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Message
Son got denied for a credit card
Posted on 9/4/14 at 3:39 pm
Posted on 9/4/14 at 3:39 pm
He told me he got denied ... not sure by who ... but his credit score was 800+. He's been an authorized user on ours. He said the reason had to do with too many accounts (meaning us) and a large line of credit (husband is a farmer and we do take out a LARGE loan every year but it's always paid back). WE recently purchased a new home and those were the same things noted on our credit report.
Son is 22 ... recent LSU grad ... in Grad school. I suggested that he call and reapply as a student (again, not sure what card he applied for) OR call Campus Federal where I believe he has his accounts. He DOES have a grad assistant income although I'm not sure how much it is. Don't think he's looking at having one for large purchases but to just start building credit.
Any other suggestions? I'm sure he'll be looking to buy a vehicle in the next year or so ...
(No I'm not meddeling in his affairs ... he asked for my thoughts and that's all I knew to tell him.)
Son is 22 ... recent LSU grad ... in Grad school. I suggested that he call and reapply as a student (again, not sure what card he applied for) OR call Campus Federal where I believe he has his accounts. He DOES have a grad assistant income although I'm not sure how much it is. Don't think he's looking at having one for large purchases but to just start building credit.
Any other suggestions? I'm sure he'll be looking to buy a vehicle in the next year or so ...
(No I'm not meddeling in his affairs ... he asked for my thoughts and that's all I knew to tell him.)
10
Posted on 9/4/14 at 3:48 pm to tiger91
Why is he wanting a credit card?
I wonder if you removed him as an authorized user from SOME (not all) of the accounts, if that would help him.
I definetly think he should try with the CU he uses.
I wonder if you removed him as an authorized user from SOME (not all) of the accounts, if that would help him.
I definetly think he should try with the CU he uses.
Posted on 9/4/14 at 3:49 pm to tiger91
Also... the fact that someone with no credit history of their own, can have an 800+ credit score, is indicative of major problems in the credit score system.
Obviously the authorized user thing is a loophole and you all have used it... which is great I guess... but your awesome management of debt is no predictor of how his management of debt will be.
Obviously the authorized user thing is a loophole and you all have used it... which is great I guess... but your awesome management of debt is no predictor of how his management of debt will be.
Posted on 9/4/14 at 3:52 pm to tiger91
Pull his credit report free.
Annualcreditreport.com
Annualcreditreport.com
Posted on 9/4/14 at 3:56 pm to tiger91
I was in the same position up until I was 25. I couldn't get a credit card because I never owed anybody. Bank of America offered a first time credit card with a $500 limit that I used for like 6 months and then I applied for another or that one was upgraded. Go to your local bank or credit union and speak with a rep. That might be the best bet. That was a long time ago.
*come to think of it, it may have been a secured type credit card where I had to deposit that $500 first plus a $40 dollar fee.
*come to think of it, it may have been a secured type credit card where I had to deposit that $500 first plus a $40 dollar fee.
This post was edited on 9/4/14 at 3:59 pm
Posted on 9/4/14 at 4:02 pm to tiger91
Which company?
Some companies are stricter than others. For example, American Express is known to be more conservative in issuing cards to people with new credit or existing credit accounts.
Some companies are stricter than others. For example, American Express is known to be more conservative in issuing cards to people with new credit or existing credit accounts.
Posted on 9/4/14 at 5:17 pm to tiger91
If your son has a small income, it may have been declined due to that. If he is an authorized user on your account, the debt is still counting against his debts.
The authorized user loophole is seen frequently in the credit industry. I see it regularly. People will have two revolving accounts and have a 750 credit score.
The authorized user loophole is seen frequently in the credit industry. I see it regularly. People will have two revolving accounts and have a 750 credit score.
Posted on 9/4/14 at 5:42 pm to bubbz
Likely due to having no income
Posted on 9/4/14 at 5:57 pm to tiger91
quote:
He said the reason had to do with too many accounts (meaning us) and a large line of credit (husband is a farmer and we do take out a LARGE loan every year but it's always paid back). WE recently purchased a new home and those were the same things noted on our credit report.
Ok.
Why is your son on your line of credit and your mortgage? He probably isn't and his name just might closely resemble his dads name. Get a copy of his report and get everything removed that isn't his.
He should be an authorized user on one maybe two credit cards. That is it.
Your accounts have nothing to do with your son. His score isn't accurate and the low income sends up a huge red flag with all that debt attaching to him. He probably looks like a bankruptcy waiting to happen with all of that debt showing up and far too little income.
Posted on 9/4/14 at 10:42 pm to VABuckeye
1) IDK what company it was
2) He's not on our mortgage ... sorry ... was just saying that WE just purchased a home and as he's an authorized user on our VISA (gas mainly for him, occasional car repairs). I just figured that OUR mortgage would show up ... IDK.
3) He's super conservative with his money ... he's managed what he's had scholly wise and work wise super well. He has as far as I know made good financial decisions and has made majority of his purchases NOT on a whim and researched what it was he wanted/needed and bought the best within his limits (mainly hunting/fishing things). Hadn't had to help much with college expenses at all ... tuition or living wise.
4) I guess he wants it mainly to start building his own credit.
Hope I got all the points in ... hadn't talked to him to see if he contacted Campus Federal. I remember I got a cc while in college and would charge a small "something" from time to time and pay it off. When my husband and I had both graduated and had really good jobs we STILL needed a cosigner on our first vehicle loan. I think he's trying to avoid that type thing.
2) He's not on our mortgage ... sorry ... was just saying that WE just purchased a home and as he's an authorized user on our VISA (gas mainly for him, occasional car repairs). I just figured that OUR mortgage would show up ... IDK.
3) He's super conservative with his money ... he's managed what he's had scholly wise and work wise super well. He has as far as I know made good financial decisions and has made majority of his purchases NOT on a whim and researched what it was he wanted/needed and bought the best within his limits (mainly hunting/fishing things). Hadn't had to help much with college expenses at all ... tuition or living wise.
4) I guess he wants it mainly to start building his own credit.
Hope I got all the points in ... hadn't talked to him to see if he contacted Campus Federal. I remember I got a cc while in college and would charge a small "something" from time to time and pay it off. When my husband and I had both graduated and had really good jobs we STILL needed a cosigner on our first vehicle loan. I think he's trying to avoid that type thing.
Posted on 9/4/14 at 10:45 pm to tiger91
Now that I think of it, he DID go to one of the free credit report sites (don't remember which one) and it came back as he didn't have enough history to give him a score. Which confuses me cause he said the report he got with the denial said 800+.
Also, I'd removed him from ours BUT I want him to have it in case of emergencies. Like the car repair he need a couple of weeks ago.
Also, I'd removed him from ours BUT I want him to have it in case of emergencies. Like the car repair he need a couple of weeks ago.
Posted on 9/5/14 at 6:11 am to tiger91
quote:
Now that I think of it, he DID go to one of the free credit report sites (don't remember which one) and it came back as he didn't have enough history to give him a score. Which confuses me cause he said the report he got with the denial said 800+.
Also, I'd removed him from ours BUT I want him to have it in case of emergencies. Like the car repair he need a couple of weeks ago.
All of this does not add up, a 22 year old does not have a 800 score simply by being a user on you account. period. He is either mistaken or full of shite.
Posted on 9/5/14 at 6:42 am to tiger91
CapitalOne and Discover have excellent starter cards. If he isn't applying for starter cards he isn't going to get approved.
Good luck.
Good luck.
Posted on 9/5/14 at 7:13 am to tiger91
quote:
large line of credit (husband is a farmer and we do take out a LARGE loan every year
quote:
(No I'm not meddeling in his affairs ... he asked for my thoughts and that's all I knew to tell him.)
I would say putting your son on a large, risky agriculture loan is meddling in his affairs.
Posted on 9/5/14 at 7:43 am to tiger91
I could be wrong, but I think the reason he was denied (and I am assuming he chose a good credit card company/card) is because they probably ran a debt/income ratio on him. Those authorized accounts that he is on count against him.
So even though you are paying off those credit cards, the debt still counts against your son as well since he on the account. The credit card company probably didn't like the debt compared to how much he currently makes.
This is one reason why your son with good credit would be denied a card.
So even though you are paying off those credit cards, the debt still counts against your son as well since he on the account. The credit card company probably didn't like the debt compared to how much he currently makes.
This is one reason why your son with good credit would be denied a card.
Posted on 9/5/14 at 7:46 am to VABuckeye
And if you go CapitalOne, at least try to get a good one. I started with CapitalOne back in senior year of high school and my credit limit is now only like $1250 more now 10 years later. They are retarded.
Posted on 9/5/14 at 7:53 am to reb13
HE'S NOT ON ANY LOAN. HE IS AN AUTHORIZED USER ON *** 1 *** credit card.
I am ASSUMING that as he's an authorized user on a card that is in OUR name and the reason he gave me (from what the denial said) is that it's ALL lumped together as far as credit reports go.
I'm not an idiot and wouldn't put his name on any LOAN.
I am ASSUMING that as he's an authorized user on a card that is in OUR name and the reason he gave me (from what the denial said) is that it's ALL lumped together as far as credit reports go.
I'm not an idiot and wouldn't put his name on any LOAN.
This post was edited on 9/5/14 at 7:55 am
Posted on 9/5/14 at 7:56 am to cave canem
quote:
All of this does not add up, a 22 year old does not have a 800 score simply by being a user on you account. period. He is either mistaken or full of shite.
It is very possible. My 19 yr old is an authorized user on my Amex and an old Cap One card and his score is 760 as of last week. He isn't listed on anything else except his car that he bought in March when his score was almost 780. I could very easily see his score over 800 in 3 yrs.
Posted on 9/5/14 at 7:57 am to tiger91
Does he share a name with his dad?
Posted on 9/5/14 at 10:07 am to yellowfin
Nope .. just the last name.
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