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Forum
-> Household Management
-> Finances
amother
Hotpink
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Thu, Feb 28 2019, 9:39 am
My 20 year old dd is trying to get a credit card. She's never had one obviously and she can't get from me or my dh because we don't have one. She does have a debit card. Right now I can't remember the name of her bank. She tried getting card through chase and capital one. She even tried getting a student one because she is a student, but no dice. Any ideas?
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flowerpower
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Thu, Feb 28 2019, 9:43 am
Try getting one through the credit karma app. Sometimes they have good offers
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amother
Hotpink
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Thu, Feb 28 2019, 10:22 am
flowerpower wrote: | Try getting one through the credit karma app. Sometimes they have good offers |
Thank you. I will let her know.
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pesek zman
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Thu, Feb 28 2019, 10:29 am
Start with a store card like Macy’s or Gap
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doctorima
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Thu, Feb 28 2019, 10:29 am
Usually the easiest to start with for someone with no history of credit is a store card - e.g. Gap, Macy's. They're more lenient with approving credit for a first-time applicant, and will usually approve the card with a low credit limit.
If she uses it responsibly and pays it off on time, hopefully in 6-12 months her credit score will go up and she can get approved for a regular card. Also, in my experience, AMEX is among the easiest with approvals, while Capital One can be among the stingiest.
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amother
Hotpink
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Thu, Feb 28 2019, 10:34 am
doctorima wrote: | Usually the easiest to start with for someone with no history of credit is a store card - e.g. Gap, Macy's. They're more lenient with approving credit for a first-time applicant, and will usually approve the card with a low credit limit.
If she uses it responsibly and pays it off on time, hopefully in 6-12 months her credit score will go up and she can get approved for a regular card. Also, in my experience, AMEX is among the easiest with approvals, while Capital One can be among the stingiest. |
Thank and to pesek zman about the store credit first. I will tell her that as well.
About Capital one, that's interesting. She tried there because someone told us it's not so hard. Obviously it was, but to hear that they're one of the stingiest is interesting.
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lfab
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Thu, Feb 28 2019, 10:40 am
Look into credit cards with a security deposit. Basically the way it works is you give the credit card company a certain amount of money as a security deposit and the amount you give is your credit limit. This way if the bill isn't paid they have your security deposit to cover the amount. After paying it off responsibly for a few months it should help build her credit score and then she can apply for a regular card. I'm not sure where to get from but look around online and I'm sure you can find several places.
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MrsDash
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Thu, Feb 28 2019, 10:59 am
lfab wrote: | Look into credit cards with a security deposit. Basically the way it works is you give the credit card company a certain amount of money as a security deposit and the amount you give is your credit limit. This way if the bill isn't paid they have your security deposit to cover the amount. After paying it off responsibly for a few months it should help build her credit score and then she can apply for a regular card. I'm not sure where to get from but look around online and I'm sure you can find several places. |
That’s exactly how I got my first credit card almost 15 years ago. It worked out great and I have an amazing credit score!
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blessedjmom
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Thu, Feb 28 2019, 12:18 pm
There is a company called Goldmine solutions.
They help people with credit etc. And will help you open your cards for free.
Run by frum yidden. Very experienced and they know their stuff.
They've helped me open a number of cards. And helped me /advised on how to build my credit.
Number 8454950535
Website http://www.goldminecards.com
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FranticFrummie
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Thu, Feb 28 2019, 12:25 pm
lfab wrote: | Look into credit cards with a security deposit. Basically the way it works is you give the credit card company a certain amount of money as a security deposit and the amount you give is your credit limit. This way if the bill isn't paid they have your security deposit to cover the amount. After paying it off responsibly for a few months it should help build her credit score and then she can apply for a regular card. I'm not sure where to get from but look around online and I'm sure you can find several places. |
This is the best way, IMHO. I grew up watching my parents constantly get in trouble with credit cards. My dad has NO impulse control whatsoever. So, I paid cash for everything, and was really proud of how I stayed out of debt.
I was in for a shock when I went to buy my first house. I thought that never having been in debt would be a GOOD thing! My realtor told me to go to my bank and get a secured card, and pay it off regularly. In 6 months they gave me a regular card and I got my deposit back. I paid for everything with my card, no matter how big or small, and paid the bill on time. The next thing I knew, I had an amazing credit score, and could switch over to a 0% interest card.
I paid 13.65% interest on my first mortgage, but when my credit score went up, I was able to refinance down to the current market rate and lock in a great deal. When I went to refinance for remodeling money, I got an even better deal, and my score went up even more, as I paid off my mortgage.
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amother
Hotpink
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Fri, Mar 01 2019, 6:46 am
Thank you so much everyone!! I sent her all the info. After she sees if she can get one, my son will probably also. Let her do all the hard work first.
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doctorima
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Fri, Mar 01 2019, 10:34 am
Another thing I forgot to mention that won't help her get her own card immediately, but can potentially help her increase her credit over time is to add her as an authorized user to one or more of your cards. You can trust her to use it responsibly and pay off her charges each month, and even if you don't give it to her at all but just stick it in a drawer, it can still help her build credit history for the long-term.
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