Helping a Client - Veteran Client Needs 3 Points for Loan Approval!

[Anonymous]

@credit8502020 If you can get that self canceled before reports do it!!! Great info @dustind !

[credit8502020]

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@dustind wrote:

Self doesn't do soft or hard inquiries. Not doing any credit check is the only way they can avoid a hard pull. They do use bank chex or whatever it is called.

I would contact self and tell them to cancel before they report. IIRC they can do that. It took 16 days for my account to show on my credit report, opened on the 14th appeared on the 30th.

One advantage to Self is that if he can wait 3 months he can get a secured card from them without a credit check and thus no hard pull. They secure it against the payments he has already made.

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@dustind  Thank you for that information! I think it may be best for him to cancel. I'll have him call today. My concern is he will then have another new account in 3 months vs opening it now. He would prefer to be in his house by then. However, I'm still glad you mentioned this as another alternative for me to possibly consider for others.

[Anonymous]

@credit8502020 If he can cancel it and get a secured card ASAP like you said, he just might be in there! I hope so and eagerly waiting for your update.

[credit8502020]

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@Anonymous wrote:

@credit8502020 If he can cancel it and get a secured card ASAP like you said, he just might be in there! I hope so and eagerly waiting for your update.

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@Anonymous They called and cancelled it. The representative said usually it doesn't report if cancelled within 3-5 days. I suggested he call back and confirm with a supervisor so they can help ensure that it will definitely not report. He got the secured card yesterday so we will see soon! Thanks! 

[dustind]

Awesome, which card? Would Discover be a good choice for someone in his postion?

[credit8502020]

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@dustind wrote:

Awesome, which card? Would Discover be a good choice for someone in his postion?

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 @dustind First Progress. It's not an ideal card, but because they definitely report quicker, it works. Although they have rewards and I think the possibility of graduating, I'm not sure how long Discover takes to report. I've also seen data points that they require stronger scores than some of the other cards. What have you found for Discover? I have someone who is going to start building their credit and Discover is not 1st on my list because of the data points I've seen about requiring higher scores. 

[Anonymous]

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@credit8502020 wrote:

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@Anonymous wrote:

@credit8502020 If he can cancel it and get a secured card ASAP like you said, he just might be in there! I hope so and eagerly waiting for your update.

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@Anonymous They called and cancelled it. The representative said usually it doesn't report if cancelled within 3-5 days. I suggested he call back and confirm with a supervisor so they can help ensure that it will definitely not report. He got the secured card yesterday so we will see soon! Thanks! 

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@credit8502020 that is awesome! Tremendous! And for Discover if you put a charge on it, it reports very quickly at least in my experience. But they do like clean thin files

[credit8502020]

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@Anonymous wrote:

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@credit8502020 wrote:

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@Anonymous wrote:

@credit8502020 If he can cancel it and get a secured card ASAP like you said, he just might be in there! I hope so and eagerly waiting for your update.

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@Anonymous They called and cancelled it. The representative said usually it doesn't report if cancelled within 3-5 days. I suggested he call back and confirm with a supervisor so they can help ensure that it will definitely not report. He got the secured card yesterday so we will see soon! Thanks! 

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@credit8502020 that is awesome! Tremendous! And for Discover if you put a charge on it, it reports very quickly at least in my experience. But they do like clean thin files

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Yes! I'm looking forward to his updates. They also did First Progress to avoid the hard inquiry that he would have gotten with better cards. Good to know. By quickly do you mean less than 30 days? Ok. Do you know if Discover It is still good for someone without any credit at all? I'm not sure if thin refers to that thin...lol

[Anonymous]

@credit8502020 Yes Discover likes thin files meaning those with hardly anything on it, but they like clean files. Yeah they like getting people fresh, so I would recommend someone with no credit try them, as long as they didn’t have any derogatories on record.

IME, I was doing my spree last year and Discover I believe was the first one on the list, but I got it quite quickly and put a charge on it and they reported so fast it made my head spin. Definitely less than 30 days @Anonymous can also attest I think.

[credit8502020]

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@Anonymous wrote:

@credit8502020 Yes Discover likes thin files meaning those with hardly anything on it, but they like clean files. Yeah they like getting people fresh, so I would recommend someone with no credit try them, as long as they didn’t have any derogatories on record.

IME, I was doing my spree last year and Discover I believe was the first one on the list, but I got it quite quickly and put a charge on it and they reported so fast it made my head spin. Definitely less than 30 days @Anonymous can also attest I think.

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@Anonymous Ok. Great! Good to know! Maybe I'll have them to try the Discover Card preapproval as well.