topic Re: An interesting situation in Credit Cards

An interesting situation

Anonymous — Sat, 21 Jan 2012 01:39:32 GMT

My company just asked if I could go on a fairly prestigious business trip in approximately two weeks. I said yes. The kicker is that I do not have a credit card (I just graduated from college), and I would REALLY like to keep business expenses separate from personal expenses, although I could probably pay for the trip out of my checking account if I absolutely had to. The ideal resolution for me is to get a card I wouldn't mind owning for a long time with a relatively high starting line of credit, within two weeks. Not a tall order or anything . The dirty details follow:

Credit score: 680 Equifax, checked today (the good: nothing bad, the bad: nothing good)

Income: A bit over $60,000/yr.

Expected business expenses over 1-2 weeks: Hotel, car rental, gas, everything except airfare and food which are paid for in a different fashion. I don't think it'll go over $2000, but the more margin the better.

Basically, it boils down to (a) the company is absolutely good for it and (b) even if it wasn't for some reason, I could pay the darn bill myself. But, I need the card NOW, and I don't have time to approach banks individually and really don't want to send out 20-30 applications and filter what comes back. I already applied for a L.L. Bean Visa, and was turned down.

So, what's your suggestion? Any recommended cards or courses of action?

Thanks

Re: An interesting situation

afbar1114 — Sat, 21 Jan 2012 01:43:14 GMT

Try cap 1

Re: An interesting situation

LS2982 — Sat, 21 Jan 2012 01:44:44 GMT

@Anonymous wrote:
My company just asked if I could go on a fairly prestigious business trip in approximately two weeks. I said yes. The kicker is that I do not have a credit card (I just graduated from college), and I would REALLY like to keep business expenses separate from personal expenses, although I could probably pay for the trip out of my checking account if I absolutely had to. The ideal resolution for me is to get a card I wouldn't mind owning for a long time with a relatively high starting line of credit, within two weeks. Not a tall order or anything . The dirty details follow:

Credit score: 680 Equifax, checked today (the good: nothing bad, the bad: nothing good)
Income: A bit over $60,000/yr.
Expected business expenses over 1-2 weeks: Hotel, car rental, gas, everything except airfare and food which are paid for in a different fashion. I don't think it'll go over $2000, but the more margin the better.

Basically, it boils down to (a) the company is absolutely good for it and (b) even if it wasn't for some reason, I could pay the darn bill myself. But, I need the card NOW, and I don't have time to approach banks individually and really don't want to send out 20-30 applications and filter what comes back. I already applied for a L.L. Bean Visa, and was turned down.

So, what's your suggestion? Any recommended cards or courses of action?
Thanks

Do you have any credit cards at all in your name?? Installment loans?? Any Baddies??

Re: An interesting situation

Anonymous — Sat, 21 Jan 2012 01:52:06 GMT

Personally, I would stay away from Cap One since they tend to issue low limits ($300 or 500) to those new to credit.

Citi is a great bank and issues relatively high starting CLs, but I'm not sure if you would get one based on you having no open lines of credit.

For a safe pick I would go with Bank of America. My experience with them is nothing good, but nothing bad either - kinda like your credit score j/k

But for what they lack in customer service/rewards they do tend to be very generous with starting CLs - in the range of $2000 like what you're looking for if you just have a thin file and are not rebuilding.

I would take a look at their website and see what cards they have to offer. I assume their BankAmericard Visa is the easiest to get (no rewards) and 321 Cash Rewards would be the better long-term card (for the rewards) but may be slightly harder to get. Good luck!

Re: An interesting situation

Anonymous — Sat, 21 Jan 2012 02:01:21 GMT

LS2982 wrote: Do you have any credit cards at all in your name?? Installment loans?? Any Baddies??

College loans, less than $20k. I believe this counts as a line of credit. I do not have a physical credit card.

Re: An interesting situation

Anonymous — Sat, 21 Jan 2012 02:03:17 GMT

@Anonymous wrote:
Personally, I would stay away from Cap One since they tend to issue low limits ($300 or 500) to those new to credit.

Citi is a great bank and issues relatively high starting CLs, but I'm not sure if you would get one based on you having no open lines of credit.

For a safe pick I would go with Bank of America. My experience with them is nothing good, but nothing bad either - kinda like your credit score j/k
But for what they lack in customer service/rewards they do tend to be very generous with starting CLs - in the range of $2000 like what you're looking for if you just have a thin file and are not rebuilding.

I would take a look at their website and see what cards they have to offer. I assume their BankAmericard Visa is the easiest to get (no rewards) and 321 Cash Rewards would be the better long-term card (for the rewards) but may be slightly harder to get. Good luck!

Citi told me when they declined me they require that you have a balance on an existing card before they will approve you. Not just have another card but have a balance reported on that card.

So, given that, Citi is out.

Re: An interesting situation

LS2982 — Sat, 21 Jan 2012 02:06:23 GMT

@Anonymous wrote:
LS2982 wrote: Do you have any credit cards at all in your name?? Installment loans?? Any Baddies??

College loans, less than $20k. I believe this counts as a line of credit. I do not have a physical credit card.

You may have a hard time getting a decent limit card. Maybe try Cap1, yes it costs you 3 HP's but you'll be able to establish history.

Re: An interesting situation

jamesdwi — Sat, 21 Jan 2012 02:05:27 GMT

if you have any credit history it would help. I don't think any sub-prime card is going to give you 2k CL in 2 weeks. Even if you tried to going with a secured card from Capone or other companies it may not even be in your hand in 2 weeks.

Do you hae a Credit Union that you have a relationshop with, you may be able to make a secured card happen if you could get the $2k to deposit.

You can always get a pre-paid credit card not sure how they are excepted for travel like expenses, perhaps 1k in your checking account accessible via your debit card and pre-paid visa cards for the rest of your expenses.

Talk to your boss/manager about getting a company credit card at least temoraily, and be sure to have the company to pre-book and pay for everything possible to limit your expenses that you have to charge.

Re: An interesting situation

suebee123 — Sat, 21 Jan 2012 02:08:03 GMT

What about Amex Zync or Gold Charge card. It must be paid in full monthly, but they usually overnight the card (if approved) and they are not that hard to get. I got one last Oct with a 677 EQ Fico. Don't know what my Exp score was. It may be worth a try.

Re: An interesting situation

Anonymous — Sat, 21 Jan 2012 02:20:34 GMT

@suebee123 wrote:
What about Amex Zync or Gold Charge card. It must be paid in full monthly, but they usually overnight the card (if approved) and they are not that hard to get. I got one last Oct with a 677 EQ Fico. Don't know what my Exp score was. It may be worth a try.

That sounds good - I'll give it a shot. Other ideas?

Re: An interesting situation

LS2982 — Sat, 21 Jan 2012 02:22:11 GMT

@Anonymous wrote:
@suebee123 wrote:
What about Amex Zync or Gold Charge card. It must be paid in full monthly, but they usually overnight the card (if approved) and they are not that hard to get. I got one last Oct with a 677 EQ Fico. Don't know what my Exp score was. It may be worth a try.
That sounds good - I'll give it a shot. Other ideas?

I wouldn't try AMEX with no credit history. That's almost an instant denial (not guaranteed but your chances are slim)

Re: An interesting situation

Anonymous — Sat, 21 Jan 2012 02:25:38 GMT

@Anonymous wrote:
@suebee123 wrote:
What about Amex Zync or Gold Charge card. It must be paid in full monthly, but they usually overnight the card (if approved) and they are not that hard to get. I got one last Oct with a 677 EQ Fico. Don't know what my Exp score was. It may be worth a try.
That sounds good - I'll give it a shot. Other ideas?

can u b an AU on a family members card?

Re: An interesting situation

LS2982 — Sat, 21 Jan 2012 02:26:13 GMT

@Anonymous wrote:
@Anonymous wrote:
@suebee123 wrote:
What about Amex Zync or Gold Charge card. It must be paid in full monthly, but they usually overnight the card (if approved) and they are not that hard to get. I got one last Oct with a 677 EQ Fico. Don't know what my Exp score was. It may be worth a try.
That sounds good - I'll give it a shot. Other ideas?
can u b an AU on a family members card?

Re: An interesting situation

Open123 — Sat, 21 Jan 2012 02:34:35 GMT

With no history or existing open credit lines, it won't be easy. And, even if approved, I'm not sure the limit would allow you to easily spend $2k.

Your best chance would be to apply with where you do the bulk of your banking. In the credit world, no one really wants to be the first to give you a credit card. Usually, it's your bank that takes that first leap.

With no credit references, I'd avoid Amex, Chase, and Citi.

Re: An interesting situation

Smug — Sat, 21 Jan 2012 02:35:39 GMT

Barclays, or maybe a credit union.

Re: An interesting situation

Anonymous — Sat, 21 Jan 2012 02:36:41 GMT

@Anonymous wrote:
can u b an AU on a family members card?

Yes, I probably could, although I would rather remain the only one responsible. To clarify, my options right now in order of preference are:

My own credit card (charge card?)
Family member's card under my own name.
Pay directly out of my checking account.
Go begging on my hands and knees to my program manager for an alternate solution. I don't really want to do this.

To clarify, I am at this point looking for the best possible solution. That's where you can help me, I hope. I've already started to put some backups in place (for example, I talked with my family), but I hope I won't have to use them.

Sorry if I sound like an ass.

Re: An interesting situation

Anonymous — Sat, 21 Jan 2012 02:41:02 GMT

@Anonymous wrote:

Credit score: 680 Equifax, checked today (the good: nothing bad, the bad: nothing good)

I already applied for a L.L. Bean Visa, and was turned down.

You said Credit Score: 680 Equifax -- is that a FICO® score you bought here at myFICO? If you bought a credit score from Equifax, then, I hate to tell you this but, you paid for absolutely nothing -- because a credit score = (equals) NOTHING. A FICO® score, on the other hand, is what you need. And, if you have NO credit history, you have NO FICO SCORE.

If you have no FICO® score, that is why you were turned down for the LL Bean Visa.

I'm sorry but, I don't think you're going to get any kind of unsecured credit card in two weeks time.

Re: An interesting situation

jamesdwi — Sat, 21 Jan 2012 02:42:17 GMT

@Anonymous wrote:
@Anonymous wrote:
can u b an AU on a family members card?
Yes, I probably could, although I would rather remain the only one responsible. To clarify, my options right now in order of preference are:
My own credit card (charge card?)
Family member's card under my own name.
Pay directly out of my checking account.
Go begging on my hands and knees to my program manager for an alternate solution. I don't really want to do this.
To clarify, I am at this point looking for the best possible solution. That's where you can help me, I hope. I've already started to put some backups in place (for example, I talked with my family), but I hope I won't have to use them.

Sorry if I sound like an ass.

number 2 isn't as bad as it sounds, it will show up on your credit report as line of credit, 6 months after the trip you will be ready for a regullar credit card, after you get that card and keep everything clean for a year, you will be ready for American express zync possibly more.

Re: An interesting situation

Creditaddict — Sat, 21 Jan 2012 02:42:29 GMT

Your only chance is going to be something like Amex Charge but be sure company WILL refund within 30 days.

2. Possibly something like Barclay Priceline or PayPal MC... Barclay you can recon if they don't approve enough or deny when apply, tell them what you are looking for $3k! and it's for job that will pay back quickly

Re: An interesting situation

Anonymous — Sat, 21 Jan 2012 02:48:09 GMT

@Anonymous wrote:

You said Credit Score: 680 Equifax -- is that a FICO® score you bought here at myFICO? If you bought a credit score from Equifax, then, I hate to tell you this but, you paid for absolutely nothing -- because a credit score = (equals) NOTHING. A FICO® score, on the other hand, is what you need. And, if you have NO credit history, you have NO FICO SCORE.

I did buy it through the site -

Are the site results in some fashion not valid? As I said, I'm very new to this.