DD's first credit card!

[MrPTato]

I wish that were the case it's not about them giving me a larger line of credit, but they've recently started declining for "too many cards opened in the past two years." Apparently Chase considers 5 cards (from any bank, not just chase) too many.

I've opened 10+ in the past two years so even offering to close one card or move credit from one card was a no go.

I love my Saphire Preferred and will continue to use it until Chase changes their mind lol.

Only counts on direct Chase products (CSP, Freedom)...you could still do co-branded products like SW or AARP.

 

[teller80]

No loans = no credit profile

Not true. My DD had zero loans, never paid a dime in cc interest and her score was over 800.

 

[supersnoop]

Not true. My DD had zero loans, never paid a dime in cc interest and her score was over 800.

She had to have something oin her profile to get a score that hogh. There are some tricks to build credit history, and some people stable on them inadvertently. But an 800 credit score is going to require about 10 years of account history, which is exceedingly uncommon for a college student or recent grad.

 

[teller80]

She had to have something oin her profile to get a score that hogh. There are some tricks to build credit history, and some people stable on them inadvertently. But an 800 credit score is going to require about 10 years of account history, which is exceedingly uncommon for a college student or recent grad.

She was on a credit card with me as a co-signer at 16 ($500 limit), and when she was a freshman in college she got a Discover card (again, a $500 limit) in her name alone. She's worked since she was 14, so maybe that helped? The 800 score was when she was 22, right after she graduated from college (with no loans).

 

[Judique]

She had to have something oin her profile to get a score that hogh. There are some tricks to build credit history, and some people stable on them inadvertently. But an 800 credit score is going to require about 10 years of account history, which is exceedingly uncommon for a college student or recent grad.

My 21 year old (now 23) had/has an 810, with no loans or credit cards.

We did have a card with her name on our Amex for 3-4 years. That was it.

 

[supersnoop]

My 21 year old (now 23) had/has an 810, with no loans or credit cards.

We did have a card with her name on our Amex for 3-4 years. That was it.

That's one of those tricks I mentioned, and it sounds like you stumbled upon it. There's no way to have an 810 without any history. But Amex reports (or at least did in the past) authorized users as having credit based on the original membership date. My 12 year old daughter has 14 years of credit history.

 

[MrPTato]

That's one of those tricks I mentioned, and it sounds like you stumbled upon it. There's no way to have an 810 without any history. But Amex reports (or at least did in the past) authorized users as having credit based on the original membership date. My 12 year old daughter has 14 years of credit history.

That is one of the tricks...they just stopped this recently though.

 

[Callie]

I was lucky my mom started me young trying to get a CC. My freshman year of college I'd try applying, but got denied a few times. I finally got approved for a maurices student credit card with a $200 limit. I used it once, and paid it off. Next was an old navy credit card. Once again, small limited, used it a few times and paid it off. Finally got a capital one mastercard. Used that, and finally was able to start applying for and getting approved for most cards. At 20, with my credit I got approved for an apartment with a co-signer.

Start small and work the way up!

 

[sk!mom]

I have no idea what "the tricks" are but we had been discussing that maybe DD19 should get her own cc to begin establishing credit. Last weekend she applied for the SW Visa and was rejected. This thread spurred me to see if maybe a student card was the way to go. I looked up "best" student credit cards and DD just applied for the Capital One Journey card. She was instantly approved with a $3000 limit.

She has had her own checking and savings accounts since age 14. She has no student loans. She has been an approved user on one of our cards for the last year. She does have income. This is her second summer to work earning about $200 per week. When she's away at school, she works 12 hours per week @ 10 per hour.

Her new card will be used like she used ours- emergencies, school supplies, books, and purchases that we will cover. As long as she sticks to that, we will pay the bill each month.

 

[PlutoPony]

Our son in college got a student CC from the bank where he has his checking and savings (same bank we use). He applied last summer when he had a summer job and could show income. No problem getting approved with a decent limit - not too high but enough for anything he needs. We did not cosign for this card. Others have told us this is the easiest way to go, especially if the student can show they've kept a balance in their checking account and not overdrawn it. He has also been an authorized user on 1 of our cards since he got his driver's license at 16 and the card has his name on it.

He uses our card for college expenses we pay for like books and "his" card is for everything else. This has worked very well for us, no more trying to figure out how much he owed us on the joint CC bill (no we're not paying for Chipotle a couple nites a week lol).