Author Topic: First Credit Card  (Read 268 times)

Offline Savingsbeast

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First Credit Card
« on: April 16, 2018, 08:36:52 PM »
I don't know if that has been discussed, if it has please point me to that thread.

My friend has no credit and wants to build it, ideally with regular cards not secured. He has some good cards as AU, but apparently it's not helping much.

Current situation:
CapOne 8.10 yrs, $2,750,   $0 Balance
Chase    3 yrs,     $7,500    $2,039
Discover 4.6 yrs,  $13,000, $2,579
Discover 4.10 yrs, $500,     $136

Recently tried Chase IHG but was declined due lack of credit history and high balances (above 1K). Tried  Barclay JetBlue today, initially declined due to lack of credit, but recon approved for $500. So what cards would have the best approval odds in this situation.

Offline davidrotts63

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Re: First Credit Card
« Reply #1 on: April 16, 2018, 08:55:47 PM »


I don't know if that has been discussed, if it has please point me to that thread.

My friend has no credit and wants to build it, ideally with regular cards not secured. He has some good cards as AU, but apparently it's not helping much.

Current situation:
CapOne 8.10 yrs, $2,750,   $0 Balance
Chase    3 yrs,     $7,500    $2,039
Discover 4.6 yrs,  $13,000, $2,579
Discover 4.10 yrs, $500,     $136

Recently tried Chase IHG but was declined due lack of credit history and high balances (above 1K). Tried  Barclay JetBlue today, initially declined due to lack of credit, but recon approved for $500. So what cards would have the best approval odds in this situation.

Are all these cards reported as you said, or he's just added?
He should knock off any cards that carry a balance.
(AH definitely should request a CLI on the $500 Discover)
If all he wants is a another card, I'd be shocked if Discover declines him.
And I'm quite surprised he was declined from the IHG card.
I'll tell you later

Offline Savingsbeast

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Re: First Credit Card
« Reply #2 on: April 16, 2018, 09:03:55 PM »
Are all these cards reported as you said, or he's just added?
Yes, they are all reported except for the Chase to TU. Is worth to try Chase recon again for the IHG?

If he knocks off the cards with balances he's only got one good card left. Additionally, lack of credit seemed of greater concern for the bank.

Offline davidrotts63

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Re: First Credit Card
« Reply #3 on: April 16, 2018, 09:07:45 PM »
Yes, they are all reported except for the Chase to TU. Is worth to try Chase recon again for the IHG?

If he knocks off the cards with balances he's only got one good card left. Additionally, lack of credit seemed of greater concern for the bank.
Definitely can recon, (although it wasn't the smartest card to apply for) and say he is responsible for just the cap1 card. The rest are kind of counterproductive.
He has utilization of 10-15% without having his own CC
I'll tell you later

Offline Savingsbeast

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Re: First Credit Card
« Reply #4 on: April 16, 2018, 09:11:37 PM »
The reason he applied for the IHG is because he wanted to seize it before it expired. Which Chase would have been a better choice?

Online Freecountry

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Re: First Credit Card
« Reply #5 on: April 16, 2018, 11:34:21 PM »
The reason he applied for the IHG is because he wanted to seize it before it expired. Which Chase would have been a better choice?
freedom or freedom unlimited. If someone lacks credit history they should start by signing up for simple cards such as chase freedom, discover and amex blue cash everyday these cards are easy to get accepted to. Cards with AF's generally have a minimum credit line so for someone who lacks CH this will hurt them because the CCC may not want to give the minimum credit line unlike the cards mentioned above that there is no AF

Online Freecountry

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Re: First Credit Card
« Reply #6 on: April 16, 2018, 11:41:38 PM »
BTW I would have your friend apply for the 1 of the freedoms and the amex blue cash everyday so he'll be in business with the two top CCC

Offline Savingsbeast

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Re: First Credit Card
« Reply #7 on: April 17, 2018, 12:20:51 AM »
BTW I would have your friend apply for the 1 of the freedoms and the amex blue cash everyday so he'll be in business with the two top CCC
Does he have a chance considering the IHG was turned down? Applied just before they cancelled it, less than 30.

Offline davidrotts63

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Re: First Credit Card
« Reply #8 on: April 19, 2018, 01:24:27 AM »
I wouldn't apply for a non 5/24 Chase card at 0/24.
I'd recommend a Sapphire product, and if you can't get it approved that day, possibly try a Freedom or Freedom Unlimited
I'll tell you later

Offline Savingsbeast

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Re: First Credit Card
« Reply #9 on: April 19, 2018, 01:44:42 AM »
I wouldn't apply for a non 5/24 Chase card at 0/24.
I'd recommend a Sapphire product, and if you can't get it approved that day, possibly try a Freedom or Freedom Unlimited
It's easier to get approved for the Sapphire than Freedom? What about AMEX?

Offline davidrotts63

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Re: First Credit Card
« Reply #10 on: April 19, 2018, 01:46:18 AM »
It's easier to get approved for the Sapphire that Freedom?
Truthfully it appears so. Although the Sapphires have a 5k-10k minimum CL, while the Freedoms don't.
Either Way I was saying If you can't get the Sapphire approved, THEN go for a Freedom
I'll tell you later

Offline Savingsbeast

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Re: First Credit Card
« Reply #11 on: April 19, 2018, 02:16:54 AM »
Interesting what you guys are saying, before he applied I had him ask someone I know that does a little bit in credit, that guy advised to apply for IHG saying he had the most success with that card, for generous limits and easy approval. Maybe 0/24 changes things.

Offline Savingsbeast

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Re: First Credit Card
« Reply #12 on: Yesterday at 07:44:51 PM »
I wouldn't apply for a non 5/24 Chase card at 0/24.
I'd recommend a Sapphire product, and if you can't get it approved that day, possibly try a Freedom or Freedom Unlimited
As I mentioned earlier the application for the IHG was done based on someone's advice. I double checked with him and confirmed that he once applied for the IHG for someone that only had 2 AU, they got approved for 12K.

He stands by his opinion, based on experience, that the IHG is easier to get.