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Helping Sister Get 1st Credit Card

G

ggavinmoss

Diamond Member
I was a student when I got my first CC, so they threw it at me.

I'm helping my sister get her first CC to build credit, but she is not a student. She's making about $15k a year. I don't know what options are available to her.

Any recommendations?

(and no :camera:s)

-geoff
 
You b@astard!! You are helping her get into debt!


<--- *Still does not have a credit card (been out of school since May 2002 with a 45k a year job)*
 
Originally posted by: Ameesh
secured card is probably easiest then she can get a non-secured card after a 6 months

ps: pics 😉
Click to expand...

Is that where she deposits money on the card and that's her credit limit? Do they allow you to "convert it" to non-secured or would she have to get another card?

ps: go to hell.

-geoff
 
Originally posted by: radioouman
You b@astard!! You are helping her get into debt!


<--- *Still does not have a credit card (been out of school since May 2002 with a 45k a year job)*
Click to expand...

If by get into debt you mean have the ability to finance items like a car or a house eventually, then yes I am.

-geoff
 
Originally posted by: ggavinmoss
Originally posted by: Ameesh
secured card is probably easiest then she can get a non-secured card after a 6 months

ps: pics 😉
Click to expand...

Is that where she deposits money on the card and that's her credit limit? Do they allow you to "convert it" to non-secured or would she have to get another card?

ps: go to hell.

-geoff
Click to expand...

she puts up collateral, like $500 or something and they give her a card with some limit, they dont touch the $500 unless she defaults on the card payments, this is usally done through a local credit union or bank.
 
Yeah, here's a recommendation - don't do it. Sisters are evil. I know a couple guys who have been screwed by their sisters in CC co-signs... She's got a job - Let her build her own credit the way 80% of the rest of us did.


*/me waits for inevitable smartass incest quip*
 
Originally posted by: radioouman
You b@astard!! You are helping her get into debt!


<--- *Still does not have a credit card (been out of school since May 2002 with a 45k a year job)*
Click to expand...

how do you expect to build any credit? you realize that having a credit card and paying your bnills on it consistently is an important part of establishing a good credit rating.
 
Originally posted by: kage69
Yeah, here's a recommendation - don't do it. Sisters are evil. I know a couple guys who have been screwed by their sisters in CC co-signs... She's got a job - Let her build her own credit the way 80% of the rest of us did.


*/me waits for inevitable smartass incest quip*
Click to expand...

he's not cosiginging anything. hes just asking for ways for his sis to get a card.
 
Do secured as mentioned. Also, do not co-sign, as mentioned. Not enough credit is always better than too much, because it will ensure you don't get in over your head (unless you fall prey to predatory lenders, in which case you're stupid anyway).
 
Originally posted by: ggavinmoss
Originally posted by: radioouman
You b@astard!! You are helping her get into debt!


<--- *Still does not have a credit card (been out of school since May 2002 with a 45k a year job)*
Click to expand...

If by get into debt you mean have the ability to finance items like a car or a house eventually, then yes I am.

-geoff
Click to expand...

There are plenty of ways to build credit without a mastercard or visa. Renting an apartment builds credit. Financing items like furniture or jewelry (and you'd better do it at 0%) builds credit. I've never had a credit card, and I bought a new car 1 month out of college at 0%. This summer I bought a house and found my credit score to be 690. Pretty respectable for never having a credit card.
 
What i did for my sister is:

1. Request from your credit card company to AUTHORIZE a new user....by adding her name onto your account.

2. Her credit card will arrive in 2-4 weeks.

3. Tell her to go to BIG Stores like: Macy's, Gap, Banana Repbulic...etc and apply for a Store Credit Card.

4. In a few weeks, Credit Card company will be mail her so many applications that are PRE-Approve.


Took my sister about 3-4Months...she got a Capital One Card with 5k LIMIT with no credit! While i have over 3-4 Years of Credit, i was approve for 1k Limit from Capital One.

Am using her 5k Limit with 0APR and 0Balance Transfers to build her credit even more. Sweet!
 
Originally posted by: Cal166
What i did for my sister is:

1. Request from your credit card company to AUTHORIZE a new user....by adding her name onto your account.

2. Her credit card will arrive in 2-4 weeks.

3. Tell her to go to BIG Stores like: Macy's, Gap, Banana Repbulic...etc and apply for a Store Credit Card.

4. In a few weeks, Credit Card company will be mail her so many applications that are PRE-Approve.


Took my sister about 3-4Months...she got a Capital One Card with 5k LIMIT with no credit! While i have over 3-4 Years of Credit, i was approve for 1k Limit from Capital One.

Am using her 5k Limit with 0APR and 0Balance Transfers to build her credit even more. Sweet!
Click to expand...
Adding new users onto one's existing credit card account doesn't affect their credit in the least either, so steps 1-2 were unrelated to steps 3-4 🙂

 
Originally posted by: Skoorb
Originally posted by: Cal166
What i did for my sister is:

1. Request from your credit card company to AUTHORIZE a new user....by adding her name onto your account.

2. Her credit card will arrive in 2-4 weeks.

3. Tell her to go to BIG Stores like: Macy's, Gap, Banana Repbulic...etc and apply for a Store Credit Card.

4. In a few weeks, Credit Card company will be mail her so many applications that are PRE-Approve.


Took my sister about 3-4Months...she got a Capital One Card with 5k LIMIT with no credit! While i have over 3-4 Years of Credit, i was approve for 1k Limit from Capital One.

Am using her 5k Limit with 0APR and 0Balance Transfers to build her credit even more. Sweet!
Click to expand...
Adding new users onto one's existing credit card account doesn't affect their credit in the least either, so steps 1-2 were unrelated to steps 3-4 🙂
Click to expand...


It is related cuz many big stores won't approve you for a STORE credit card if you dont have your own credit card. By having a credit card with her name on it, she can easily get approve for a Store credit card. From there she can buy little things on the Store Credit Card and pay it back.....slowly it will build her credit. Simple as that.
 
It is related cuz many big stores won't approve you for a STORE credit card if you dont have your own credit card. By having a credit card with her name on it, she can easily get approve for a Store credit card. From there she can buy little things on the Store Credit Card and pay it back.....slowly it will build her credit. Simple as that.
Click to expand...
When they grant you a store card they check things like credit, income, etc. and having a credit card in your name doesn't extend your credit at all. I can't imagine that a store would care whatsoever that your relative got you a card in your name on _their_ account. I am sure it's not even on the store card's application.
 
Originally posted by: Kiyup
There's some suckers that will co-sign with her if they think they'll get some play out of it.

Look for Dezigns thread.
Click to expand...

i'd think that most of us would cosign dezigns card if we could get some play 😉 besides isnt that what men are good for?
 
Thanks for the advice, I'll recommend she get a secured card. Do any of you have a specific card you'd recommend that either you've had or that somebody you know has had?

-geoff
 
Originally posted by: ggavinmoss
Thanks for the advice, I'll recommend she get a secured card. Do any of you have a specific card you'd recommend that either you've had or that somebody you know has had?

-geoff
Click to expand...

we have to have pics for this kind of detailed info 😉


haha just kidding
 
Originally posted by: Ameesh
Originally posted by: ggavinmoss
Thanks for the advice, I'll recommend she get a secured card. Do any of you have a specific card you'd recommend that either you've had or that somebody you know has had?

-geoff
Click to expand...

we have to have pics for this kind of detailed info 😉


haha just kidding
Click to expand...
No you're not. Pics = answer.

 
Originally posted by: Skoorb
Originally posted by: Cal166
What i did for my sister is:

1. Request from your credit card company to AUTHORIZE a new user....by adding her name onto your account.

2. Her credit card will arrive in 2-4 weeks.

3. Tell her to go to BIG Stores like: Macy's, Gap, Banana Repbulic...etc and apply for a Store Credit Card.

4. In a few weeks, Credit Card company will be mail her so many applications that are PRE-Approve.


Took my sister about 3-4Months...she got a Capital One Card with 5k LIMIT with no credit! While i have over 3-4 Years of Credit, i was approve for 1k Limit from Capital One.

Am using her 5k Limit with 0APR and 0Balance Transfers to build her credit even more. Sweet!
Click to expand...
Adding new users onto one's existing credit card account doesn't affect their credit in the least either, so steps 1-2 were unrelated to steps 3-4 🙂
Click to expand...

Skoorb is correct.

As others have already recommended, have your sister first save up $500 or more. She goes to her local bank or credit union and applies for a SECURED CREDIT CARD. She is virtually guaranteed to be approved since the bank will use her $$ as collateral there is NO RISK to the bank. After 1 year she will have established her credit history, she can get her deposit back plus interested earned and start getting regular unsecured cc's from Chase, CitiBank, MBNA, First USA, etc.
 
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