Which credit card for new credit builder?

[PhoenixDown]

Hey folks,

 

I am looking for some advise.

My brother has been working on credit.

With the experience gained from everyone here, his Experian report is clean and is showing a 731 FICO score.  

 

The only two open (no closed) accounts that are showing are ones where I have added him as an AU.

• Citi AA card
• Chase Freedom Unlimited.
• Average account age: 8 years, 3 months. 
• Oldest account, 8 years, 11 months.

 

The concern is that I have a balance on the CFU so it looks like he has 31% credit utilization (9k on 28.7k).  

 

I am working to get that cared for but I was wondering if that will pose an issue in him applying for something like a Chase Freedom or Chase Freedom Unlimited of his own?  His goal is ultimately for travel so I feel chase would be a good fit but am open to other suggestions to get the ball rolling. 

 

Thanks

- John

[hegemony]

3 hours ago, PhoenixDown said:

Hey folks,

 

I am looking for some advise.

My brother has been working on credit.

With the experience gained from everyone here, his Experian report is clean and is showing a 731 FICO score.  

 

The only two open (no closed) accounts that are showing are ones where I have added him as an AU.

• Citi AA card
• Chase Freedom Unlimited.
• Average account age: 8 years, 3 months. 
• Oldest account, 8 years, 11 months.

 

The concern is that I have a balance on the CFU so it looks like he has 31% credit utilization (9k on 28.7k).  

 

I am working to get that cared for but I was wondering if that will pose an issue in him applying for something like a Chase Freedom or Chase Freedom Unlimited of his own?  His goal is ultimately for travel so I feel chase would be a good fit but am open to other suggestions to get the ball rolling. 

 

Thanks

- John

 

Chase might want more than just AU cards. Amex is not that score driven if there is an amex card be can profit from.

 

I'd have him try the pre-quals in the pinned thread (not that these are the best for him to try but it might give him a sense of where he stands). If needed, he should consider a couple secured cards.

[hdporter]

I'm inclined to think that if the report pulled by a prospective issuer is clean, that most issuers will be willing to take a chance on your brother ... but I would limit that to cards that have minimal or no SUB.  (A creditor is likely to be disinclined to approve a card with a substantial up front cost lacking a proven track record.)

 

If the first or second such app is declined, consider going the retail store charge route; approvals tend to be easier and having credit in his own name before the next credit app should improve cc prospects.

 

 

Edited October 21, 2022 by hdporter