Young portfolio - best strategy to move towards dream setup ASAP?

[futa]

@Aim_HighThank you, also for your comprehensive input!

I could try to open a checking or savings account with US Bank, not sure if that would require me to go to a branch as I did with Citi or Bank of America. At this point with my credit report I have more data in the systems for verification. But I know that bank accounts for people with limited history or foreigners with only ITIN can be a bit more tricky to open remotely. Yes, I'm not in the US, will be at some point again, but uncertain as to when exactly.

I did read that the USB AR is notoriously difficult, even with more established history. Hence my consideration to get a Krogers Mastercard or Altitude Go. The Altitude Go makes less sense as I already have the SavorOne and I usually don't eat out much or rather it depends where I am.

Would prefer a credit card over having to park cash with another account.

I'm actually at 0/6 6/12 at the moment, just some days outside of 1/6 5/12 now. I was fiddling around and withdrew a Platinum Secured card and then went again for the SavorOne, was a bit tricky to get started with Capital One, that got me 3 inquiries with Capital One sadly. Wasted 2 with US Bank for the Altitude Secured Go and abandoned that when I learned that back then they would never graduate it unless I can provide an SSN and having to fax in documents. Now they accept ITINs, directly of all cards. 1 is from Synchrony for an Amazon Secured Store card where they wanted I send in paper documents even though I already did. After I got my one unsecured and one secured credit card I found that too annoying. At least some of them have resulted in a reportable account with C1.

I'm considering to wait until I reached one year of credit history since my first card on July 2024. That would put me at 0/6 3/12 3/24, with all 3 inquiries being before I got my first card. Maybe the US Bank Kroger and Elan Fidelity would work sooner even, as they're not that premium and at least for the Elan/Fidelity one I heard people got it with 500 CL? Will also monitor my score monthly and see if it goes up due to good behavior. Would anyone know if I the Elan/Fidelity counts as having a relationship with US Bank, as they are underwritten by US Bank? Or better to get a Kroger Mastercard as that seems to be directly with US Bank?

For the brokerage accounts, I actually am consolidating most things from other US and international ones to Fidelity mostly and a bit to Interactive Brokers. Schwab is just for the debit card and don't want others, happy with Fidelity and easy to keep as non resident too. BofA for instance does only do US residents. Their rewards program is nice but not for me with that restriction.

Fidelity is also great for parking cash, as is Amex HYSA as backup.

I also see my cards as my toolbox portfolio of sorts. Liability has a different connotation to me that I think of first. But I'm aware of the financial lingo. As finance, credit cards, bank, brokerage etc accounts are a bit of my passion I obsess about, I do treasure them as my collection, maybe that is a better word.

@Citylights18 

Are these not usually either with FTF or with AF? I'm if all goes well be associated with an airline soon and don't think would have much use for one then anyways. Also not being frequently enough in the US. I think both past and future wise cashback is a better match for me. Hence no Venture X or other point/portal cards.

USBAR is my holy grail.

[Anonymous]

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@futa wrote:

Maybe the US Bank Kroger and Elan Fidelity would work sooner even, as they're not that premium and at least for the Elan/Fidelity one I heard people got it with 500 CL?

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In the past, when the Fidelity card was issued by part of BoA, it was somewhat "premium".  It may well have changed with Elan.  That said, it still serves an ultra-premium market: with enough money UNDER MANAGEMENT at Fidelity, it becomes a flat 3% card.

[futa]

Yep, but it's just a VISA Signature, same as my BofA Travel Rewards Secured with 500 CL/200 deposit.

And from the DPs I've seen with such low CL and also lower scores it seem significantly easier to get.

From what I read, my assets at Fidelity don't influence the decision at Elan whatsoever. Except the higher cashback amount if you are willing to let Fidelity drain you with their managed fees.

USBAR being an Infinite, have only seen DPs with the 5k initial CL, down from the supposed 10k minimum for VISA Infinite cards.

I do have my Amex reporting a 5k CL, but I guess not quite enough without a score improvement that other lenders would grant me the same.

[SouthJamaica]

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@futa wrote:

......

I could try to open a checking or savings account with US Bank, not sure if that would require me to go to a branch as I did with Citi or Bank of America. ........

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You can open accounts online with US Bank. Sometimes they offer promotional signup bonuses for new checking accounts.

E.g. : https://www.usbank.com/bank-accounts/checking-accounts/what-you-need-to-open-a-checking-account.html

[Kforce]

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@Aim_High wrote:

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@Anonymous wrote:

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@Aim_High wrote:

FYI, you're not the first to do so, but some of us on My FICO cringe at the word "portfolio" to describe credit card holdings.  It's really a misnomer since the definition of portfolio in this context is "A group of investments held by an investor, investment company, or financial institution."   Credit cards are not assets or investments; they are potential debts or liabilities. 

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I agree, but (correctly) focussing on them as being debts or liabilites  would be an amusing change for MyFico:  "Yeah, finally got to close my last credit card, I'm so happy!"  and supportive messages "I am so happy you got rejected for [card X].  One less to worry about"

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Lol, funny @Anonymous.    Actually, I prefer to think of my cards as neither asset or liability.  They are tools in my financial toolbox.  As long as I'm managing my finances responsibly, they aren't a liability.

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Think of them like a "Chain Saw"

You could use a less dangerous tool.

What fun would that be.  

[Econowiz]

Hi @futa ,
I am an ITIN Holder, and Chase Private Client. I went through it myself not too long ago. A common misconception among enthusiasts is thinking that a high FICO score will have them approved for the best cards whereas this is not always true, especially for non-SSN holders.
@SouthJamaica and @Aim_High have great advice.

Six inquiries within 6 months for a 6-month-old profile is a major issue, since they stay there for usually 24 months. 
Consider working on on-time payments, low reporting utilization and SP CLI. Understand that before requesting CLIs, you may wanna use your cards more often but keep reporting utilization at <2% and not have carried any balance to increase your chances.

You can't open personal bank accounts with major banks online with ITIN.
Brokerage accounts won't help but Checking/Savings accounts may be useful [with the same bank] if you have monthly transactions going through.
For example, Chase approves you for a Freedom Rise Card without Pull upon opening and funding a checking account with at least $250 but I'd recommend more than $2000 to get a CL of potentially more than that number. It's the best starting card for ITIN holders. You may consider it if you can make the trip to the US.

Six months is considered a very thin credit file as it gives lenders very little information about your behavior with credit. As per FICO, anything less than two years is considered a short credit history. If you apply for a card, this will most likely be the main reason for denial, coupled with too many requests for credit. You may increase your AAoC by being added as an AU, etc. but not all lenders may consider AU accounts anyway... but doesn't hurt to have.

I would like to understand why US Bank is that attractive to you?

US Bank is one of the most conservative banks in the CC space and also very ITIN-adverse.
As you mentioned, they do approve secured cards with ITIN and that's about it. While you can apply for U.S. Bank credit cards using an ITIN, you will be automatically rejected. Some fellow ITIN holders have tested it and completed their applications, only to be handed a “not a valid SSN” message after it was processed and still wasting HP. I have yet to meet an ITIN holder with an unsecured US Bank CC that isn't from an AU. The Chase Sapphire Cards are arguably better alternatives for international users.

[futa]

@Econowiz 

For now I will just put all spend through the cards, going back to debit cards seems counterproductive if I want CLIs and I would forfeit cashback. I read that while low utilization has influence on the score, that it's a rather temporary window and therfore can be optimized ~5 weeks before an application. Where as having a really low reported utilization will cause most issuers to not grant me CLs and right now I really need them to go up to become more usable.

I'm paying a lot of attention to fully pay on time and to stay away from further HPs most definitely.

I had a look at Chase, but their products don't interest me. I don't want to play the points game and many seem to have FTFs.

Unfortunately I don't think there's anyone that would be a good candidate to add me as AU. I had a friend try to get into Navy Federal so that I could join through him, but sadly the verification didn't go through for him. I heard that they are very generous limit wise.

US Bank, because of the Altitude Reserve. High cashback, and for everything with Apple Pay plus travel costs, no guesstimating categories/MCCs of merchants. That would cover the majority of my spending. Depending in which country I am, but for the ones with little Apple Pay acceptance I would have the SavorOne and a catch all (e.g. Fidelity VISA).

As mentioned I dropped my Altitude Secured Go application due to requirement to have an SSN. But that's the thing, six months ago I couldn't enter an ITIN and it only said SSN on the applications, but now it says SSN/ITIN. Before it was only there for the secured cards and confirmed to me on the phone. So to me it looks that things have changed. I wonder how recently your observed experience was? Would really be unfortunate to have gotten my hopes up for nothing.

I know they're difficult, but am hoping I can get a lower tier card from them first maybe to get a relationship, be it a Kroger Mastercard, Elan Fidelity or a Altitude (Secured) Go.

I think my 4 card setup, while only carrying 3, seems easy to use with low fees and great features and diverse lenders. VISAs and at least one Mastercard too.

- US Bank Altitude Reserve

- Capital One SavorOne

- Bank of America Customized Cash (online)

- Elan/US Bank Fidelity Signature

[stonedog23]

I don't understand, you said that as a non US resident that the only US Bank card that makes sense to you is the Krogers one. Is there a Krogers in your locale? 

[futa]

No. But the Krogers Mastercard (plus the other affiliated ones, Harris...) appeals the most to me due to the no FTF and high cashback on everything Apple Pay. That is until/if I can get the Altitude Reserve for more benefits and uncapped cashback.

I did read about needing a Krogers location near your address as requirement, but that seems no longer be neccessary.

[Econowiz]

Hi @futa 

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@futa wrote:

@Econowiz 

For now I will just put all spend through the cards, going back to debit cards seems counterproductive if I want CLIs and I would forfeit cashback.

Right, it's best to put everything on the cc instead of debit.

I read that while low utilization has influence on the score, that it's a rather temporary window and therfore can be optimized ~5 weeks before an application.

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Correct. Note that it's less about the weeks, it's more about your statement end date. You want to pay off your card by those dates, so that your reported balance is low <1% on your credit report.

Where as having a really low reported utilization will cause most issuers to not grant me CLs and right now I really need them to go up to become more usable.

Unsure if we are talking about the same thing here. What I meant is if you regularly use your credit card responsibly, such as making on-time payments and maintaining low balances (ideally paid off by the statement date), it can positively impact your chances of receiving a CLI. You can obviously use all of your available credit but you should ideally maintain a low balance at all time.

However, if a bank reviews your credit report and observes high utilization across your cards (meaning you are using a significant portion of your available credit), they might be hesitant to approve a CLI. High utilization can be seen as a potential risk, as it may indicate financial strain, hence why as mentioned above, you want to pay off before your statement period ends.

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I had a look at Chase, but their products don't interest me. I don't want to play the points game and many seem to have FTFs.

Well the US Bank AR card is identical to Chase Sapphire Reserve, which is considered as one of the best travel cards available. As a travel card, it obv. offers no FTF too. US Bank Annual fee is lower tho. It's up to your individual needs ofc... 

I wonder how recently your observed experience was? Would really be unfortunate to have gotten my hopes up for nothing.

I know they're difficult, but am hoping I can get a lower tier card from them first maybe to get a relationship, be it a Kroger Mastercard, Elan Fidelity or a Altitude (Secured) Go.

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Just give them a call you will know within the hour. US Banks has not been ITIN Friendly for their products except secured or AU; but YMMV. Getting a secured card is unnecessary at this point as it won't get upgraded anyways. Best bet is to keep gardening for a while. Caution: You can also get denied a secured card, esp. with your number of inquiries.

All said and done, understand that with an ITIN, you are already going to be a riskier bet for the bank than a SSN holder. Always look at it from the bank's perspective. 

• You already have 3 cards within 6 months.
• Already 6 inquiries within 24 months
• No US based bank accounts with consistent income sources or savings...
• No installment loans such as a car, mortgage, etc.

Not saying that to discourage you but be aware that it's going to take a good amount of time and a thicker, clean credit history for you to get to high limits and higher-tier cards.

All the best