My GF Needs Advice (771 EQ/675 TU) For Choosing First Major CC?

[jbh]

Hey,

MY gf has received the shock of her lifetime. She never used cc's but her mom added he as an AU for a while so her TU with one collection (will delete once paid, as it's in NY past 5 years) and is 675 with 10+ year history and 2 inq's in 2 years.

Her EQ is 771 (!!) with NO collections. She was SHOCKED. She was the victim of ID theft and been through the ringer so she did not want to check her scores/reports. She got approved for a car with her mom this summer but did NOT realize her situation

SOOOO....

With NO credit cards on her name, but a 771 EQ, would Penfed treat her well?

And with 675+ TU WITH a 2+ year small collection, would BoA or CHASE (her bank for 4+ years) approve her for a good card?

Please note the new auto loan MIGHT have an impact on utility. Will it?

Or MUST she remove that ca? I don't want her to blow inquiries on TU/EX unless we feel she'll be approved

Thank you SO MUCH for your time. She is in tears, she is so happy. She always paid her bills/etc, but didn't realize anything on her reports reflects it after suffering set backs many years ago and now she needs the best advice she can get

Message Edited by jbh on 09-10-2008 06:02 PM

Message Edited by jbh on 09-11-2008 07:12 AM

[jaxstraw]

If she has a job with decent income I'd be applying for PenFed membership.
She should get a very good CL with that score, no baddies, and no recent apps.
They will give her a CC but it's the no revolving history that might keep the CL from being real high. There's only one way to find out.

She could also try Alliant CU, they're pretty generous also.

Jax
App free for 32 days since 3rd NASA denial

Message Edited by jaxstraw on 09-10-2008 06:19 PM

[jbh]

Thanks. Yeah, I hear great things about Alliant as well. She doesn't expect/demand a high cc limit, she just wants to know that her inquiry will turn into something useful and build a relationship.

One thing that does concern me, though, is the new auto loan. Will cc companies and cu's see the high util and back off a bit?

Thanks for your time. I do appreciate it. It LITERALLY is watching something with a new life unfold.

[jaxstraw]

They are going to look at her income as well as credit score. If she makes a decent and steady income it shouldn't be a problem.

Almost all lenders base loans/CC's on scores + income.

Jax
App free for 32 days since 3rd NASA denial

[spiritcraft1]

Nice situation for a EQ pulling CU... 

[jbh]

Thanks. Her income is $24k+ but will increase with raise. Heck, if she left it she'd make more. She's there because she really loves it and wants to be patient as the store grows.

This is why we figure she won't get a massive limit, but at least if somebody takes her in and treats her good, that's all she can ask for.

As for the 675 TU Fico with 1 collection, would she have ANY shot with Chase or BoA? I check Credit Pull db's but I am still not sure if she'd be wasting her time or not. She has a TON, I mean, decade + of outstanding au cc accounts but no cc's.

[spiritcraft1]

you need an EQ pull to match the EQ score...  BofA won't be and EQ pull... Chase...  who knows? 

You need an EQ pulling CU or an oddball like Cabelas for a good shot at a nice limit.  I would say give PenFed the first shot, then see...

Message Edited by spiritcraft1 on 09-10-2008 09:08 PM

[jbh]

Hey,

I don't expect them to pull EQ for a major card. She will only target Cu's with that.

My concern is how is a 675 TU with 18 year history, 1 old collection, flawless CC history going to be seen by chase/boa? That is our concern.

TY

[jbh]

Sorry to bump, but I want to confirm that I should have her remove the ca from her TU/EX report before approaching chase? Her only real dream card is the Disney Chase card, but while her score is 675 TU fico with 1 ca, and no cc's, I wonder if her many years of good cc reporting on the AU account, and an old one in her account, would approve her? Or is it critical that a major bank sees recent cc activity and 0 baddies?

She wanted to be approved before 10/1, so she can have it by her vacation with her mom, as she purchased a vacation for her mom as a gift. That's why I am hoping to get any advice I can for her because her situation is very unique to anything I have seen or heard before.

Thank you.

Ps. The thing to remember is she banks with Chase and doesn't need high limits. 2 bank cards to compliment a CU is all she asks for.