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re: 18 year old son wants to start building credit. Recommendations?
Posted on 2/6/13 at 11:25 am to C
Posted on 2/6/13 at 11:25 am to C
quote:
open a bank account and a credit card.
He's had a Chase checking account (and has his own debit card with it) since he was 15. So maybe go to a branch and see if they'll give him a credit card? It would more than likely be a secured credit card right?
Posted on 2/6/13 at 11:33 am to htownjeep
quote:
He's had a Chase checking account (and has his own debit card with it) since he was 15. So maybe go to a branch and see if they'll give him a credit card? It would more than likely be a secured credit card right?
It would be preferable for him to get an unsecured credit card. Make sure that he applies for a card with an institution that offers both secured and unsecured cards. That way they won't have to pull his credit twice. I know that Capital One offers both. Call and ask Chase if they offer secured credit cards.
I've had 2 friends apply with Capital One in the past 2 years that had zero credit. Actually the 1st one had a very small non credit collection on the report. She had to get secured with $200 CL and $49 into a savings account to secure it. The other person had absolutely nothing on her report. She was able to get $500 unsecured credit card.
Posted on 2/6/13 at 4:49 pm to htownjeep
quote:
He's had a Chase checking account (and has his own debit card with it) since he was 15. So maybe go to a branch and see if they'll give him a credit card?
Doubt they will with zero credit history as I tried to do the same thing a few years ago. Dad had to open a new card with my name added to it.
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