Disney Visa, good for 1st Credit card?

[lynnfitz]

Hi, my son applied for the Disney credit card, the one with no annual fee. It's his first credit card, when he applied, it stated "under review", do you think they will decline him since he doesn't have credit built up yet? Just curious what you dis board folks thought!
Thanks!

 

[_19disnA]

Everyone has to start somewhere. If he applies for a credit card with the bank when he has an account seems like one place to start. They might initially provide a fairly low credit limit to minimize the bank's risk. I would assume that any company where you apply will have some sort of review process and not immediately issue a card.

 

[Twilghtsprkle]

First credit cards are easiest to get from a bank you already have a relationship with.
Do you know what his credit score is? You need about a 670 to get it.

 

[lynnfitz]

Good thought about a bank card, thanks. I haven’t checked his score, he has no debt. If he gets declined we’ll go to his bank. Thanks!!

 

[cvjw]

Both of my boys got accounts with Wells Fargo when they were teens. Checking account, savings account and a credit card. The credit card started with a very small credit limit, but Wells Fargo raised it fairly frequently when they paid their bills on time.

Because of Wells Fargo, they can now have other credit cards.

 

[TraderStitch]

Probably not the best first CC unless you are also on the account. Discover is a much better choice as they are much more lax. He should be looking at credit building credit cards.

Side note, if you add him to one of your cards, after a few reporting months, his score will sky rocket and it will be much easier for him to get other cards.

All in all, the Disney card is NOT worth it. There are much better cards that offer a flat 2% on everything, or something like the Capital One Savor which gives 8% back on entertainment. I use that to buy all my Disney tickets and it saves a lot of money.

 

[EACarlson]

Probably not the best first CC unless you are also on the account. Discover is a much better choice as they are much more lax. He should be looking at credit building credit cards.

Side note, if you add him to one of your cards, after a few reporting months, his score will sky rocket and it will be much easier for him to get other cards.

All in all, the Disney card is NOT worth it. There are much better cards that offer a flat 2% on everything, or something like the Capital One Savor which gives 8% back on entertainment. I use that to buy all my Disney tickets and it saves a lot of money.

Completely agree with the first two and a half paragraphs. Discover, Capital One Platinum or a card with current bank (depending on who current bank is) are much more likely to be approved than a Chase Disney that isn't really a very good card.

Capital One advertises 4% on entertainment for the Savor. It also has a $95 annual fee and requires better credit than OP's son is going to have.

 

[DLgal]

Rewards cards often require a credit history and high score to be approved, especially Chase cards.

Unless he has a high salary and a history of on time loan installment payments, he will probably get declined.

 

[sheilafri]

Side note, if you add him to one of your cards, after a few reporting months, his score will sky rocket and it will be much easier for him to get other cards.

This. My youngest has had an “emergency use only” card on my account for about 10 years. He recently bought his first home—his first loan of any type. The mortgage broker laugh/gasped and said he’d never seen anyone under 60 with a credit score that high.

Of course, you have to have a child you can trust with access to your card.

 

[lilmc]

Both of my boys got accounts with Wells Fargo when they were teens.

Before they were 18?

Side note, if you add him to one of your cards, after a few reporting months, his score will sky rocket

As just an authorized signer?

I have a daughter who is 17 and I’m trying to get started helping her build her credit, but I’m not sure how to do that before she turns 18. She has a Disney Visa on my account with a card in her name, but I’m not sure they even asked for her SS number. Is it actually helping her?

 

[cvjw]

Before they were 18?

As just an authorized signer?

I have a daughter who is 17 and I’m trying to get started helping her build her credit, but I’m not sure how to do that before she turns 18. She has a Disney Visa on my account with a card in her name, but I’m not sure they even asked for her SS number. Is it actually helping her?

I think they got the Wells Fargo accounts before they left for college - so 18. They had checking accounts at our credit union when they turned 16 - no credit card in their own name though.

When they ran my younger son’s credit for his Wells Fargo credit card, it was over 800. Only from being an authorized user on our Disney visa. He had no other credit in his name before the Wells Fargo card.

 

[EACarlson]

Before they were 18?

As just an authorized signer?

I have a daughter who is 17 and I’m trying to get started helping her build her credit, but I’m not sure how to do that before she turns 18. She has a Disney Visa on my account with a card in her name, but I’m not sure they even asked for her SS number. Is it actually helping her?

It might be, most Authorized User accounts are on credit reports. Some issuers will even give the entire account history to an authorized user. I've seen kids that have accounts on their CR older than they are. I plan on adding my kids to my AMEX accounts once they meet the minimum age, 13. Minimum age is issuer dependent, a good explanation is available at https://thepointsguy.com/credit-cards/children-authorized-users-credit-cards/

 

[auralia]

Hi, my son applied for the Disney credit card, the one with no annual fee. It's his first credit card, when he applied, it stated "under review", do you think they will decline him since he doesn't have credit built up yet? Just curious what you dis board folks thought!
Thanks!

10 or so years ago I tried to make the Disney visa my first card that wasn’t joint with my husband. I want to say I was 28 or 30 maybe and had never had any bad things on my credit just had one paid off car loan and I was denied. I ended up with a bank card. Didn’t bother with Disney again after that.

 

[TraderStitch]

Completely agree with the first two and a half paragraphs. Discover, Capital One Platinum or a card with current bank (depending on who current bank is) are much more likely to be approved than a Chase Disney that isn't really a very good card.

Capital One advertises 4% on entertainment for the Savor. It also has a $95 annual fee and requires better credit than OP's son is going to have.

Sorry, I had a targeted offer for the 8% on entertainment back in early 2021; I forgot about that one. Yes, standard is 4%.

 

[LiDa]

Hi, my son applied for the Disney credit card, the one with no annual fee. It's his first credit card, when he applied, it stated "under review", do you think they will decline him since he doesn't have credit built up yet? Just curious what you dis board folks thought!
Thanks!

I suspect I was of the 1st generation of cardholders who received a pre-approved credit card w/o applying while I was still in college. Do they even DO THAT anymore? lol I don't think so. It had a $500 limit, which is probably about $750 today & it was great having that card. I learned a lot of good habits.

I hope you will update us on whether your son gets the card & what the bank says if he does not get approved. I agree that if he is declined it's no big deal & you should go to the bank with which he has an account. Credit cards are big business. He probably just needs something basic, anyway, to build up credit. Good luck!

 

[DLgal]

I suspect I was of the 1st generation of cardholders who received a pre-approved credit card w/o applying while I was still in college. Do they even DO THAT anymore? lol I don't think so. It had a $500 limit, which is probably about $750 today & it was great having that card. I learned a lot of good habits.

I hope you will update us on whether your son gets the card & what the bank says if he does not get approved. I agree that if he is declined it's no big deal & you should go to the bank with which he has an account. Credit cards are big business. He probably just needs something basic, anyway, to build up credit. Good luck!

I got like 3 credit cards my freshman year of college also. They always had tables set up giving out freebies if you signed up. I was also instantly pre approved. I didn't even have a job. Although I had a lot of money in savings. I got a job about 6 months later. Always paid off the cards in full though. My largest credit line was $3000. I used that card the following year to take my now husband to WDW for the first time!