How to Explain New Credit History?

[Jerry45]

When I called in for Recon on a Credit Card App(Denied), the Rep did ask me why I only had nine months of Credit at my Age. My response was not very good, and caught me off guard. Plan a another recon today, and was hoping for some advice on how to counter if asked again.

Simply, I went thru a rough breakup with my Fiance over 10 years ago. Went thru a tailspin and pretty much closed my accounts and went into cash mode, no Bankruptcy or major baddies. All my Inquiries and past data was deleted in 2013 on my CR's, so i started a clean slate.

Do Cred analysts see this as trying to hide a BK, which I never had? Thanks all for any Advice.

[CreditMagic7]

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@Jerry45 wrote:

When I called in for Recon on a Credit Card App(Denied), the Rep did ask me why I only had nine months of Credit at my Age. My response was not very good, and caught me off guard. Plan a another recon today, and was hoping for some advice on how to counter if asked again.

Simply, I went thru a rough breakup with my Fiance over 10 years ago. Went thru a tailspin and pretty much closed my accounts and went into cash mode, no Bankruptcy or major baddies. All my Inquiries and past data was deleted in 2013 on my CR's, so i started a clean slate.

Do Cred analysts see this as trying to hide a BK, which I never had? Thanks all for any Advice.

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Hi

I was scrutinized exactly the same way last year when i first started trying to edge my way into obtaining CC's after many years of only cash, debit, and check budgeting. I told them the truth that i been quite content the way things were but that my local bank loan manager highly suggested that it would be beneficial to open revolving CC accounts too. Lenders are simply suspicious especially when theres no previous history whatsoever but you just need to lay it out to them and if no joy, move on to another. Eventually things fall to your favor and that right there then serves as your springboard to progress ahead with adding the accounts/CC's to help move you along again.

[Jerry45]

Magic, Thanks I appreciate that.  I did use debit cards for years, and I will point that out also. You know, I did at one point think that by having a clean checking account at a Major bank would help Credit Wise. That the Visa Debit somehow helped. LOL.  Have a Good weekend.

[JLK93]

You should tell them the truth, but keep it short and to the point. Sometimes, when analysts ask a question, they don't dwell that much on the  answer.They just need an answer and then they move on

In my case, I would simply tell them the truth and say that I have been a cash person all my life and had no need for credit. And, that it has become more difficult to function without credit. So, I have decided to join the credit world.

[Jerry45]

Thanks Can. Unfortunatley I was denied on a Second Recon on Barclay's, but your advice will come in handy when I apply for credit in the futute.

[Revelate]

Simply tell them you're transitioning from a cash-based existence.

Don't provide more details / make more of a story of it than you have to: doesn't matter why you're transitioning, just that you are.  Such explanations didn't fail me when I was in that position at any rate.