OK all you finance GURUS....my step son is almost 19 and has NO credit. I know when I was his age, the local department store or Sears was a good one to start with, they were easy approvals....a small $300 credit like is what they gave you and in no time you were up up up. HE needs to establish some sort of credit. He is also a 1099 employee....he works for our business. Any suggestions to help get him started? Thanks for reading this far
WOW...I though some intelligence lived here.....obviously not!
demingy
Senior Member
posted: Apr. 14, 2008 @ 4:30p
Artsyblnd said: OK all you finance GURUS....my step son is almost 19 and has NO credit. I know when I was his age, the local department store or Sears was a good one to start with, they were easy approvals....a small $300 credit like is what they gave you and in no time you were up up up. HE needs to establish some sort of credit. He is also a 1099 employee....he works for our business. Any suggestions to help get him started? Thanks for reading this far
I'm confused - it looks like you already have your answer (department store cards work), why hasn't he tried that or why didn't it work?
Artsyblnd
New Member
posted: Apr. 14, 2008 @ 4:31p
He would like to get an auto loan even if he needs a cosigner...you do need some credit in life unless you are independently wealthy.
Artsyblnd
New Member
posted: Apr. 14, 2008 @ 4:32p
demingy said: Artsyblnd said: OK all you finance GURUS....my step son is almost 19 and has NO credit. I know when I was his age, the local department store or Sears was a good one to start with, they were easy approvals....a small $300 credit like is what they gave you and in no time you were up up up. HE needs to establish some sort of credit. He is also a 1099 employee....he works for our business. Any suggestions to help get him started? Thanks for reading this far
I'm confused - it looks like you already have your answer (department store cards work), why hasn't he tried that or why didn't it work?
Well...I thought I would get an opinion as to what an easy one is to get these days....it's been a while since I was in his shoes...and rather then have him just start applying to random places, I though I'd get an opinion.
demingy
Senior Member
posted: Apr. 14, 2008 @ 4:34p
Artsyblnd said: demingy said: Artsyblnd said: OK all you finance GURUS....my step son is almost 19 and has NO credit. I know when I was his age, the local department store or Sears was a good one to start with, they were easy approvals....a small $300 credit like is what they gave you and in no time you were up up up. HE needs to establish some sort of credit. He is also a 1099 employee....he works for our business. Any suggestions to help get him started? Thanks for reading this far
I'm confused - it looks like you already have your answer (department store cards work), why hasn't he tried that or why didn't it work?
Well...I thought I would get an opinion as to what an easy one is to get these days....it's been a while since I was in his shoes...and rather then have him just start applying to random places, I though I'd get an opinion.
There are threads here with info about how to establish credit - a quick search will give you as many opinions as you could possibly want.
Artsyblnd
New Member
posted: Apr. 14, 2008 @ 4:36p
THANKS DEMINGY! I'll do a search...I am new, so getting used to the site!
Artsyblnd said: OK all you finance GURUS....my step son is almost 19 and has NO credit. I know when I was his age, the local department store or Sears was a good one to start with, they were easy approvals....a small $300 credit like is what they gave you and in no time you were up up up. HE needs to establish some sort of credit. He is also a 1099 employee....he works for our business. Any suggestions to help get him started? Thanks for reading this far WTH is a 1099 employee? I think you mean he is an illegal contractor. Anyway, you better get busy with his credit if you want to screw him even more in the future.
Artsyblnd said: Any suggestions to help get him started?
Search for "secured credit card"...
bauzer71487
Greedy Member
posted: Apr. 14, 2008 @ 4:57p
Pretty much any "Student Card". . crappy rewards, crappy APR, but it'll stay on there.
Why not add him as au first? Just because fico doesn't care about AU's. . doesn't mean that a bank might.
socalfiremedic
New Member
posted: Apr. 14, 2008 @ 5:19p
Since all you received was bashing in the previous replies, I might as well add some positive remarks:
-Add him as an authorized user' to one of your CCS. (preferably one with high CL and low utilization)
-Student CC such as citi or BofA
-secured credit card such as National City or Bofa, etc.
-Credit Union CC if he banks with a credit union
tolamapS
Senior Member - 2K
posted: Apr. 14, 2008 @ 5:39p
Artsyblnd said: Well...I thought I would get an opinion as to what an easy one is to get these days....it's been a while since I was in his shoes...and rather then have him just start applying to random places, I though I'd get an opinion.
Assuming your credit is good, and you trust him financially, you can do the following:
1. Make him an AU (authorized user) on one or two of your aged credit cards. He does not need to get the credit cards in his hands, but the issuers will start reporting the positive history of your credit cards on his credit files,
2. Have him apply to a store credit card or two,
3. If he is in college, he might be able to apply for some college cards. I got my first two cards while in college (MBNA and CITI).
4. Look at web-sites like credit.com or cardoffers.com or cardselection.com for credit cards that might be appropriate for him. Some of these sites mention the requirements for each credit card, e.g., "This card requires excellent / good / average credit".
socalfiremedic said: Since all you received was bashing in the previous replies, I might as well add some positive remarks:
-Add him as an authorized user' to one of your CCS. (preferably one with high CL and low utilization)
-Student CC such as citi or BofA
-secured credit card such as National City or Bofa, etc.
-Credit Union CC if he banks with a credit union
Thank you Socalfiremedic & tolamapS You got what I was saying. The other imps have nothing better to do then flap their virtual lips! Oh, but I LOVED the Hooters post (I agree) I pretty much knew what the plan would be, but wanted a few opinions.
OP, maybe one of the reasons you got such "impish" responses is because, by your own admission, you are paying your stepson illegally and cheating both him and us. Then you are trying to build his credit while being the biggest drag on his ability to get credit by paying him illegally and sticking him with taxes you should be paying.
delzy said: WTH is a 1099 employee? I think you mean he is an illegal contractor. Anyway, you better get busy with his credit if you want to screw him even more in the future.Actually, I think the full risk is borne by the OP in this instance. It's not like the IRS is going to come after stepson for back payroll taxes when they find out.
The only risk I can think of for stepson is if he has some type of self-employed retirement account. If he gets reclassified as an employee, he's going to be in a world of hurt if he's got a self-employed retirement account since he wasn't really self-employed and did not qualify for one of those accounts.
Also, he's being cheated of his unemployment and workmen's comp insurances as well as .5 of his self-employment tax.... greedy step-mother couldn't care less, I'm sure.
Artsyblnd
New Member
posted: Apr. 17, 2008 @ 3:51p
delzy said: Also, he's being cheated of his unemployment and workmen's comp insurances as well as .5 of his self-employment tax.... greedy step-mother couldn't care less, I'm sure.
First of all our business is very legit, some us pay our taxes quarterly nimrod...I am not going to stoop to your level and argue with you. I will just say that you are grossly misjudging the situation, but who are you anyway...you don't know me, and I CERTAINLY wouldn't want to know you!
procyon112
Member
posted: Apr. 17, 2008 @ 4:33p
Go for an orchard bank premium 2% CashBack card. That's targeted towards subprime, so it's easier to get, but is a very usefull card to keep even after his credit is established.
Artsyblnd said: delzy said: Also, he's being cheated of his unemployment and workmen's comp insurances as well as .5 of his self-employment tax.... greedy step-mother couldn't care less, I'm sure.
First of all our business is very legit, some us pay our taxes quarterly nimrod...I am not going to stoop to your level and argue with you. I will just say that you are grossly misjudging the situation, but who are you anyway...you don't know me, and I CERTAINLY wouldn't want to know you!
That's your loss, but certainly you are not arguing it is legal to keep a "1099 employee" as you call it. You should bone up on the labor laws you are breaking so you can at least strive to become a legitimate business.
Paying quarterly is what owners and contractors do, not employees. By your own admission, your business is illegitimate, you big know-it-all!
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