re: Son got denied for a credit card

Well then you just need to figure out why your accounts are showing up on his report


get a free report online and go from there

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I think it's more difficult now to obtain a credit card for youngsters.

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I'm in my mid 30s, and I remember my freshman year of college, banks were on campus giving credit cards away like candy. They hired cute girls to get the apps, you would get a free shirt or something, and I think they paid the cute girls for each app they got.

I've heard that new regulations have cut down a lot on that more recently, and it's much harder to get a student card.

To the OP, tell your son to call the credit issurer directly and see if he can get an exact reason for denial. Tell him to push the issue a bit.

Also, if this is truly about building good credit for him, tell him to apply for a walmart card. Store cards tend to be easier to get, especially for people without much credit history. He can go buy some stuff there a couple of times a month and pay it off each month.

If he has one good trade line from being an authorized user, and he has one good installment line for himself, and he adds a store card, his credit history will start to grow. At that point the only issue would be debt to income.

Two easy things for him to do:

1) Call the reconsideration line for the credit card company that denied his application. Often a simple phone call is all it takes to reverse their decision.

2) Get a secured credit card, upgrade to a better card in about a year. He would undoubtedly be approved for a secured card as the bank carries hardly any risk for those.

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i think this is currently the underlying issue. If the child is an authorized user on parents account, that debt counts against the son.

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I don't think so, authorized user is not responsible for the debt. 'Piggybacking' on parents credit. May ask your son to remove himself as authorized user on credit cards and re-score him

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Obviously the authorized user thing is a loophole and you all have used it...

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It's not a loophole.
For some reason, people don't understand that there are about 30 different scoring systems (roughly 10 per credit copository).

They do not score an 18 year old the same as they score a 26 year old, the same as they score a 40 year old with a bankruptcy, the same as they score a 60 year old.

There are about 10 different buckets that we can be thrown into... each one with a different set of requisites for scoring.

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Your son needs to follow procedure for a denial (often a written request) to get the exact reason for the declined credit application. I am guessing that his thin credit file is the reason for being turned down with this credit card carrier. But it's just guessing. A simple written request will get him and you everything that you need to know.

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I would be curious to learn more about this. I know each company has multiple scores available for sale - different versions of FICO, insurance scores, scores by other providers, etc. But I didn't think age of the individual had anything to do with it.

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According to FICO, they don't factor age of the person. Average Age of Accounts is a big factor and can contribute to older people having higher scores. From MyFico:

FICO scores consider a wide range of information on your credit report. However, they do not consider:

Your race, color, religion, national origin, sex and marital status.
US law prohibits credit scoring from considering these facts, as well as any receipt of public assistance, or the exercise of any consumer right under the Consumer Credit Protection Act.
Your age.
Other types of scores may consider your age, but FICO scores don't.