Re: Helping my cousin...start from scratch @ 50!

injustifiiable · ‎08-02-2014

Soooo now that I've done a lot of work dealing with my own credit, I now have a family member coming to me for advice.

We actually sat down and pulled his three credit reports online yesterday. All three are completely blank, except for a bunch of inquires from when he and his wife went car shopping last year. He was telling me that the dealer told him that he didn't have any scores at all.

So...here's the fun part...he wants a credit card! He was saying that he wanted a Chase card, and I kindly burst his bubble telling him that Chase probably wouldn't approve him. He had a Capital One card a long time ago and would rather not deal with them again (though I told him they would probably be the only one that will take him!)

Where do you think we can start with him? Barclays? Citi? BoA? Discover? Any suggestions would be great! Thanks all.

coldnmn · ‎08-02-2014

If unwilling to try Cap1 my suggestion is to get a secured card for six months to avoid inquiries and denials. Then after six months try for a unsecured card.

https://www.sdfcu.org/emv-creditcards

Discover IT $17k / US Bank Ace (VSig) $13.5K / US Bank Cash+ (VSig) $13.5k
Sam's Mastercard $15k / Walmart Mastercard $10k / Blispay $7.5k PayPal Ex MC $10.8k
CareCredit 5k / Husq $5k / Cap1 QS $4.5k / Barclay Ring $5.35k / Citi DC (WMC) $12k
Gardening Date 7/01/16 / MyFico 08: EQ 801 / TU 777 / EX 771 / 06/08/17

SOGGIE · ‎08-02-2014

@coldnmn wrote:
If unwilling to try Cap1 my suggestion is to get a secured card for six months to avoid inquiries and denials. Then after six months try for a unsecured card.

https://www.sdfcu.org/emv-creditcards

+1

Life was a lot simpler when what we honored was father and mother, rather than all major credit cards. ~Robert Orben

hizzaah · ‎08-02-2014

I assume he uses a bank.. Who does he currently bank with?

QuickSilver - $20,000 | Amex ED $12,000 | Commence $5,000 | IT $2,200 | Freedom $2,000

pip3man · ‎08-02-2014

his/her best bet is really Cap One but if he doesn't wanna go there, then like someone suggested he should put down some cash and get a secured card

Anonymous · ‎08-02-2014

Best action would be to get a secured card that will auto graduate after 12 months. Put as much as they can reasonably spare into the card so they report a good CL. They could then try for cards after 6 months, but I would suggest waiting for the card to graduate and report as unsecured, then go for the Chase card they want.

Anonymous · ‎08-02-2014

Plz refrain from Comenity Cards.

Try Shell Gas Card, Cap1 Platinum & Bank of America secure card other than SDFCU

You will have to recon probably for all but its worth a shot

hilarybanks · ‎08-03-2014

Just curious, why does he want to start now? And how does he have no scores - has he been cash only? (Not even a mortgage?) Fascinating.

Helping my cousin...start from scratch @ 50!

Get your FICO® Score for free

Helping my cousin...start from scratch @ 50!