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Frequent Contributor
Posts: 306
Registered: ‎12-30-2008
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short credit history. good score. where to apply?

I'm posting this for my friend. He is a new immigrant and does not have a lot of credit history yet. The only things he has on his report are: wells fargo Visa platinum (6 months old) and Citi Platinum (8 months old), both 1000 limits. He is also an AU on my Citi card (2,2 years old, 10k limit). His scores are pretty good: EX 743, EQ 734, TU 747, FAKO's. I think real FICO should be in low 700's at least. What would you advise for the credit cards? he wants to open a couple prime cards and a couple of store cards. Do you know of anybody who may give him an unsecured card these days?
Regular Contributor
Posts: 200
Registered: ‎06-19-2008
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Re: short credit history. Good score. Where to apply?

I would try Alliant CU. If his EQ score is in the 700s he would probably get 5k or more.

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Frequent Contributor
Posts: 306
Registered: ‎12-30-2008
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Re: short credit history. Good score. Where to apply?

Thanks. I was thinking of Alliant. I actually talked to one of their rep's and she told me that even though the pre-approval decision is automatic and based on score, when you accept an offer the underwriter almost always looks at the file... does anyone know how they are with short credit histories?
Senior Contributor
Posts: 4,214
Registered: ‎09-12-2008
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Re: short credit history. Good score. Where to apply?

Alliant is moderately conservative, so with such a short history and low CL's, I don't think they would approve for a very large CL (I think $5k is unlikely).

 

Also, Alliant is not a "prime" card, so if your originally stated objectives stand, this would not meet that.  However, Alliant is an excellent CU and a great place to build a relationship.

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09/03/2009 TU: 777, EQ: 776 ($8 balance on an account dropped me out of 780's)
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Frequent Contributor
Posts: 306
Registered: ‎12-30-2008
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Re: short credit history. Good score. Where to apply?

Do you have any other suggestions on where to apply?
Senior Contributor
Posts: 4,834
Registered: ‎04-20-2007
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Re: short credit history. Good score. Where to apply?

Let the accounts age. Wait.
Frequent Contributor
Posts: 306
Registered: ‎12-30-2008
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Re: short credit history. Good score. Where to apply?

But for now? are there any good cards he could be approved on?
Valued Contributor
Posts: 1,668
Registered: ‎02-18-2009
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Re: short credit history. Good score. Where to apply?


Lexa wrote:
But for now? are there any good cards he could be approved on?

 

Let the accounts age.

 

What is his objective? He can apply for a couple but will get low CLs and probable denials.

 

If he waits till all are a year or so old he will get more approvals and higher limits.

 

He pretty much has "Prime" cards now just not Super Prime.

 

He should wait, keep utilization under 20%.

 

Is there something he is trying to accrue credit for?

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Senior Contributor
Posts: 4,834
Registered: ‎04-20-2007
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Re: short credit history. Good score. Where to apply?

You guys are gonna do what you want but the truth of it is this. If this were 2007 you would be OK going for a card or two but now it is a different climate. Your friend has 2 cards one 6 months old 1 eight months old. That doesn't even register as history. He likely wouldn't get any prime cards now with 2 new cards and no other history. Take it slow. Use the cards and PIF every month.
Senior Contributor
Posts: 4,834
Registered: ‎04-20-2007
0

Re: short credit history. Good score. Where to apply?

Go to the Bank of America pre approval page and see what comes up. Just an idea I would not apply but it is a soft pull.

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