topic Re: Schwab Investor Credit Card with no credit history, is it possible? in Credit Cards

Schwab Investor Credit Card with no credit history, is it possible?

Anonymous — Sun, 25 Dec 2016 02:34:38 GMT

I do not have credit history. I doubled check by requesting a credit report and got back from Experian that they were unable to locate credit information.

I read that it's easier to go through a bank you have history with. I only have a checking account with Charles Schwab along with the brokerage account for about 3 years. However, I'm reading on the website that the decision is up to AMEX. Should I bother applying? Does it look bad if I get rejected when I apply for a different credit card later on?

What do banks look at if you have no credit history? Do they look at my checking account transactions?

Re: Schwab Investor Credit Card with no credit history, is it possible?

Anonymous — Sun, 25 Dec 2016 02:39:54 GMT

@Anonymous wrote:
I do not have credit history. I doubled check by requesting a credit report and got back from Experian that they were unable to locate credit information.

I read that it's easier to go through a bank you have history with. I only have a checking account with Charles Schwab along with the brokerage account for about 3 years. However, I'm reading on the website that the decision is up to AMEX. Should I bother applying? Does it look bad if I get rejected when I apply for a different credit card later on?

What do banks look at if you have no credit history? Do they look at my checking account transactions?

Welcome to MyFICO

The decision is up to Amex, not Schwab. Very unlikely that you wouljd have any chance of approval without any credit history. Checking account transactions arent factored in at all. Your best is use the secured credit card route to establish credit history and in no time you'll be able to get unsecured cards. There are many secured cards out there that eventually graduate to unsecured ones. Here's a link that suggests a few and a Google search will give you many others.

https://www.nerdwallet.com/blog/top-credit-cards/nerdwallets-best-secured-credit-cards/

Re: Schwab Investor Credit Card with no credit history, is it possible?

bz386 — Sun, 25 Dec 2016 03:50:09 GMT

When I moved to the US 4 years ago, I had no credit history (obviously). Amex approved me for a Delta Gold with $8k CL. They did request my latest payslip, but that was all it took to get approved. No history, no credit score, nothing. My income is fairly high though.

Do you have any assets in the Schwab brokerage account? What is your income?

Re: Schwab Investor Credit Card with no credit history, is it possible?

willwar14 — Sun, 25 Dec 2016 05:40:45 GMT

I have a few friends that are fairly new to the US, and they asked me where to get a good credit card from with no history, Amex! Approved them for blue cash cards, low lines but still!

Re: Schwab Investor Credit Card with no credit history, is it possible?

Anonymous — Sun, 25 Dec 2016 06:17:26 GMT

I would say it couldn't hurt to apply. With there being no history as opposed to poor history, New Accounts may just request additional information. I can concur with Irish though that your banking relationship with Schwab will have no decisioning impact on the card.

Re: Schwab Investor Credit Card with no credit history, is it possible?

Anonymous — Sun, 25 Dec 2016 12:50:05 GMT

@Anonymous wrote:
I would say it couldn't hurt to apply. With there being no history as opposed to poor history, New Accounts may just request additional information. I can concur with Irish though that your banking relationship with Schwab will have no decisioning impact on the card.

Good to know, thanks as always for your knowledge

Re: Schwab Investor Credit Card with no credit history, is it possible?

Anonymous — Sun, 25 Dec 2016 20:30:58 GMT

I only have a small amount of money in cash in the brokerage account. The rest is in the checking accounts. I mainly opened the account because I needed an account to travel abroad.

I will start my job in January making 74k a year. Not sure if that's high enough.