topic Re: My Jeweler's Club/New Coast Direct Benefits or not. in Rebuilding Your Credit

My Jeweler's Club/New Coast Direct Benefits or not.

Anonymous — Sun, 10 Nov 2019 23:15:51 GMT

I've read that if you open a secured credit card with a $500 limit, that after a while you will eventually be offered unsecured credit cards with a similar SL. At the same time, I've read that if you open a secured credit card with a $3-$5K limit, that you will eventually be offerd unsecured credit cards around a similar limit.

With that said, many people have stated that a few months after getting My Jewelers Club and/or New Coast Direct $5K tradelines on their credit that the same exact thing happened to them, meaning they were eventually offered unsecured credit card with $5K SL, has anyone experienced this? If so, could you breifly explain the routes you took?

Thanks in advance, as I'm considering taking dvantage of these tradelines.

Re: My Jeweler's Club/New Coast Direct Benefits or not.

Jnbmom — Mon, 11 Nov 2019 00:20:00 GMT

What does your profile look like? Do you have any cards? What negatives do you have? Do you know your FICO scores?

I highly suggest you stay away from overpriced catalog cards. Discover offers secured cars that graduate ,cap one offers but don’t graduate.

We need a better idea of your profile so we can make suggestions .

Re: My Jeweler's Club/New Coast Direct Benefits or not.

Anonymous — Mon, 11 Nov 2019 00:40:19 GMT

I didn't want to go that deep, because I didn't want to write an essay of a post.

My credit is in the low 600's, I have four secured cards, three unsecured card and several store cards, all with zero balances or less than 7%, I have had no late payments and my credit improve from the low 400's to where I am now, because of student loans.

My only concern was whether or not a $5K Tradeline from New Coast Direct & My Jeweler's Club, would get me better offers than $500 to $1000.00 credit lmits?

One guy claims to have $38K in defaulted student loand and other derogs and started with a 412 FICO, obtained secured cards and then got NCD and MJC and that's when the $5K unsecured credit card offers started to come in.

Re: My Jeweler's Club/New Coast Direct Benefits or not.

Anonymous — Mon, 11 Nov 2019 00:43:23 GMT

Also, several Credit Card YouTube channels have stated that credit card issuers will only offer you credit comparable to what you've been using and suggested that you put $5K on a secured card and if you can't afford to do so, place what you can, and add more in hundred dollar increments until you hit the max and you will get unsecured offers similar to that credit limit, because that's what he did.

Re: My Jeweler's Club/New Coast Direct Benefits or not.

Jnbmom — Mon, 11 Nov 2019 00:50:16 GMT

You appear to have enough cards . You don’t mention what unsecured cards you have and depending on the cards they should be able to grow .

Re: My Jeweler's Club/New Coast Direct Benefits or not.

Anonymous — Tue, 12 Nov 2019 21:19:35 GMT

Couple of factors here. Since your score is in the low 600 there are a limited number of CC available to you. The ones that are, tend to only offer lower limits. So you are never going to get high limits from them...for now. Exceptions are credit unions and maybe Cap1.

But what you saw on YouTube does have merit. Most CC decisions are automated. Once you are approved (thats the key factor) the CC algorithms tend to look at your current limits when setting your limit. (Before anyone goes nuts, this is one factor in many). Many banks do not want to give you a limit far out in front of your other limits. There are exceptions of course. Some banks try to be your daily driver by offering you a limit "out in front" of your other cards. So yes, 5000 limits can help once you are approved.

My personal belief (no data to back this up) is that if your app goes to manual review a live human underwriter will disregard my Jewelers club, New Coast and some of the other "padders". They access forums and youtube too. Lol. I have seen post from people trying to get the flavor of the month and being shut down by UW who specifically mention the influx of apps from "internet post". ymmv

Re: My Jeweler's Club/New Coast Direct Benefits or not.

Lostinthegame — Wed, 13 Nov 2019 07:09:59 GMT

Myjewlers and new coast direct are 5k guaranteed limit cards but you can only purchase products through their website and all are overpriced.

These cards are intent to help you rebuild/lower your utilization. You're not supposed to used them regularly. One payment and done! Keep in mind that new coast direct only reports to TU and EQ.

Both helped me lower my utilization, and I now have other cards but I'll pay the annual fee to keep them for one more year.
Hope that helps.

Re: My Jeweler's Club/New Coast Direct Benefits or not.

FireMedic1 — Wed, 13 Nov 2019 08:08:31 GMT

And here lies the problem: " I have four secured cards, three unsecured card and several store cards" So looks like 14 accounts probably in a short time frame. More credit or higher credit lines doesnt mean higher scores. You may have gone hog wild and kept getting toy limits and will keep getting the same. No apps for at least a year. Then try one of the bigger banks. You dont need any more accounts added to your profile for now. You need time and let your profile rebound from all these accounts. Good Luck!

Re: My Jeweler's Club/New Coast Direct Benefits or not.

Anonymous — Wed, 13 Nov 2019 08:50:07 GMT

^^^ In order to get actionable info you have to detail what you presently have and a chronological order would help as well. There is much info that can be derived and used to your benefit going forward once revealed. The secured card info would detail if you even need to do anything else for the next 2 years. The unsecured cards would tell a whole nother story as well. Limits received, when and by who will give you a roadmap for the foreseeable future. Continuing to app even without a HP hit such as in the case of MJC could be detrimental to your profile. Not all tradelines are created equal. If you want to get a physical at the doctor's office you have to strip down to your skivvies No getting around it. We've just about seen it all up in here. This is the no judgement zone... well unless you trash the TOS

Re: My Jeweler's Club/New Coast Direct Benefits or not.

Anonymous — Wed, 13 Nov 2019 12:11:27 GMT

@Morpho

Because UW(live people) will disregard AU tradelines and tradelines like MJC/NCD, is the primary reason, I've yet to sign up for these tradelines, as just like their are people on YouTube(including those with 80K plus subscribers) who promote these tradelines, there are also people on YouTube who have aslo stted that banks, credit unions, moratgage companies, car dealershps and credit card issuers aren't stupid, they know of tradelines like MJC/NCD and won't consider them,

If I did take advantage of MJC/NCD it would be to get that $10K tradelines(collectively) and sit on them(garden) for 10 months to a year and right before it's time to renew, hope the fact that I have used my secured cards/store charge cards perfectly, nevr missed a payment, while keeping my utilization below 7% (AZEO) and not applying for anything for at least a year, boosting my score, hoping that would entice some creitors to pre-qualify me for prime cards(even bottom teir cards, as at this point, I simply want to get my feet in the door).

Thanks for your advice.

Re: My Jeweler's Club/New Coast Direct Benefits or not.

Anonymous — Fri, 15 Nov 2019 03:59:08 GMT

Thank you.

My "GOAL" is to obtain a foundation of aprox' 10 prime credit cards ranging from $10K at least to realistically $25k or more.

The Chase Trifecta, a couple of the AMEX upper teir cards, Capital One Savor, Citi and so on, then once I have my foundation, then I will simply sit on those cards and only apply for can't miss promotions, allowing my foundational cards to age for a couple of decades.

Re: My Jeweler's Club/New Coast Direct Benefits or not.

FireMedic1 — Wed, 13 Nov 2019 13:33:48 GMT

We would all like to have what you describe. But that will take yrs of rebuilding or building from fresh almost the same time period. Just to remind you like I do others. FICO could care less whats the name on the card. How big the credit line is or the total amount of credit you have. Its how you use it and let it report. The rest is just is just what will work for you. I DO NOT brag on here. But I have no big boy bank credit cards. But I am doing pretty well without a Chase, AMEX, BoA, Citi, ect. Me personally. I dont care what others place in the card machine in front of me. I care that everything I purchase I get something in return for using a banks card. You wont get interest outa my greek hind end. Good Luck!

Re: My Jeweler's Club/New Coast Direct Benefits or not.

Anonymous — Wed, 13 Nov 2019 22:28:28 GMT

Not knowing how many "Prime" cards you have now I would have to assume its on the low to non-existant at this stage if youre considering adding the padding from MJC and NCD. Keep in mind that a decent indicator that you need to garden is your SLs decline significantly while your denials increase significantly. At that point the only thing to do is cool the jets and let your profile age. There is a point where you will be flagged as "seeking credit" which will put the brakes on any activities including CLIs for a while until they release you from detention.

One thing to keep in mind if youre going to use MJC and NCD is they charge AFs of $100+ I believe in addition to the entrance fee/initial purchase. If you are on a forced "pause", that first year fee will most likely not be as beneficial as if it could have been if you waited another 6 months before you add them. There is also the theory of canceling before the AF re-up but I'm sure they will make sure to get paid before the 12 months is up. Again this is based off of thin data as to your present profile. The UTL bump is real just have to know when to strategically apply it.

As stated any "manual" reviews or recons may disregard it as a legit TL for SL consideration but the other magic FICO fairy dust calculations will still throw you some benefits. Just try to "sprinkle" if you must the sub cards if you really dont need them and not spread them too thick. Lipstick on a pig analogy comes to mind. No knock we've all been there and have been tempted if not outright went full bore some still deny any recollection to this day

Re: My Jeweler's Club/New Coast Direct Benefits or not.

Anonymous — Sun, 17 Nov 2019 21:50:42 GMT

Well, unless the good lord calls me home, all I have is years.

I'm somewhat upset that I didn't start my rebuild immediately after the '08 financial crisis, but I'm not certain if secured credit cards existed way back then, as I would have had a few seasoned cards already.

Like you I don't brag. I simlpy want to reap the benefits of maturely and properly managing credit cards, as I adopted the Dave Ramsey method of paying cash(Debit 90% of the time) for everything, since I was a punk kid.

Finally I travel a ton and I stay at Marriott properties at a minimum of sixty times per year and would like to obtain travel/cash back cards that was add to my hotel experience. I somewhat feel silly for not starting my rebuild a decade ago, as I've wasted a ton of benefits using cash(debit).

But, I've learned my lessons and will use my cash back credit cards for 90% of my purchases and services.

Re: My Jeweler's Club/New Coast Direct Benefits or not.

Anonymous — Sun, 17 Nov 2019 02:34:18 GMT

@Caneaus2020

Yep... A lot of us here are 08' victims in some way, shape or form. My situation was I did the real estate thing just prior the downturn and had no use for credit after the mortgage was implemented. Lived cash/debit only for years until recently wanted to make some moves and credit score was non-existant... blank file. Wake up call for sure. Some curveballs along the way made it interesting times. Now I fully live by "Have it and not need it than need it and not have it". Building is a process that should never end. In your case you have some golden opportunities to utilize the travel rewards in a big way. Makes it all the more worthwhile.

Re: My Jeweler's Club/New Coast Direct Benefits or not.

Anonymous — Sun, 17 Nov 2019 21:58:54 GMT

Well said.

Where was all this information when I was young? Where was all this information in '08? The inforamtion obtained from these message boards and others should be a mandatory course in every highschool in the country.

I love my cash back credit cards, as the "only" issue of concern is using it at Walmart, as "some" Walmart's don't code as a grocery store, which is reduces my cash back from 3% or 2% all the way down to 1%, but you live and learn and I now know what each of the six Walmarts in my area code as, something extremely pertinent when Black Friday is a few weeks away.

Re: My Jeweler's Club/New Coast Direct Benefits or not.

Anonymous — Sun, 17 Nov 2019 23:35:25 GMT

Its all about the data. Knowledge is power. Absolutely correct that this aspect of personal finance should be mandatory but you also have some big players that profit from the general public not understanding the rules. Caveat Emptor.

The credit game changed in a big way after 08' and is again changing today. There is a reason for it and similarities are striking. Keep UTL low and CLs healthy as one of the first moves that could occur is balance chasing. Not fun to see UTL skyrocket and scores plummet in the same breath. Not predicting anything but use the knowledge here to the fullest and youll always be ahead of the game.

Re: My Jeweler's Club/New Coast Direct Benefits or not.

Anonymous — Tue, 19 Nov 2019 00:59:38 GMT

With the looming recession coming, things are only going to get worse.

I've read all the horror stories from '08 when card issuers started closing accounts or reduce CL causing people's utlization to skyrocket!

When it comes, i'm still going to use my cashback cards, but, i'm going to use them and then pay them off the next day or two.

I'm not going to give them the opportunity to reduce my limits and hang me out to dry!

Re: My Jeweler's Club/New Coast Direct Benefits or not.

Anonymous — Tue, 19 Nov 2019 02:32:50 GMT

Exactly. In the end the banks are a business and will use every avenue available to increase revenue and decrease risk. By cutting CLs they know the effects on scores and therefore APRs increase as does the likelihood for late fees and balance overages = more fees. Use what they give intelligently and adjust accordingly as necessary.

Re: My Jeweler's Club/New Coast Direct Benefits or not.

fishbjc — Fri, 06 Dec 2019 17:45:42 GMT

You had to go mention the '08 crisis. My head still hurts from it!