first time credit in 18 years

[bourgogne]

you are in a tough spot and getting past my pay grade.  without scores you are really stuck, I wonder if something like https://www.self.inc/ is worth looking into.  this is where fin steps in, without something or someone to hook into you are in a bad place

[FinStar]

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@wheretostart518 wrote:

yeah.. only cash, wire transfers or debit cards since 1999

and finstar that's correct, she's rather new to USA tradition 

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Ok, so you mentioned you bank with WF, correct?  Are you willing to pledge some of your cash for a secured card?  The max is $10K, once you have built sufficient history with it, it can potentially graduate and you'll get your deposit back.  If relatives are currently not the option to be added, then things need to be done from scratch until you get your FICO scores to generate.

Patience and time will need to be your best friends as you won't be able to achieve high credit limits overnight.  Potentially, once your scores are driven upward, you can consider AmEx charge cards or some of the other prequalified sites to see what CC products may be viable.

[wheretostart518]

hmm, yeah can do 10k deposit for card? is it travel reward card? i can do it... how long does it all take

[bourgogne]

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@FinStar wrote:

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@wheretostart518 wrote:

yeah.. only cash, wire transfers or debit cards since 1999

and finstar that's correct, she's rather new to USA tradition 

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Ok, so you mentioned you bank with WF, correct?  Are you willing to pledge some of your cash for a secured card?  The max is $10K, once you have built sufficient history with it, it can potentially graduate and you'll get your deposit back.  If relatives are currently not the option to be added, then things need to be done from scratch until you get your FICO scores to generate.

Patience and time will need to be your best friends as you won't be able to achieve high credit limits overnight.  Potentially, once your scores are driven upward, you can consider AmEx charge cards or some of the other prequalified sites to see what CC products may be viable.

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ding ding ding we have a winner, and that is why you earn the big bucks!  even comes with cell protection

[FinStar]

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@wheretostart518 wrote:

hmm, yeah can do 10k deposit for card? is it travel reward card? i can do it... how long does it all take

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It is not a travel rewards CC.  It's a basic, no frills Platinum CC that helps to build credit.  Right now, any unsecured travel rewards CCs may be out of reach. You can inquire about the process with a WF personal banker or visit WF online for more information. 

[bourgogne]

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@wheretostart518 wrote:

hmm, yeah can do 10k deposit for card? is it travel reward card? i can do it... how long does it all take

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 as fast as you can get to the bank and as quick as the card reports which can vary.  beggars can't be choosers

[FinStar]

Below is another secured option with Bank of America, max secured deposit is $4,900.

https://www.bankofamerica.com/credit-cards/products/secured-credit-card/

[Anonymous]

Agreed. A secured card that can graduate would be the best option these days. Before, a store card used to be the best way because it was one of the easiest ways to break into credit. 

Once you get your first card, there are 2 things you have to be strict with. Use it every month,  even if it's for small purchases,  and ALWAYS pay by the due date (before due date is safer). NEVER miss the due date, even by one day. And it's best to pay in full (PIF), no need to pay interest to build score. 

In my opinion, don't pay it off before the statement cuts. Let it report a balance. The credit bureaus will see you are using the card. They can't determine that if you pay it off before the statement cuts.  Your cycle will end, you'll get an email that your bill is available, and the balance on the card. I pay the entire balance immediately when the email is sent to me. Do this for months, and your score will go up.

The worst thing you can ever do with a credit card is pay late. 

[Anonymous]

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@wheretostart518 wrote:

hello everybody, i was wondering if anyone would have any insight as to where i should "begin" my credit journey.. my family ruined my credit when i was 18 (almost 20 years ago), i recently went into taking some action on my credit and was gonna clean the mess they built up... however i went into credit karma and experian and experian has no FICO score for me but credit karma gives me 643 transunion fico score and 622 equifax with completely empty profile to my suprise.. so i tried getting the chase travel card Reserve as i did around 5-7 million in business with them over last 3-4 years but they denied so now i see 1 hard inquiry for jp morgan chase on reports and lower score more :/ i need the travel cards as i do often but scared to apply because denial decrease my score? how can i be approve without lower score? i thought chase approve cause i use bank alot and have about a million and change in assets managed by them but if they denied i dont know where i start for traveling card...

i wonder if anyone know highest reward and limit travel card i can get i want at least 80K travel line.. i'm making anywhere from 780-915k a year for about 7-8 years now and i just now seeing how much money i use on business debit card but no reward.. where can i apply where will approve high limit so i don't lose any more points and slow progress even more? thanks all

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@wheretostart518 Your credit report only retains your credit history for the last 7-10 years (there are some exceptions but they wouldn't apply to you).  Since you said your family ruined your credit 20 years ago, whatever they did will no longer be on your credit report.  And since you appear to never have had credit before, you actually should have a blank, clean slate.

That's the good news.  The bad news is that its unlikely you would get an unsecured credit card with a blank slate for a credit report.  First you'll need to have credit scores and that will take 6 months of a credit card or loan reporting before a FICO score can be generated.  So my suggestion would be to get either a secured credit card or loan, then wait 6 months for FICO scores, then proceed from there.

Unfortunately your reach is exceeding your grasp.  With no credit score or no credit history, Chase will not approve you for a card like the Sapphire Reserve.

[AverageJoesCredit]

Op, you need to build a credit profile and in this case money doesnt necessarily buy one. Get a couple secured cards, and build from there. In 6 months time you can have true Fico scores. Add some kind of loan to the mix like a SSL to help your credit mix. Your income and assets will be big help in future as you build your report which 8n a way is building confidence with lenders. I would also start joining a few Credit Unions as well. Best of luck