Question from a sudden millionaire!

[Anonymous]

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.

[Anonymous]

The history is still going to be there...it may take a while. These banks have long memories.

[Loquat]

If what you're saying is true and you're truly coming into that kind of $$$, pay ALL of your creditors and who cares if they let you back in right away...you'll have enough cash to do just about anything you'd want to do anyway.  

[Anonymous]

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.

[Superpet39]

If you want you could always open a few HIGH LIMIT secured cards drop the max(10k I think ) in deposits, and start over that way. I know Wells Fargo has a secured card like that.

between that and paying everyone off you owe, I can't imagine how that wouldnt jump start your scores again.    It might sound crazy  to us to tie 50-70k up in the bank for secured CC's but you wouldn't feel it at all.

congrats!

[SecretAzure]

---

@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.

---

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.

[Anonymous]

---

@SecretAzure wrote:

---

@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.

---

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.

---

Highly, highly unlikely.  Yes, assets do matter to a certain extent, but a past credit history would likely play a substantially greater indicator of what card they would allow him to have.  Suddenly coming into 15M doesn't automatically disqualify the risk model (although as always exceptions most certainly happen).

OP, yes one of those banks may roll the dice if you are bringing 15M in deposits but I would still see them taking their time and watching your future history before going "all in".  I am  not saying this is "you" but banks have countless encounters with folks who win the lottery or come to a great inheritance and blowing it all away in a relatively short period of time.

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.

[steelers1]

I would take $15 mil and bad credit over paycheck to paycheck and 850's across the board

to answer your question "WHO CARES" with 15 mil in the bank you don't need credit EVER!

[SecretAzure]

---

@steelers1 wrote:

I would take $15 mil and bad credit over paycheck to paycheck and 850's across the board

to answer your question "WHO CARES" with 15 mil in the bank you don't need credit EVER!

---

While this is true, it's always good to have a fall back. What if he gets sued for all of his money? Or buys property or assets then gets divorced? He has nothing to fall back on! Too risky to not have good credit when you absolutely are able to. Just my two cents.

[Anonymous]

Here is what I would do: With my navy federal account open a business account after establishing a business entity, s-corp. Get trade lines and credit cards in the business name. If I didn't have NFC I would do this with another bank, after trying really hard to get a NFC. I would update my assets with documentation to any credit holder that declines me. I would get 5 maxed out secured cards. I would hire someone to remove all inquiries and any derogatory they can. I would make sure there are no collections or judgements. I would do the shopping cart trick with Total Rewards Visa and provide proof of income once approved. I would go back 3 months later and do another round of credit card apps after reporting to the Bureaus my CEO position from my S-corp and how much I pay myself on my apps. If I were your financial advisor these are some of the things I would do. By summer I would have myself several cards I pay off most of the balance before month's end and a business entity I would conduct myself under. Maybe buy a few Internet business, develop some mobile apps, and buy some real estate and REITs. Then I would establish my credit in other countries.