Negativity is not helpful

[asking4afriend]

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@Horseshoez wrote:

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@asking4afriend wrote:

Reading and compre

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@CreditPoor wrote:

@asking4afriend  With the provable income you've mentioned and your enormous savings, most countries consider factors like financial stability and ability to support yourself without relying on public assistance. I would think that with your incredible income and savings that should meet the requirements. 

Again, your expectations and the limits of credit you desire within the amount of time aren't realistic by any stretch of the imagination. 

Keep us updated if you do get those approvals because I'd like a few more high limit cards with low threshold requirements 

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Reading is essential. I have high income potential after graduation but I  am working the minimum amount at this time to concentrate on my coursework. Yes, I know there are some people who become jealous at the thought that someone else has enough money saved to buy a home without needing a mortgage. But, if you have an IQ that is high enough to pass Multi-Variable Calculus, Discrete Math, and Linear Algebra you might want to focus on a career in  ML/AI/FinTech so, you can have "enormous" savings and earning potential as well. Not everyone can do it that's why the PAY is high. 

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Keep in mind not one shred of any of that matters for credit today, or anytime soon.  I am a Tech consultant, I have a high(ish) income in the range you're talking about, have significant investments and savings approaching 7-figures, very little debt (a single vehicle loan about 65% paid off), and I only have one credit card barely over the $20,000 threshold.  The reality of your situation is unless/until something nearly miraculous happens, you aren't going to get the kind of credit you're seeking.

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My response and "tone" was intended to match the response and "tone" of @CreditPoor. I have thanked those that earnestly tried to help or just wanted to share their experiences. I will do more research, moving forward, without asking for additional advice via this forum. 

[CreditCuriosity]

Take out a hard money loan or similar and not talking about one that is backed by real estate etc but by some mean individuals if you don't pay it with a 50% or whatever interest back as the credit route you are seeking won't happen.  Best of luck on your ventures

[CorpCrMgr1]

An apartment may be your best option until you are able to raise your CL and score. Two or three years will go fast. Give you a chance to acclimate yourself and pick out a place to live.  Good luck!

[Slabenstein]

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@asking4afriend wrote:

But, if you have an IQ that is high enough to pass Multi-Variable Calculus, Discrete Math, and Linear Algebra...

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[SouthJamaica]

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@asking4afriend wrote:

I have enough saved to buy a home without a mortgage. 

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It would seem that the easiest way for you to accomplish your goal would be to get secured credit cards.

[danzig47]

As a DP, can we ask what country the visa is for?

[Traveler101]

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@danzig47 wrote:

As a DP, can we ask what country the visa is for?

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Perhaps one without extradition to the US? Reading this makes no sense. It reiks of a bust out and leave banks hanging. Sorry, but I can't see any lender giving you what you want. First Tech can dish out huge limits, that is true. But you had better be able to either grant them permission to view accounts via plaid, or supply them with whatever financial documents they want. 

While many can give out huge credit lines, it is to those generally who have a history of larger lines. Many do not want to be the first. It takes time. That apparently is something you are short of. 

Keep in mind too. Banks ask for your email. I'm hoping you are aware the technology is available to use emails and do a search to social profiles. I know my insurance company does that and admits that in disclosure.  Are banks using that? Who knows. Anything is possible anymore. If that were the case, I don't think you would stand a chance based on your original post.

Best of luck to you. Perhaps a better paying job and future goals may be a better option.

[Thomas_Thumb]

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@FlaDude wrote:

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@Rogue46 wrote:

I just went back and read your original post a few times and honestly I don't see a path anywhere to get you what you need. Your highest limit card is $6000 and generally speaking other banks usually won't stray too far from that same amount if you opened a card with them. 

It would be almost unheard of for a new bank to go out on a limb and offer you several times that amount especially being a new relationship.

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Banks are wary of the potential for bustout fraud so it just takes time to build up the big limits.

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@asking4afriend 

^ Exactly this - Issuers are concerned with bust out fraud. Having high net worth does not reduce risk of fraud. Nor does a high reported income. Card issuers want to see an established positive payment history with revolving credit. What is an established history? Typically 2 years minimum. Until then, getting 5 figure starting limits seems optimistic regardless of income.

Are there options for secured credit cards with high limits the OP's friend could investigate? What about a personal lines of credit (PLOCs)?

Side note: Some credit card issuers may look at ChexSystem score in addition to credit score. It is a type of fraud risk score. A low Chex score can trigger denial of cards, opening or membership to credit unions.

This score is adversely affected by recent address changes, changes in phone numbers and new account openings.

[FicoMike0]

Is it affected by being on the No fly list? Being an authorized user on Scam Bankman-Fraud's account?

[Thomas_Thumb]

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@FicoMike0 wrote:

Is it affected by being on the No fly list? Being an authorized user on Scam Bankman-Fraud's account?

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I can't speak directly to the no fly list. ChexSystem does have a "customer on hot list" notification.

Read thru the below thread regarding ChexSystems. Message #12 includes a screen print of a table listing factors that impact Chex score. Message #6 includes a table with scores by groups and associated risk. Just over 45% of the adult population does not have a Chex score - myself included. Why no score? This database focuses on potentially suspicious activity that gets reported to it primarily by banks. Reported data is then run through the algorithm and transformed into a risk score. If no activity is reported under your identity, you are unscored and assigned a value of "9999"

https://ficoforums.myfico.com/t5/Personal-Finance/WTH-is-up-with-my-ChexSystems/td-p/5289348/page/2#