04-22-2009 01:02 PM
One of my customers tried to get a credit card with my bank and had a great score but only 2 years of credit card history. We had to decline him due to that fact. He tried also with a retail store and was declined due to lack of history. He bought a car in 07 and paid it off 3 years early, that is all that is on his report. Score was around 748. He wants a credit card with a low rate. I have two questions...
One: any suggestions as far as cards?
Two: does each cc inq count against him of are they considered one with in 30 days like a mortgage loan?
04-22-2009 01:20 PM
Try to apply for regular account from Citi, BoA or Chase. Even if he doesnt get approve, he can call in and ask for reconsideration. He has pretty good credit score, so he should be good to go.
Two: Yes it does, too many (HARD) inquiries not soft inquiries at the same time consider a potential risk to lender, this happen to me, apply too many accounts at the same time.
Even if you dont get approve, call the backdoor number and ask nicely for reconsideration. Most of the time, they will reconsider you instantly. Don't give up the application?
04-23-2009 01:18 PM
I think you should advise him to join a credit union (either local or national). Establish a relationship with them and then apply for that credit card. Have you checked out the Alliant CU threads here? He may be offered a Visa card at enrollment with them.
If he prefers a more personal touch tell him to check into credit unions locally...he'll be able to talk to a LO in person and be advised on what is required to open a cc with them.
04-23-2009 01:32 PM
I am not going to do that, I am his banker
Tricky. I still consider getting your first card from your own bank one of the most natural entries to the credit card world. It also helps with customer retention. That's sad that this is not possible in this case.
Anyway, not all store cards are equal. I'm not sure whether Macy's gives cards to first time cc users, but it might be worth a try. Capitol One might also be an option. These Jewelry cards might also work, but that would be a bit harsh with that score.
Forums posts are not provided or commissioned by FICO. Forums posts have not been reviewed, approved or otherwise endorsed by FICO. It is not FICO's responsibility to ensure all posts and/or questions are answered.Advertiser Disclosure: The listings that appear on myFICO are from companies from which myFICO receives compensation, which may impact how and where products appear on myFICO (including, for example, the order in which they appear). myFICO does not review or include all companies or all available products.
* For complete information, see the terms and conditions on the credit card issuer’s website. Once you click apply for this card, you will be directed to the issuer’s website where you may review the terms and conditions of the card before applying. While myFICO always strives to present the most accurate information, we show a summary to help you choose a product, not the full legal terms - and before applying you should understand the full terms of products as stated by the issuer itself.
IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more
FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.