How to build credit as a minor?

For just about anything you want to get off your chest about credit cards.
7 posts
jorge0246
 
Posts: 2
Joined: Tue Mar 05, 2013 1:08 pm
Location: Tucson, AZ

How to build credit as a minor?

Postby jorge0246 » Tue Mar 05, 2013 1:43 pm

Would it be possible for a 15 year old (unemployed and student obviously) to start building credit if they are put as a co-applicant and/or authorized user on someone's credit card application? (AMEX, wells fargo, capital one, chase)


darkguy2
Centurion Member
Centurion Member
 
Posts: 618
Joined: Thu Jan 24, 2013 12:24 am
Location: United States

Postby darkguy2 » Wed Mar 06, 2013 8:50 am

jorge0246 wrote:Would it be possible for a 15 year old (unemployed and student obviously) to start building credit if they are put as a co-applicant and/or authorized user on someone's credit card application? (AMEX, wells fargo, capital one, chase)


I would say no to the co-applicant. You would need to meet all of the legal requirements to apply with your parents. The authorized user would depend on the credit provider. I know that some of them will allow people 16+ to be added but some of the others may allow younger. I would say that you should wait till you are 18. What is your need to have credit? For the most part if you are getting loans your parents can cosign and that will help you more than anything you can do now.
Discover IT - $5,700
Chase Freedom - $5,700
Costco Citi - $13,000
Sallie Mae - $4,000
Chase Sapphire Preferred - $6,000
Chase Sapphire Reserve - $19,500
Citi Double Cash - $6,500
Amex BCE - $13,000

FICOs: Discover (777), SallieMae (764), Amex (767), Citi (772)
FAKOs: CK- TU (760), EQ (760)

ncosky290
Centurion Member
Centurion Member
 
Posts: 182
Joined: Tue Feb 12, 2013 7:37 pm
Location: Minneapolis

Postby ncosky290 » Wed Mar 06, 2013 9:05 am

Right now you are getting everything you possible need. Once you turn 16 and can get a job open a checking account. These report so that is a good start. I believe though you need your guardian there at the bank at the time you try to open an account since you are a minor. When I was 15 I just was getting in trouble. Never even thought of needing credit.
-AMERICAN EXPRESS DELTA GOLD SKYMILES - AMERICAN EXPRESS EVERYDAY -AMERICAN EXPRESS PLATINUM - CITI DOUBLE CASH - CITI PLATINUM AADVANTAGE - CITI THANK YOU PREFERRED - BARCLAYCARD ARRIVAL PLUS - DISCOVER IT - CHASE SAPPHIRE PREFERRED-

DavidNY
Centurion Member
Centurion Member
 
Posts: 1332
Joined: Tue Jul 05, 2011 12:28 pm
Location: New York

Postby DavidNY » Wed Mar 06, 2013 11:14 am

ncosky290 wrote:open a checking account. These report so that is a good start.


Open checking accounts report?

paparoach429
Centurion Member
Centurion Member
 
Posts: 331
Joined: Tue Sep 11, 2012 12:21 am
Location: chicago

Postby paparoach429 » Wed Mar 06, 2013 3:25 pm

I think he means as far as building a positive history with a bank to in the future get a credit card.

Daniel
Centurion Member
Centurion Member
 
Posts: 119
Joined: Tue Sep 18, 2012 6:18 pm
Location: US

Postby Daniel » Wed Mar 06, 2013 4:29 pm

DavidNY wrote:Open checking accounts report?


Not to the consumer reporting bureaus that monitor credit, but do to those monitoring bank usage.

Regarding the OP's question, yes, there are ways for a minor to become named account holders, but like any jointly held account, there are risks.

User avatar
Snowman
Centurion Member
Centurion Member
 
Posts: 630
Joined: Thu May 10, 2012 10:10 pm
Location: North Los Angeles County

Postby Snowman » Wed Mar 06, 2013 8:15 pm

I personally say wait until you turn 18. Right now, just concentrate on opening a checking account and getting a job. Once you do that and are in good standing with your bank (meaning no bounced checks or overdrafting...you know what I mean) then try get a credit card with them, and slowly build with them and you'll be good. For Amex, you have to be 15 or 16 to be an authorized user with them. As for other companies I don't know...
Bank Of America: BankAmeriCard Cash Rewards-4.2k
Citi: Forward-4.5k American Airlines Advantage Platinum Select World Elite MasterCard 9/6/15-4K
Discover: More-7k
Amex BCE.2k- Amex SPG-5k
Chase: Freedom-5kSouthwest Rapid Rewards Plus- 3.6k
Capital one: Venture one-10,000, Visa Signature.



Return to “General Credit Card Talk”

Who is online

Users browsing this forum: No registered users and 0 guests