Credit Cards

[Lexa]

I've asked the same kind of question before. What do you think may happen if you add 3-4 AU accounts with perfect history to the new file with NO history at all. As far as I understand the scores should be really high (long perfect history, no baddies). Did anybody had experience of applying for any major cards with this type of credit? Any success? I assume most of them should be approved instanltly, the ones that will get reviewed will most likely be declined... Any experience?

[Lexa]

I mean recent experience after the lending standarts have tightened. Thank you

[Lexa]

bump

[westcon5]

I have been added as an AU on two cards with a total of around $21,000 total credit available. Both cards carry zero balances. One has been open for 12 years, one of 7 years. My personal CR's are thin. The addition of these cards certainly helped the scores. Mine are around 750 (+/-) with TU and EQ.

The AU's have not helped in any way with being approved. I have applied with Chase and Jared and been denied on both of them. Both the letters stated not enough TL's reporting open. I called the Chase backdoor number and they told me they required 3 TL's open for 2 or more years with perfect payment history.

I am sure other's on here have more experience and better advise, but I have found the AU's don't really help at all unless you are just looking for a score boost. If you have good TL's established, that might work better for you. However, the places I have applied to do not count AU's in their decisions.

[hobojon]

My spouse had no credit before I added her as an AU to four of my 20 y/o Amex accounts that I never used. She has not been denied anything since then and has all the prime cards with 5 digit limits. She is also a student with no income. IME the score has meant everything and none of the issuers have looked beyond it with the exeption of one CU. They asked for a tax return before approving a CLI on two 7.5K cards she has with them. She just told them no and to forget about the CLI. IMO the score is all that matters for most issuers as long as there is age that goes along with it.

[txjohn]

I agree that multiple 20 year, perfect accounts, long AAoA is going to be adequate most of the time.

PenFed usually does not instant approved, but sometimes they do.  NFCU reviews most apps, but they instant approve some.  Alliant instant approves (without even asking about income or HHI).  AMEX has instant approval processes....so do most issuers.

If you ask for a specifically VERY BIG CL, this may require a review, but once you get to a certain "aged" FICO, then the lenders line up.

[Lexa]

Thank you, guys! Hobojon, can you name the particular banks that approved your wife with your AMEX AU? When did that happen? Thanks again!

[hobojon]

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Lexa wrote:
Thank you, guys! Hobojon, can you name the particular banks that approved your wife with your AMEX AU? When did that happen? Thanks again!

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BofA/Merrill, Citi, Chase, Amex, USAA, National City cards were all apped and approved 12-18 months ago with no credit prior to AU cards.

[Lexa]

Wow... do you know what her scores were at that time? Anybody else got approved with solely AU accounts on their report recently?

[txjohn]

My daughter was approved for CapOne $1k with only AU's, but then app'ed NFCU and got $8k.