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sports321

No credit, ran all 3 and called, and nothing to report.

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My friend is around 26 owns his own business and somehow has never had any credit. He was recently turned down by a cell phone company when trying to get a subsidsed phone.

 

I'd like to help him as he's kind of a caveman with regards to the internet.

We ran all 3 reports and also followed up with phone calls and he has nothing on his credit reports.


He is now trying to start credit in case he needs a car loan or really anything in the future.

 

I advised him to get a credit card and he is fine with a small limit secured card if that's the way to go, but to be honest it's been so long since I started out and I had my family to co-sign on my first cards so I'm just not sure enough on how to advise him.


Is there one secure card that's better then others? Should I advise him to explore any other forms of credit like a department store?

 

I'd like to get him started in an efficient way, but I'm not sure if him owning his own business will make it more difficult.

 


Thank you kindly

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He should get a secured card and a store card. There is a master secured card thread on the forum that you can search for. DCU has one that will give him a free EQ FICO score. A Walmart store card will give him a free monthly Transunion FICO score. So those two would be good to start with as he can watch his scores improve.

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I am helping a friend in pretty much same situation, so I changed my address on one of my CCs to theirs (they have a good deal of years on your friend, yet NO credit file, cavemam style) and added them as an AU, with name and birthday asked when I added the AU. On a store card with my other address; just the name, no middle initial.

 

My hopes is that they will generate a file.

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I am helping a friend in pretty much same situation, so I changed my address on one of my CCs to theirs (they have a good deal of years on your friend, yet NO credit file, cavemam style) and added them as an AU, with name and birthday asked when I added the AU. On a store card with my other address; just the name, no middle initial.

 

My hopes is that they will generate a file.

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authorized user helps. start small. i recommend the walmart store card. free fico and after 6 months willl be easier to get credit

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That's really nice of you, but I'm not signing for anyone that I'm not married to. I'm also not risking any fraud or jacking my credit up by changing my address to one I'm not living at.

 

Is there a specific reason why the walmart card is the way to go? Are they ok with someone that has zero credit history?

 

I found a local credit union that seems to accept anyone that lives in the county and they have an secured card option. I advised him to go in there and ask a few questions.

 

1. Is there an annual fee (didn't see it on the website)

2. What is the secured limit and what happens to the funds after 12 or 24 months?

 

Any other questions he should ask?

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Is there a specific reason why the walmart card is the way to go? Are they ok with someone that has zero credit history?

Easy to get and FREE FICO score every month to help him chart his progress.

 

I found a local credit union that seems to accept anyone that lives in the county and they have an secured card option. I advised him to go in there and ask a few questions.

 

1. Is there an annual fee (didn't see it on the website)

2. What is the secured limit and what happens to the funds after 12 or 24 months?

 

Any other questions he should ask?

http://www.creditcards.com/credit-card-news/7-questions-choosing-secured-credit-cards-1265.php

Edited by Tyra

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from what I can see, since he's self employed he can't join. Unless I missed something on the requirements of membership.

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