how do I jump start a MT credi

Discussion in 'Credit Talk' started by Carrie, Mar 24, 2001.

  1. Carrie

    Carrie Well-Known Member

    I just got out of college, I have NO credit. My file is empty as can be.MY parents and I have been researching this for a few weeks. My father says he will put me as a authorized user on some of his Credit cards to help me get started. What all should I have pop put in and which cards? I have been reading about FICO scores,where can I get mine and a explanation of how im scored so I know what I need to do on how to raise it?
    I have been very responsible in school and did very well in academics, so my father is eager to help me get off into the world on my own.
     
  2. breeze

    breeze Well-Known Member

    Re: how do I jump start a MT c

    Carrie, if you have no credit at all, you will have no credit file, and so, no score. If your dad puts you as AU on his card, you get his history. :) Then you can start building your own, and then you will have a score. It's kind of like wanting to know your grade after the first lecture, hehe. You've gotta wait for the mid-term. I think it's great that you're learning about it now. No one ever taught me about credit or how to handle money. You're very fortunate.

    If I had known at your age what I know now (I'm 56) - wow!! I'd be wealthy. I wasted a lot of time and money, and started over too many times. Learn from us, girlfriend. :) Don't make our mistakes.

    breeze
     
  3. Carrie

    Carrie Well-Known Member

    Re: how do I jump start a MT c

    Thank you :) So how many and which cards should I have my father put me as AU on? He has all the cards AMEX,VISA,MC,GAS,DEPT STORE, and most of them are the top of the line cards(gold or platinum).
    Is their anyway to get his mortgage,autoloan or any othertype of history as well? Or is it just credit cards?
     
  4. miles

    miles Well-Known Member

    Re: how do I jump start a MT c

    Hi Carrie. Although having an AU card may help your credit report, I really think you need a card in your name only too. You should consider a secured card from a bank such as Chase, Citibank or Bank of America. Since you have no history, you should have no problem receiving a card. Try and start with at least a $500 deposit. If your payments are made on time and you stay within your credit limit, your card is usually unsecured in approximately 12 months. This is a great way to establish a relationship with an A1 issuer.
    In addition, I think you should have maybe 2 of your father's major credit cards and 1 dept. store card reporting. This would give you 4 accounts reporting to your file. Your file will start to look very good to other issuers ;-) BTW, when you start to establish your own credit, make sure you have your name removed from your father's accounts. I believe FICO states 4-5 accounts (1 being a dept. store card) is a good mix. Too many accounts will lead new prospects to believe you have too much credit available to you. This is just my opinion of course. Hope it helps some. Good luck! :)
     
  5. breeze

    breeze Well-Known Member

    Re: how do I jump start a MT c

    Right! Except I think that if you wait a couple of months after your dad has added you as AU, those accounts will have time to udate on your history. Then I would apply for a Citibank or AT&T Universal card, or a card of your own with one of your dad's companies. I doubt that you will have to get a fully secured card the first time around.

    I helped my Mom get a credit card in her own for the first time (she is 79) and she got one of the Capital One cards, with a $200 limit and only a $29 deposit. Once your dad's history is on your report, you might not even need that. Mom got an AmEx green preapproved offer about 2 weeks after she got the AmEx green in the mail. :) Just apply for about 1 card a month, so you don't get too many inquiries on your report.

    Watch what people say here, and check on ePinions too before you apply, so you get an idea if the companies are good to their customers.

    breeze
     
  6. breeze

    breeze Well-Known Member

    Ooops!

    Mom got the AmEx green offer about 2 weeks after she got the Capital One card in the mail.

    Too early, not enough coffee!!
     

Share This Page