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Where to Start? - Student w/ no History


The last post in this topic was posted 2529 days ago. 

 

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So I'm trying to figure out how to best help my niece.

 

  • 19 Year Old College Student
  • FICO's (myfico) are around 645 -- lack of credit history
  • No revolving accounts
  • 2 small student loans, payment deferred

 

Goals: Build up credit history and secure student loans.

 

I am thinking of having her apply for some student credit cards (Discover, Citi - maybe Chase if they have) and an amex charge card so I can work on RD*

 

Thoughts?

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My first two cards (obtained when I was 19): Crocker Bank Visa, $500 limit and JC Penney, $200 limit. After that, the rest is history.

 

I still have both accounts, although Crocker Bank is now Wells Fargo Bank and the account numbers have changed. The limits have increased over the years, but I haven't specifically asked for increases.

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I've had her as an AU on my discover card but its not showing up on her reports. Nevertheless I hope it will make it easy for her to get a Discover student card first.

 

I didn't see the City Forward Student on their website, do they have a hidden link for app'ing?

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So I'm trying to figure out how to best help my niece.

 

  • 19 Year Old College Student
  • FICO's (myfico) are around 645 -- lack of credit history
  • No revolving accounts
  • 2 small student loans, payment deferred

 

Goals: Build up credit history and secure student loans.

 

I am thinking of having her apply for some student credit cards (Discover, Citi - maybe Chase if they have) and an amex charge card so I can work on RD*

 

Thoughts?

 

I don't know if you meant this as literally as I'm reading it, but it would seem that a better goal would be to get a good education without going into debt.

 

Every day here we see the damage that too much SL debt can do... and if it's poorly handled it can cripple you financially and with your credit for the much of the first half of your life.

 

IMO, for most people, the point of diminishing returns sets in awfully fast when it comes to borrowing money for school.

 

I don't know your niece's situation, but debt shouldn't be a goal, and it's easy to take on too much of it when you're young and really don't understand the handicap you might be creating for yourself.

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CV -

 

Agreed in principle but there's only so many options available right now short of a rich relative, or winning the lottery.

 

She works part time but it's not enough to cover full tuition and working low end jobs and prolonging school isn't any better. She has a limited amount of financial aid and grants and is trying to go affordable schools.

 

She is going for a law degree so hopefully it's enough.

 

 

Sent from my iPhone using Tapatalk

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CV -

 

Agreed in principle but there's only so many options available right now short of a rich relative, or winning the lottery.

 

She works part time but it's not enough to cover full tuition and working low end jobs and prolonging school isn't any better. She has a limited amount of financial aid and grants and is trying to go affordable schools.

 

She is going for a law degree so hopefully it's enough.

 

 

Sent from my iPhone using Tapatalk

 

 

Law degree? She should save up as much money as she can. If she hasn't started college yet, consider spending some time at a community college and transfer those credits. Or find a cheaper state school.

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In Chicago, I wasted part of my twenties romantically linked with an attorney with C-level law school grades and middling prospects. Student loan payments were more than the rent on our 14th-floor, 1,300 SF one-bedroom apartment with 180-degree lake and skyline views, just off Lake Shore Drive.

 

Guess why it didn't work out. Right, incessant arguments over money.

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In Chicago, I wasted part of my twenties romantically linked with an attorney with C-level law school grades and middling prospects. Student loan payments were more than the rent on our 14th-floor, 1,300 SF one-bedroom apartment with 180-degree lake and skyline views, just off Lake Shore Drive.

 

Guess why it didn't work out. Right, incessant arguments over money.

 

 

That sounds like a great apt. Hope you enjoyed it and the lawyer chick. Never a waste if you shagged her crazy.

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In Chicago, I wasted part of my twenties romantically linked with an attorney with C-level law school grades and middling prospects. Student loan payments were more than the rent on our 14th-floor, 1,300 SF one-bedroom apartment with 180-degree lake and skyline views, just off Lake Shore Drive.

 

Guess why it didn't work out. Right, incessant arguments over money.

 

 

That sounds like a great apt. Hope you enjoyed it and the lawyer chick. Never a waste if you shagged her crazy.

 

 

I'd still shag that apartment.

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