty type public records often live when we're talking credit strata.

 

After that apply for a card or two, probably wouldn't even need Fingerhut at that point... I certainly wouldn't be shopping that low on the credit ladder starting with a no file if I were building it for someone.


+1

Exactly what I was going to suggest as an option overall depending on what the Op's answer to my question was.  Some kids with no credit can app for a couple of things and get it.  Others have a very tough time.  I think the AU is the easiest way in this situation.

                

TCL: $306,100Utiliz: 6%AAoA: 5yrs 2mOther: Lease, Loan, *No MortgageCollections-Lates-BK's: 0

LWS-35k | BOA-50k | AMX-32.4k | DISC-33.6k | ALNT-25k | NFCU-33k | BARC-15k | BBUY-12k | CSE-10k | CP1-10k | CITI-11.7k | PF-38.4k


Message 6 of 8
Stugotsv10
Frequent Contributor

Re: Public Record

I actually have ALOT of people on my cards as AU's because  have been helping people and I'm scared at this point my cards may not like it too much LOL

 

so if tradelines were NOT an option what do we do? 

Message 7 of 8
Kree
Established Contributor

Re: Public Record

Secured credit card. They can be opened with no credit because you pay a deposit.  After a period of time the deposit is usually returned and the card is converted to a unsecured one.

 

Discover is usually the company people recommend for this. USAA I've also seen mentioned a few times if your son is eligible.

 

Alternatively, co-open a bank account, and add a overdraft personal line of credit.  Or if he needs a new vehicle at some point, co-sign a loan.

Message 8 of 8
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