Question from a sudden millionaire!

[Anonymous]

I definitely realize how lucky I am! I have met with several financial planners already, and have started discussing plans to make my good fortune grow. It may sound silly, but during football season I am on the road 4-5 days per week...except last season when I couldn't afford it...and it is just easier to travel with a decent credit card. I just spoke to Navy Federal and if they won't approve me for unsecured, I'll definitely go with a secured card. They assured me no one would know the card is secured. I just want to avoid any hassle when traveling. I then spoke to AmEx and the lady told me they consider everything when making a decision like that, but she was pretty nice.

I just wanted to mention this here without posting any personal info, because these forums really were a great asset to me in getting my credit cleaned up a couple of years ago. I would spend hours here, searching out and reading info. Losing my job was terrible, but if I hadn't overextended myself I probably could've avoided destroying my credit until I found new employment.

[jacetx]

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@Anonymous wrote:

I've been reading these forums for a couple of years, and always enjoyed them. They helped me get my credit report cleared, and a nice portfolio of cards a couple of years ago. I had Chase, AmEx, Citi, Navy Federal, Discover, Bank of America and a host of other cards with around 85,000 total credit limits. I lost my job a year ago, and my credit went to the dogs again. I couldn't pay my bills, and now I have charge offs and a host of 120+ day lates on my credit report, that will obviously stay around for years.

So, I am related to someone that won a huge sum in the lottery...and no, I'm not messing with you. In a few days I will get my share and have over 15 million in my account. I plan to pay off all collections and whatever else the card companies will accept. I'm hoping they'll all let me pay them directly, in full. With my horrid credit rating right now, but considering my rather large assets, what are the chances Chase, AmEx, Navy Federal, Bank of America, and Discover let me back in? If they do, will they give me a good limit? I don't know if I should even bring it up to them until I pay everything I owe.

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Like others suggested, open a couple secured accounts and put as much money as the bank will allow you. Use and pay those cards and start rebuilding a positive payment history again. You could hire someone to work on removing those negatives but keep in mind if those are reported correctly no one will be able to remove them until the 7 year reporting period passes. Congrats and good luck! 

[Anonymous]

What's your score? Navy federal should give you a regular visa. Create a business for your sports support/work/travel. Whomever you are personal assisting. So your travel can be your business expenses.

[renclan]

If the issue is just needing cards for travel, you can try to get secured cards in the meantime. That way you still have a card to make things easier during travel. The assets definitely wont erase the history. You could try to negotiate with the collection agency to do a pay for delete. Since you will be able to afford the full amount of the debts, you might be able to get some taken care of since they won't have to settle for less money. Some collection agencies refuse pay for deletes, but it's worth a shot.

I would look into secured cards and the highest limits they allow. Maybe the bank where you put your money will work with you. Good luck!

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@Anonymous wrote:

It would just be easier for travel to have a couple of good cards with at least a 10,000 limit. Debit cards and cash are good for most things, but vehicle and hotel rentals can be a pain if you don't have an actual credit card. That was my main concern with hoping to get back in with a couple of card issuers.

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[Creditaddict]

1. Lets start with something you said on page 2 about meeting with financial planners to make your money grow and I'm instantly reminded of a Suze Orman Episode in one of her final years... No Matter what age you are if you receive $15M you do not need it to grow you need it to be SAFE!  Don't pay someone hundreds of thousands of dollars a year to put that kind of money at risk in the market.... if you insist on being in the market and trying to grow money, put 10% AT MOST in the market, everything else should be SAFE SAFE SAFE.... A CD earning 1-2% will given you a nice yearly income to live on alone!

Anyway, just my 2 cents on financial advisors and that much money

2. don't let anyone talk you into some whole life insurance either.

3. get a will, living will, revocable trust made right away once you have the money

4. now the credit... Call up each collection and offer pay in full for delete, unless it's medical they are very unlikely to accept a delete... just pay in full anyway... you can try after it updates paid in full to have the collection deleted on your end... many companies will not care about the file once they collect and might let it go through the dispute process.

4a. Each bank probably has a "Private Client" Level... (Chase is $250k) go into each bank and find out what that level is and park more than that! Those private bankers can get a credit card pushed through based on your level with the bank.

4b. Navy is probably going to be your quickest and easiest to work with... after everything is paid off put some serious money on hand with them and they will do good by you... good place to diversify another $250k savings to be under the max government protection, a CD or two at some great rates, and a checking account and then apply for credit card.

[Anonymous]

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@Creditaddict wrote:

1. Lets start with something you said on page 2 about meeting with financial planners to make your money grow and I'm instantly reminded of a Suze Orman Episode in one of her final years... No Matter what age you are if you receive $15M you do not need it to grow you need it to be SAFE!  Don't pay someone hundreds of thousands of dollars a year to put that kind of money at risk in the market.... if you insist on being in the market and trying to grow money, put 10% AT MOST in the market, everything else should be SAFE SAFE SAFE.... A CD earning 1-2% will given you a nice yearly income to live on alone!

Anyway, just my 2 cents on financial advisors and that much money

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I agree 100% on keeping advisor fees down but the OP is obviously young and it should be approached differently.  By no means am I saying "high risk" but it is foolish to not take advantage of this gift and grow it.  In no way (if approached properly) would you look at hundres of thousands of dollars in fees.  There are MANY good, even safe(ish) options to grow this money.

Why not grow it?  I mean you could say grow it for:

A) Grow it for his future and the future of his family. 

B) IF you grew it to "x" level you can then even get going with philanthropy of his own doing and passion. 

C) None of us knows what the future holds.  IF you grow this then the sky is the limit (within non-Buffett realms, lol).  Fulfill dreams you may have never felt was possible.

D) Starting a business one day?  This enables you to safely hedge the risk of your finances of your family should the venture fail.  Who knows?  It might be the verge of      the next great thing.

[Creditaddict]

It's going to grow no matter where you put it I'm saying your goal should be to create enough interest to live off. you can invest, I just wouldn't invest more then say $1 million in anything that has the opportunity to go down in value!

[MyLoFICO]

First things first, Congratulations and I hate you, in a good way.

Now, as for the debt, pay it all off. Wait about 6 months and try their pre-qualifier sites. If they let you in, they let you in. If not, just wait longer, its not like you NEED them. Even if it takes a year or two that is still shorter than not paying it.

p.s. If you need a long lost brother, I can be that person. Just throwing that out there, brother. 

[MyLoFICO]

You could be the first person with a Credit One secured card with a 10k limit.  

[MyLoFICO]

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@Anonymous wrote:

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@SecretAzure wrote:

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@Anonymous wrote:

I've been reading these forums for a couple of years, and always enjoyed them. They helped me get my credit report cleared, and a nice portfolio of cards a couple of years ago. I had Chase, AmEx, Citi, Navy Federal, Discover, Bank of America and a host of other cards with around 85,000 total credit limits. I lost my job a year ago, and my credit went to the dogs again. I couldn't pay my bills, and now I have charge offs and a host of 120+ day lates on my credit report, that will obviously stay around for years.

So, I am related to someone that won a huge sum in the lottery...and no, I'm not messing with you. In a few days I will get my share and have over 15 million in my account. I plan to pay off all collections and whatever else the card companies will accept. I'm hoping they'll all let me pay them directly, in full. With my horrid credit rating right now, but considering my rather large assets, what are the chances Chase, AmEx, Navy Federal, Bank of America, and Discover let me back in? If they do, will they give me a good limit? I don't know if I should even bring it up to them until I pay everything I owe.

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Honestly, I wouldn't expect it would take long for Amex to send you an app for the Centurion (black) card. If you have an account, I would log in and update your "assets" section there. They will probably want proof so don't do any of this until you have the documentation. I'd go update this info with all the accounts you have.

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One more thing OP:  if this is legit and not a troll post I would find a financial planner that can be trusted ASAP.  I would also recommend keeping a low profile approach with liife going forward or you are going to suddenly find a bunch of new "friends" that will not have your best interests at heart.

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My favorite brother in the whole wide world doesn't need your advice.