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Bull . Most banks will issue credit cards to dogs and dead people.
cool story bro
Bull . Most banks will issue credit cards to dogs and dead people.
You're old. I'm not talking about you.
She is correct. CC companies don't like applicants with zero credit history. I had my kids get sears credit cards in their name (easiest card to get) when they were in high school and make a few purchases that I paid off on time so they could establish credit history.
I don’t necessarily disagree but I wasn’t talking about that, I was talking about securitization and the fact that subprime auto loans are easier to make when the lender has their risk of its balance sheet less than a week later.
To your point though, it seems like FICO score matters a lot more than it should and income doesn’t matter as much as it should on stuff like credit card applications and auto loans. It also makes no sense to me that someone in their 20s with no credit history has more trouble getting a credit card than someone with extensive but bad credit history. My deadbeat uncle has a personal bankruptcy from less than 5 years ago where 100k of credit card debt was wiped out and he openly brags about being able to get credit cards that he has no intention of paying off.
the driverless cars on demand is several, maybe many, years away.
Her FICO score is fine - in the 700s - it's that she has no credit history in her own name - as an authorized user under my cc (she had her own number), it was reported but specified as under another user. I didn't say the other students had BAD credit history - just that they were carrying other student/car loans (and so less able to tolerate taking on more credit). She can prove income and has no debt (so can carry debt). Well, live and learn, my other kids won't be so. BTW, CC, Sears was MY first credit car out of college, followed by gas card but I had a car loan (she feels no need to get a car - rides the bus/uber). Now, I don't know how long Sears will be around.
I wasn’t saying they had bad credit history, I was speaking in more general terms. People with 20+ years of questionable credit history have a much easier time getting a credit card than someone fresh out of college in a good job with no credit history which is re ed imo.
I don't buy that. CCs are usually the first form of debt people carry to "establish credit", unless you have 100k in Sallie Mae loans like a lot of kids today. I don't know if they still do it, but banks would fill up your mailbox with CC applications once you approached eighteen, and they'd hang out outside collage campuses and military bases to sign teenagers up. I certainly had no issues getting a couple cards with no credit history, no renter history, etc.
Just sharing my (family) experience. She had renter/utility history but I don't think that mattered - it was very quick - almost immediate decline - I guess what they call a "soft" inquiry.
You are free to buy or not.
Must have changed. Cc companies were sending me $5000 limit CC's as soon as I turned 18 with no credit history.
My first card was a secured cc. Got the deposit back in a year
If what they are saying is true, it must have.
My oldest is 18 and she has not applied for one (nor do I think she needs to). But they were passing cards out like candy when I was a teenager.
It was the same for me when I was in college - I had a USAA cc without any problem. My mother-in-law and my assistant both recently went through divorces and have zero for their credit scores. Both were denied credit cards from their banks. I helped my MIL get one to help establish some credit. It was explained to me that it is easier to get a cc with bad credit than no credit at all.
I made the mistake of getting an American Express card when I was 18. Thinking it was like all the others. Quickly maxed it out without realizing that I was supposed to pay the full balance off every month.
Same here fam. I had to learn about credit the hard way.
Now that you guys figured that out, get a cash back credit card and pay it off every month. I clear about 4K a year on free money from cash back.
i get 2% cash back on all purchases on my citi card... which is good enough. i know there are some cards that have 5% on certain categories for certain months or like that.
i apply it all as a statement credit for the following month. dont spend nearly enough to clear 4k a year though
Which one do you have? I have an Amex platinum and put A LOT of reimbursable business stuff on it this past year but have maybe half of that in money I can clear as cash back.
I do the chase straight 1% + 5% quarterly specials. I do everything with cards plus a lot of through the business.
That was over 10 years ago and I have since mastered credit. I only use my card for hotels and car rentals now.
"YOLO ES!"
The US company that hired me has a preferred relationship with a bank, which allowed me to get a 10K CC. Otherwise, I would've needed a secured CC (like a friend that moved to the states a year later) even though I had a decade of credit in Canada.
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