topic Re: first time credit in 18 years in Credit Cards

first time credit in 18 years

wheretostart518 — Sun, 22 Dec 2019 03:22:02 GMT

hello everybody, i was wondering if anyone would have any insight as to where i should "begin" my credit journey.. my family ruined my credit when i was 18 (almost 20 years ago), i recently went into taking some action on my credit and was gonna clean the mess they built up... however i went into credit karma and experian and experian has no FICO score for me but credit karma gives me 643 transunion fico score and 622 equifax with completely empty profile to my suprise.. so i tried getting the chase travel card Reserve as i did around 5-7 million in business with them over last 3-4 years but they denied so now i see 1 hard inquiry for jp morgan chase on reports and lower score more :/ i need the travel cards as i do often but scared to apply because denial decrease my score? how can i be approve without lower score? i thought chase approve cause i use bank alot and have about a million and change in assets managed by them but if they denied i dont know where i start for traveling card...

i wonder if anyone know highest reward and limit travel card i can get i want at least 80K travel line.. i'm making anywhere from 780-915k a year for about 7-8 years now and i just now seeing how much money i use on business debit card but no reward.. where can i apply where will approve high limit so i don't lose any more points and slow progress even more? thanks all

Re: first time credit in 18 years

FinStar — Sun, 22 Dec 2019 18:27:42 GMT

Hi @wheretostart518, welcome to the forums.

Unfortunately, if you have been absent from the credit scene for a long while, no traditional lender is going to open up their cofers and hand out the CLs you're expecting, regardless of your current income or business revenue stream.

Only exception would be power houses like Merrill Lynch, UBS, etc., or any affiliated financial institution where you may have a Private Client or Wealth Management relationship.

So, my recommendation is baby steps to get the desirable results over time. On the upside, any blemishes from the past are gone so this is a plus.

Who else besides JPM do you currently bank with?

Re: first time credit in 18 years

bourgogne — Sun, 22 Dec 2019 03:31:39 GMT

Hi there, gosh I am a sucker for a good story...forget chase for the moment, am I reading this right, you have zero credit cards? if so go the amex pre-quality site and grab whatever they give you. totally serious, they love thin or non-existent files. if you dont turn up anything then try discover. anything? do you have a friend or someone that can make you an AU on an ax card? not that I am a huge ax fan but for where you are they would be great imo

Re: first time credit in 18 years

wheretostart518 — Sun, 22 Dec 2019 03:34:18 GMT

hi finstar thank for reply, yes i am Chase private client but they declined my reserve application i dont know.. i do also bank with Bank of america and a bit of Wells fargo but all under 80k or so over past few years and haven't actively use

Re: first time credit in 18 years

wheretostart518 — Sun, 22 Dec 2019 03:48:19 GMT

hi bourgone thanks for reply, i was raised thinking credit card was a debit card and everyone usually just says credit card for anything so i didn't pay much attention to it for much time..i know a little cause my parents would argue alot about my "credit" when i was around 18-20 and i caught a jist but ignored most haha

american espress look like really good cards too... i just now tried prequalify and says no offer matched for you at this time... should i apply? discover says same thing. what is a ax card? thanks for advice i didn't know prequalify for credit card was a thing... will ask friends on AU card, they can give me card without me applying is what that is?

Re: first time credit in 18 years

bourgogne — Sun, 22 Dec 2019 03:48:28 GMT

@wheretostart518 wrote:
hi bourgone thanks for reply, i was raised thinking credit card was a debit card and everyone usually just says credit card for anything so i didn't pay much attention to it for much time..i know a little cause my parents would argue alot about my "credit" when i was around 18-20 and i caught a jist but ignored most haha

american espress look like really good cards too... i just now tried prequalify and says no offer matched for you at this time... should i apply? discover says same thing. what is a ax card? thanks for advice i didn't know prequalify for credit card was a thing

just take it slow. do you have any military in your family? I am thinking nfcu if ax and discover did not pre you. ax = amex. forget type of cards, you need a start. do you have somebody to give you a few cards. once you have that your scores will shoot up and it will be much easier. I help a friend who is 52 and she never had credit up until 2 years ago. I gave her 3 cards and now she has a new car and $150k in credit. a few biz cards, etc. chase is a tough nut, they care more about history than anything. military?

Re: first time credit in 18 years

bourgogne — Sun, 22 Dec 2019 03:50:15 GMT

did you run your credit at experian? if not do a $1 trial and cancel it. post all 3 of your fico 8 scores here. do not cold app, let work the problem a bit

Re: first time credit in 18 years

FinStar — Sun, 22 Dec 2019 03:50:22 GMT

@wheretostart518 wrote:
hi finstar thank for reply, yes i am Chase private client but they declined my reserve application i dont know.. i do also bank with Bank of america and a bit of Wells fargo but all under 80k or so over past few years and haven't actively use

Unfortunately, even as CPC, the CSR is going to have to wait until you have some established history. American Express can bear some fruit on the horizon (as far as revolving lines), but those scores may need to get a bit higher to qualify for a variety of their cards,. The charge cards could be an option, but it would be disadvantageous to be added as an AU on an AmEx card since the reporting history would not backdate.

Re: first time credit in 18 years

wheretostart518 — Sun, 22 Dec 2019 03:55:58 GMT

oh sorry.. i heard of navy union before but they say only military members unfortunately i don't apply :x

also yes i try experian but show no scores but credit karma does

Re: first time credit in 18 years

bourgogne — Sun, 22 Dec 2019 03:55:47 GMT

disadvantageous to be added to ax? I disagree, there is no faster way to increase scores, i have seen in first hand 8x in the past 2 years. his issue is both history and scores imo. I have given 3 cards to (2) 16 year old and both where in the mid 700s when they turned 18. both now have 3 ax cards. love all things chase but for thin nobody beat ax or nfcu imo

Re: first time credit in 18 years

bourgogne — Sun, 22 Dec 2019 03:57:05 GMT

@wheretostart518 wrote:
oh sorry.. i heard of navy union before but they say only military members unfortunately i don't apply :x

also yes i try experian but show no scores but credit karma does

wait a second. you are saying that nobody in your family has ever served?

Re: first time credit in 18 years

bourgogne — Sun, 22 Dec 2019 03:59:30 GMT

re experian, please verify - you have no ex, tu or eq scores? I find that hard to believe, after the trial did you refresh and get all 3?

do you have someone to give you a few cards?

Re: first time credit in 18 years

wheretostart518 — Sun, 22 Dec 2019 04:02:03 GMT

no army.. family is just me, wife and kids all under 10

yes all three says score unavailable.. will ask around for AU card but then i wont get rewards?

Re: first time credit in 18 years

FinStar — Sun, 22 Dec 2019 04:02:16 GMT

@bourgogne wrote:
disadvantageous to be added to ax? I disagree, there is no faster way to increase scores, i have seen in first hand 8x in the past 2 years. his issue is both history and scores imo. I have given 3 cards to (2) 16 year old and both where in the mid 700s when they turned 18. both now have 3 ax cards. love all things chase but for thin nobody beat ax or nfcu imo

The results will not yield the same for every profile. The OP can best benefit from a tradeline that can 'backdate' some of the history to boost scores, AmEx as a new [AU] account may not provide that benefit for a while. And, if the OP doesn't have a relative, SO, trusted friend or family member to be added, then the point is moot.

Re: first time credit in 18 years

bourgogne — Sun, 22 Dec 2019 04:03:12 GMT

@wheretostart518 wrote:
no.. family is just me, wife and kids all under 10

I dont mean to judge but you wife is under 10? lol. just messing with you. not to get personal but this is. your dad or grandfather did not serve? we are looking for lineage. what is your wifes credit situation? lots of ways to skin this cat, you have to work the angles. I love hooking people up with credit, you have come to the right place

Re: first time credit in 18 years

bourgogne — Sun, 22 Dec 2019 04:05:33 GMT

the OP has no F8 scores. being an AU on any card that reports will give him a score. right now his wife is looking good to me, credit wise lol

Re: first time credit in 18 years

wheretostart518 — Sun, 22 Dec 2019 04:08:33 GMT

no army at all.. haven't talked to parents in a decade or so very very few relatives that long in no contact, wife has no Social security number yet till next year

is there no where else to apply? what do i do first then

Re: first time credit in 18 years

bourgogne — Sun, 22 Dec 2019 04:08:26 GMT

OP: focus...forget cards and any benefits, miles, points, cashback, etc. you need a start, that is your only focus. you have no scores. no scores no credit. no credit no anything. if you wife has cards then you should jump on them. how about car loans or leases, how have you dont that? you pay cash for everything?

Re: first time credit in 18 years

FinStar — Sun, 22 Dec 2019 04:10:59 GMT

@wheretostart518 wrote:
no army at all.. haven't talked to parents in a decade or so very very few relatives that long in no contact, wife has no Social security number yet till next year

is there no where else to apply? what do i do first then

So, wife has no credit (CCs, loans etc.) in her own name correct?

Re: first time credit in 18 years

wheretostart518 — Sun, 22 Dec 2019 04:12:20 GMT

yeah.. only cash, wire transfers or debit cards since 1999

and finstar that's correct, she's rather new to USA tradition