topic Re: Amex Application, New SSN, No Credit. in Credit Card Applications

Amex Application, New SSN, No Credit.

Anonymous — Mon, 10 Aug 2015 04:03:43 GMT

Hello,

I was going through the forum but couldn't find any answer for my situation so I decided to post my question here in hope some of you have had the similar experience, would know something, or would take an educated guess :-)

So I've been in the US for 4 years without a SSN under a student visa, and now being allowed to work under OPT I just got my first Social Security Card.

The problem is that because my SSN is new, Amex declined my application for a Gold card based on the fact that they couldn't find any info on my credit score, and that I couldn't provide them with a tax document or something, because I didn't have revenues for the past years in the US.

Fortunately, I just received the Chase Freedom card I applied for that was approved due to my bank history and relationship with Chase.

But the amex is the one I really want. I don't care if I have to get a blue or everyday or green card at first, as long as I can go up and get the gold at some point.

So what should I do next? I tried to apply for a green amex after I got the Chase card but even though I didn't get an answer yet, I'm pretty sure it will be denied as well.

When I go to Experian for example they can't retrieve any info on me either.

I'm open to suggestions and advice on how to reach my goal! (this includes giving some guarantees or anything really)

All the best

Re: Amex Application, New SSN, No Credit.

OmarGB9 — Mon, 10 Aug 2015 04:07:20 GMT

Honestly since your file literally just got created, I'd advise you to wait 6-12 months in order for you to build up some credit history. Use that chase card like a debit card for all of your expenses, and of course pay on time and more than the minimum, and that should help you build up a solid credit file.

Re: Amex Application, New SSN, No Credit.

Anonymous — Mon, 10 Aug 2015 04:11:40 GMT

Thank you for your answer,

If I pay on time everything I owe them it should help the process? Do you think I could ask for an increased Credit line? Because they only gave me 500$ for now.

Also, do you think applying for other cards assuming I always pay my balances in full would help, or would it rather hurt?

Re: Amex Application, New SSN, No Credit.

savingmoney87 — Mon, 10 Aug 2015 04:24:30 GMT

I believe in the long term you'll need a at minimum three cards but until you develop an "identity" in terms of the SSN being so new you maybe just want to establish with that card first for a while. You'll be able to get CLI with good payment and etc. If you want to speed up the process consider a secured card or go for capital one. I've heard that it takes at least two cards or a 6-12 months to even generate a record with such "new SSN." I hope that maybe some of our members who've been through the same thing can provide you a better answer since many of us are more familiar with no history vs. a SSN that is brand new. But I would like to "assume" it would entail the same building process. I would search the forum for more blinding from scratch discussions.

Re: Amex Application, New SSN, No Credit.

Anonymous — Mon, 10 Aug 2015 04:33:18 GMT

Thank you,

I am considering applying for a secured capital one mastercard, if that can help the process a bit.

Regarding the chase card, do I need to ask for a credit limit upgrade or just wait for it?

Also, on a general note, is it better to use all of the credit limit and repay it in full or just use as little as possible, and of course repay it in full as well?

Re: Amex Application, New SSN, No Credit.

OmarGB9 — Mon, 10 Aug 2015 04:39:55 GMT

Really you can use it as much as you want so long as you pay it of course. try to let a small balance (under 10% report every month).

Re: Amex Application, New SSN, No Credit.

Anonymous — Mon, 10 Aug 2015 05:06:48 GMT

Yep, just get some time in with your current card. Use it and pay on time (preferrably carry a bit of a balance, but pay much more than min.) You'll get the card you want in time.

Re: Amex Application, New SSN, No Credit.

Anonymous — Mon, 10 Aug 2015 05:22:37 GMT

What do you guys mean when you say "carry a bit of balance" and "let a small balance"

That I shouldnt pay everything in full each month?

Thanks again!

Best

@Anonymous wrote:
Yep, just get some time in with your current card. Use it and pay on time (preferrably carry a bit of a balance, but pay much more than min.) You'll get the card you want in time.

Re: Amex Application, New SSN, No Credit.

newhis — Mon, 10 Aug 2015 05:28:11 GMT

My DW started from new SSN, I started from new ITIN. We both started with Discover IT and secured BofA card. Less than 1.5 years later we have several cards each and few cards with 10k and 15k limits.

First relax. Chase is hard on CLI, so don't ask for one, you'll be wasting HPs. Use the card and pay it. Like other user said, use it like a debit card, pay all the charges but 10%. Chase cards report at statement close date and every time you pay in full, so they will report as $0 balance and can lower your score. You will not get a true FICO score until your Chase card report for 6 months.

If you have the money, the best route is to get a BofA secured card with 5K or more. That will show other lenders that you can handle good limits. That helps a lot down the road. My DW started with $500 then at month 7 she put $5,000 to increase the limit (HP) but they auto-graduated her at month 9 and she asked for Visa Signature. After that she was able to get other cards for 5K or more.

After 7 months, you will have a FICO Score above 720, with short history, so you have to choose the cards that you need. DW started with 720 and I 731 (TU FICO), she got more HPs (she applied for JCP and Freedom before 6 months).

BTW, Discover no longer accept ITIN for card approvals, not even for AUs. As your SSN is new, don't apply online, is better to call and explain your situation. They will ask for some documents, the SSN card, address and ID verification. Some lenders also ask for proof of income, so if you have payments with your OPT you may send your first paystub or a letter from your employer with how much they will pay you.

Good luck.

Re: Amex Application, New SSN, No Credit.

Jerry45 — Mon, 10 Aug 2015 12:30:02 GMT

Good Luck

Re: Amex Application, New SSN, No Credit.

Anonymous — Mon, 10 Aug 2015 14:44:10 GMT

@newhis wrote:
My DW started from new SSN, I started from new ITIN. We both started with Discover IT and secured BofA card. Less than 1.5 years later we have several cards each and few cards with 10k and 15k limits.

First relax. Chase is hard on CLI, so don't ask for one, you'll be wasting HPs. Use the card and pay it. Like other user said, use it like a debit card, pay all the charges but 10%. Chase cards report at statement close date and every time you pay in full, so they will report as $0 balance and can lower your score. You will not get a true FICO score until your Chase card report for 6 months.

If you have the money, the best route is to get a BofA secured card with 5K or more. That will show other lenders that you can handle good limits. That helps a lot down the road. My DW started with $500 then at month 7 she put $5,000 to increase the limit (HP) but they auto-graduated her at month 9 and she asked for Visa Signature. After that she was able to get other cards for 5K or more.

After 7 months, you will have a FICO Score above 720, with short history, so you have to choose the cards that you need. DW started with 720 and I 731 (TU FICO), she got more HPs (she applied for JCP and Freedom before 6 months).

BTW, Discover no longer accept ITIN for card approvals, not even for AUs. As your SSN is new, don't apply online, is better to call and explain your situation. They will ask for some documents, the SSN card, address and ID verification. Some lenders also ask for proof of income, so if you have payments with your OPT you may send your first paystub or a letter from your employer with how much they will pay you.

Good luck.

Thanks! Which of the three cards do you recomend best: Capital One Secured, BofA Secured, or Discover?

Is there an advantage of getting all of them or 2 of them? Is is a disavantage?

Best,

Re: Amex Application, New SSN, No Credit.

newhis — Tue, 11 Aug 2015 00:05:58 GMT

@Anonymous wrote:

Thanks! Which of the three cards do you recomend best: Capital One Secured, BofA Secured, or Discover?
Is there an advantage of getting all of them or 2 of them? Is is a disavantage?

Best,

My plan was to apply for 3 cards. If only the secured card was approved, then I will use it for 9 months before applying for anything else. I was denied for Capital One QS for no credit history, so I only got 2 cards, Discover IT and BofA Secured (converted to secured Cash Rewards). So with 2 cards I waited for my FICO Score (thanks to Discover) before applying for more cards.

I will not go for 3 secured cards. I do prefer to only have BofA, start with $1,000, then after 6 months increase the limit to $5,000 (if you can, put the 5k since the start, it will help a lot to get better limits), wait 2-3 months that report that limit, then apply for 2 more cards (Amex ED or BCE, because it grows very fast). Garden for 6 months then get the cards you want to keep for a long time. Then open only great cards every now and then. Just make sure you know the lender criteria for approval, Chase now deny anyone with more than 5 new credit cards in 2 years, so read the forum all about the cards you want.

Re: Amex Application, New SSN, No Credit.

Anonymous — Tue, 11 Aug 2015 01:53:35 GMT

@Anonymous wrote:
@newhis wrote:
My DW started from new SSN, I started from new ITIN. We both started with Discover IT and secured BofA card. Less than 1.5 years later we have several cards each and few cards with 10k and 15k limits.

First relax. Chase is hard on CLI, so don't ask for one, you'll be wasting HPs. Use the card and pay it. Like other user said, use it like a debit card, pay all the charges but 10%. Chase cards report at statement close date and every time you pay in full, so they will report as $0 balance and can lower your score. You will not get a true FICO score until your Chase card report for 6 months.

If you have the money, the best route is to get a BofA secured card with 5K or more. That will show other lenders that you can handle good limits. That helps a lot down the road. My DW started with $500 then at month 7 she put $5,000 to increase the limit (HP) but they auto-graduated her at month 9 and she asked for Visa Signature. After that she was able to get other cards for 5K or more.

After 7 months, you will have a FICO Score above 720, with short history, so you have to choose the cards that you need. DW started with 720 and I 731 (TU FICO), she got more HPs (she applied for JCP and Freedom before 6 months).

BTW, Discover no longer accept ITIN for card approvals, not even for AUs. As your SSN is new, don't apply online, is better to call and explain your situation. They will ask for some documents, the SSN card, address and ID verification. Some lenders also ask for proof of income, so if you have payments with your OPT you may send your first paystub or a letter from your employer with how much they will pay you.

Good luck.

Thanks! Which of the three cards do you recomend best: Capital One Secured, BofA Secured, or Discover?
Is there an advantage of getting all of them or 2 of them? Is is a disavantage?

Best,

Hi Razacat. I was in the same situation 6 months back as you are currently. I intially started with a BOFA cash rewards card with $700.00 limit which still holds the same place and then moved on to CITIBANK thankyou rewards. AMEX was my primary target being one of the best lenders, I got rejected once and then behold they are the ones who gave me the highest credit line to date. All the cards followed me slowly and picked up in the credit line increase and a great SL. So wait it out and I do not know if discover will approve thin files. Capital one will approve you but you will be stuck with the lowest credt line for a long time to come. Think, wait and apply.

Re: Amex Application, New SSN, No Credit.

Anonymous — Sun, 23 Aug 2015 20:26:53 GMT

Hey Guys,

So I followed your advice and tried to apply on the phone for a Discover card: got rejected.

After that I applied for a BofA secured card with 500$, and online the application says it's still in review but got a letter in the mail about some problem with my credit history...

What should I do? Call BofA? to make sure it actually didn't go through?

Then what, try capital one?

Also, I wanted to change my AT&T to post paid and when I gave my SSN, I was told that because my SSN was "for work only" I could not build a credit history and thus they couldn't use it.

Did she make a mistake and I just didn't have enough credit history, or is all of this useless because I just can't build credit with that?

Thanks guys!

Best

Re: Amex Application, New SSN, No Credit.

Anonymous — Sun, 23 Aug 2015 21:32:51 GMT

Do you mind me asking your range of income and also what your average balances in the bank is?

because auto loans typically like to see three trade lines (in case anyone is wondering where this comes from, as I've heard too many auto analyst chirp this at me)

if you want, you can move savings over into amex savings, which has a decent APY, and than try again because now they have access to part of your assets without having to do a FR.

you can also use your card with chase, the 500$ limit and wait awhile..a few months to see if they'll offer you an increase via soft inquiry, as it has been done before and while not super common, not rare as well.

you also probably should pull back from too many apps as that is only increasing your inquiries and lowering your credit scores..unless you know for sure you're going to be approved because than its just wasted inquiry

Re: Amex Application, New SSN, No Credit.

Creditaddict — Sun, 23 Aug 2015 22:39:12 GMT

don't apply for secured capital one... in 1 month time of chase freedom reporting you can probably get a couple other cards unsecured... DONT APPLY FOR ANYMORE!

Just let the chase card report for a couple months and then it will start to open doors and the flood gates will open at 6 months with the chase card reporting if you don't apply for everything under the sun now!

Re: Amex Application, New SSN, No Credit.

newhis — Mon, 24 Aug 2015 04:45:37 GMT

@Anonymous wrote:
Hey Guys,

So I followed your advice and tried to apply on the phone for a Discover card: got rejected.
After that I applied for a BofA secured card with 500$, and online the application says it's still in review but got a letter in the mail about some problem with my credit history...

What should I do? Call BofA? to make sure it actually didn't go through?
Then what, try capital one?

Also, I wanted to change my AT&T to post paid and when I gave my SSN, I was told that because my SSN was "for work only" I could not build a credit history and thus they couldn't use it.

Did she make a mistake and I just didn't have enough credit history, or is all of this useless because I just can't build credit with that?

Thanks guys!

Best

Follow Creditaddict advice, do not apply for anything else, you are just burning HPs without results. Maybe, get the letter from BofA and go to a branch and ask for recon with same pull.

I don't know what AT&T is saying. My DW also has a SSN with the legend, work only with DHS authorization. No problem with credit cards or even a new auto loan. Your main problem is that the SSN is too new and there is nothing on your reports but a bunch of HP. So please wait a few months and then this things will not happen anymore. Good luck.

Re: Amex Application, New SSN, No Credit.

Anonymous — Tue, 25 Aug 2015 03:06:59 GMT

You're going to hard too fast. The product that is the best for you is a Credit Builder Loan. You can get these quite often without an additional hard pull often from credit unions, or from banks with a focus on underserved markets (i.e. recent immigrants). I used one from a Boston Savings Bank. This was a $3,000 credit builder for 1 year with 6% interest rate. Doing that for a year resulted in two AMEX cards with $15K limit. Your new card, plus a credit builder, reporting for one year - I believe will nicely establish credit for you, you will have an installment loan reporting and a revolving card. From there, providing no late payments, I suspect you'll get into an AMEX, possibly just before you finish paying off the credit builder.

If you'd like help finding a credit builder loan, post here - tell us what State you live in, and we can help find you something!