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No Credit Score, No Problem !

gqchris

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I guess I am "privileged" in this sense also because I have a good credit score now? WTF is going on in this world.
 

LargeOrangeFont

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Read the radicle, it’s not that big of a deal. They are taking your savings and checking balances into account when considering you for a credit card If you have no credit history.

If you have 0$ and 0 credit you probably aren’t getting a credit card.
 

farmo83

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Assuming this isn't directed at Dave Ramsey...

It's noted in the article this is going to be government backed. If I were JPM I would do this all day ever day. I collect a boat load of fees that can't manage finances, and then if they default Uncle Sam/taxpayers pick up the tab.
 

Chili Palmer

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Remember when Clinton signed a bill that anyone could qualify for a home loan? Then 7 years later those low payment mortgages ended and the balloon payment was due, but due to low or no credit they couldn’t qualify for a new loan. Welcome back to the financial crisis of 2008-2012. Some people just don’t learn.
 

MK1MOD0

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Gee. I remember when people who shouldn’t be able to buy a house were given home loans.......... no, there’s nothing wrong with what’s happening. And when all of these people with zero credit scores default, it will be us, the hard working American, that bails out these Billion dollar companies. 😡
 

gqchris

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Read the radicle, it’s not that big of a deal. They are taking your savings and checking balances into account when considering you for a credit card If you have no credit history.

If you have 0$ and 0 credit you probably aren’t getting a credit card.
I think it also targets folks without a SS #. Why else would they not just look at ones FICO?

My buddy who loves dating hoodrats says most of them use their kids Socials to obtain fraudulent credit. They gotta pay for those Birken bags somehow or another!
 

LargeOrangeFont

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I think it also targets folks without a SS #. Why else would they not just look at ones FICO?

My buddy who loves dating hoodrats says most of them use their kids Socials to obtain fraudulent credit. They gotta pay for those Birken bags somehow or another!

That is true, and was my first thought. That isn’t mentioned in the article, but I think it comes down to what standards they are gonna use. If someone has had 1k in savings for a year, and no credit history and has a SSN, sure give them a $500 or $1000 limit card.

We aren’t talking about houses or cars here, as everyone clutches their pearls that this will end the economy. This is people trying to get a modest credit card to start.

You would rather them screw up a $1k line of credit to give them negative history before giving them a car loan or home loan.
 
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OldSchoolBoats

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These are nothing but secured cards, this program has been around forever and widely used, but through smaller companies.

The only reason this made news is because it is Chase.

They aren't giving people with no scores a card with even a $1K limit. They have to deposit money on the card. It is a good way to start to build credit.
 

Christopher Lucero

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sounds exactly like the first card deal I got while initially out of HS. Had to show income, bank balances, open an account with a very low credit limit (I think it was like $300)
 

lbhsbz

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These are nothing but secured cards, this program has been around forever and widely used, but through smaller companies.

The only reason this made news is because it is Chase.

They aren't giving people with no scores a card with even a $1K limit. They have to deposit money on the card. It is a good way to start to build credit.
Well, that's not a credit card then...it's a debit card.
 

FROGMAN524

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About 11 years ago my first unsecured card, when I had no credit at all, had a $100 limit. My new cards are a little better than that.
 

HB2Havasu

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I think it also targets folks without a SS #. Why else would they not just look at ones FICO?

My buddy who loves dating hoodrats says most of them use their kids Socials to obtain fraudulent credit. They gotta pay for those Birken bags somehow or another!
Can you even get a bank account without a SS Number?
Gee. I remember when people who shouldn’t be able to buy a house were given home loans.......... no, there’s nothing wrong with what’s happening. And when all of these people with zero credit scores default, it will be us, the hard working American, that bails out these Billion dollar companies. 😡
Yep - All in the name of equity. I'm sure 5 to 7 years down the road the Left will say it was Predatory Lending giving minorities unsolicited cards so then the American Taxpayer will have to foot the bill for all the brothers & sisters Big Screen TV's, Las Vegas Vacations, and Cash Withdrawals. 🤬
 

f12517

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This whole deal is bullshit. If someone with no credit score wants a credit score let them do it just like the rest of us. With a small amount of credit on a card and build it up showing that you’re responsible. I suspect that most of the people this is meant to “help” have no credit because they don’t want or need it. If they did, they’d already have credit. It ain’t that hard to get.
 

LargeOrangeFont

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Can you even get a bank account without a SS Number?

Yep - All in the name of equity. I'm sure 5 to 7 years down the road the Left will say it was Predatory Lending giving minorities unsolicited cards so then the American Taxpayer will have to foot the bill for all the brothers & sisters Big Screen TV's, Las Vegas Vacations, and Cash Withdrawals. 🤬

You can vote without one, so why not?
 

LargeOrangeFont

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This whole deal is bullshit. If someone with no credit score wants a credit score let them do it just like the rest of us. With a small amount of credit on a card and build it up showing that you’re responsible. I suspect that most the people this is meant to “help” have no credit because they don’t want or need it. If they did, they’d already have credit. It ain’t that hard to get.

I agree. This whole concept is nothing new.
 

dribble

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Remember when Clinton signed a bill that anyone could qualify for a home loan? Then 7 years later those low payment mortgages ended and the balloon payment was due, but due to low or no credit they couldn’t qualify for a new loan. Welcome back to the financial crisis of 2008-2012. Some people just don’t learn.
I made good money off that crisis. There was no better time in my life to buy stocks and real estate.
 

BingerFang

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I’m not sure why anyone would have a problem with this.

F135BBE4-8DF4-4C76-BDB6-DA8D71A1D430.jpeg
 

HB2Havasu

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I really feel this is just another in a long line of attempts by the left to keep minorities poor. When you have no credit and all of a sudden you get a credit card in the mail most people are going to go Full Blown Retard and max out the card the first month. Then month 2 when everybody gets their bill with a 24.99% Interest Rate is when everybody’s savings accounts will get withdrawn to zero balance. It’s a very insidious plan!!!
 

badgas

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Aimed at individuals who don't have credit scores but who are financially responsible. The banks would consider applicants' account balances over time and their overdraft histories.

I like the idea of underwriters actually having to think. I have coached people who had 780-800 Fico scores who had 75K in credit card debt. Because they had the high score the banks extended them high limits. When things went south there was massive pile of debt. I have seen it cause bankruptcy, divorce the selling of boats etc o_O

Sometimes that high score can be a curse.
 

Bugginout

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I have seen the dark clouds rolling in. Everyone is pulling all the equity out of their home's because of the interest rates and driving prices up. Now the new lending scheme. I think history is repeating itself. This time I am ready to reap the the rewards of being financially responsible. We have been propping up the economy for some time now. Just my take on the current situation. It's a shell game for the politicians and lobbyists. Until we install term limits and remove lobbying from politics nothing changes. Like I said just an opinion.
 

BingerFang

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I work in small ticket commercial equipment lending and we have customers that don’t have enough credit apply for loans everyday. Instead of declining their application, I request the last 3 months of bank statements (all pages) and make a final decision based on what those statements show.

You can tell a lot about a person by reviewing the last 3 months of bank statements.

We have used this method over the last 3 years and have one of the lowest default rates in our “high risk” industry at less than 3%.
 

Tank

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Read between the lines. The current stats show people are paying off credit card debt in record numbers (using stimulus money) and credit card debt is at an all time low (prospectively). Credit card companies make money off high debt and high interest. Debt paid off means less money for the CC companies. So, this is their way of driving debt up and making more money. It's that simple. Slight risk for them but the majority of those they give cards too are actually low risk, just haven't had CC's before.
 

FROGMAN524

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I can't remember the last time I paid interest on a credit card. We use them every month for whatever we can and always pay off the statements and make nothing but cash back to the tune of hundreds a month. They must hate us but we've got 830 FICOS too so they can't get rid of us either.
 

badgas

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I can't remember the last time I paid interest on a credit card. We use them every month for whatever we can and always pay off the statements and make nothing but cash back to the tune of hundreds a month. They must hate us but we've got 830 FICOS too so they can't get rid of us either.


Hundreds ? can you elaborate ?

not being a smart ass just curious.

So are you speding 20-30K per month ?

I know some cards have 2x and 3x points for dining out and travel but to spend $10K on restaurants to get 30,000 points for $300 cash back would be crazy.

I know some cards have a big sign up bonus but after that it takes a while to collect them.
 

FROGMAN524

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Hundreds ? can you elaborate ?

not being a smart ass just curious.

So are you speding 20-30K per month ?

I know some cards have 2x and 3x points for dining out and travel but to spend $10K on restaurants to get 30,000 points for $300 cash back would be crazy.

I know some cards have a big sign up bonus but after that it takes a while to collect them.

Anywhere from 2-5% depending on card and type of purchase. Like I said, almost all our bills run through these accounts for this purpose.


Sent from my iPhone using Tapatalk
 

badgas

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Anywhere from 2-5% depending on card and type of purchase. Like I said, almost all our bills run through these accounts for this purpose.


Sent from my iPhone using Tapatalk


Nice !

Can you please share what cards have 2- 5% cash back ? Most i see have 1-1.5% for everyday spending. I know some have specific catagories like travel, amazon etc.
 

LargeOrangeFont

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Hundreds ? can you elaborate ?

not being a smart ass just curious.

So are you speding 20-30K per month ?

I know some cards have 2x and 3x points for dining out and travel but to spend $10K on restaurants to get 30,000 points for $300 cash back would be crazy.

I know some cards have a big sign up bonus but after that it takes a while to collect them.

Go get a Costco Visa. You get 1%-4% back in cash yearly depending on the purchase. I put everything on it, pay it off every month, have paid 0$ in interest and get a refund check every Feb.
 

DWC

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Read between the lines. The current stats show people are paying off credit card debt in record numbers (using stimulus money) and credit card debt is at an all time low (prospectively). Credit card companies make money off high debt and high interest. Debt paid off means less money for the CC companies. So, this is their way of driving debt up and making more money. It's that simple. Slight risk for them but the majority of those they give cards too are actually low risk, just haven't had CC's before.
Ding, ding, ding. It’s the lack of debt, not too much debt that’s freaking out the banks. Hardly the same as past crisis.
 

Cobalt232

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Nice !

Can you please share what cards have 2- 5% cash back ? Most i see have 1-1.5% for everyday spending. I know some have specific catagories like travel, amazon etc.
I get $300-$450 back per month on my AMEX Business card. I put everything I can on it.
 

DLC

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my dog Toby has a $1,000 bucks and no credit, I hope he gets one do he can start paying for his own Elk antlers to chew on..... those are pricey chews!



QUOTE="LargeOrangeFont, post: 4109310, member: 17700"]
That is true, and was my first thought. That isn’t mentioned in the article, but I think it comes down to what standards they are gonna use. If someone has had 1k in savings for a year, and no credit history and has a SSN, sure give them a $500 or $1000 limit card.

We aren’t talking about houses or cars here, as everyone clutches their pearls that this will end the economy. This is people trying to get a modest credit card to start.

You would rather them screw up a $1k line of credit to give them negative history before giving them a car loan or home loan.
[/QUOTE]
 

RiverDave

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These are nothing but secured cards, this program has been around forever and widely used, but through smaller companies.

The only reason this made news is because it is Chase.

They aren't giving people with no scores a card with even a $1K limit. They have to deposit money on the card. It is a good way to start to build credit.

I have never understood the secured credit card thing. It makes zero sense to me.
 

OldSchoolBoats

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I have never understood the secured credit card thing. It makes zero sense to me.
They report to the credit bureaus. Example, you deposit $500 and use $250, statement comes out with $25 min payment. Make the payment and now you have an open credit line and are establishing credit history. Good for college kids [emoji106][emoji106]

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bonesfab

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Hundreds ? can you elaborate ?

not being a smart ass just curious.

So are you speding 20-30K per month ?

I know some cards have 2x and 3x points for dining out and travel but to spend $10K on restaurants to get 30,000 points for $300 cash back would be crazy.

I know some cards have a big sign up bonus but after that it takes a while to collect them.

My card I use for my shop is 1% cash back. Last month was 70k on it. 700.00 cash back at the end of the month. They offered it and use it as much as I can.
 

C-2

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Who else doesn't have any credit cards, or a score? Been that way for the past 15-years.

A few years back I tried to check my score - but I failed the security screening because I couldn't verify my correct previous address. I'm like wtf, I've lived at my mortgaged home for the past 28-years, are you asking for the address I lived at when I was a kid, I've only lived at 3 addresses total as an adult! I gave up.
 

lbhsbz

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Who else doesn't have any credit cards, or a score? Been that way for the past 15-years.

A few years back I tried to check my score - but I failed the security screening because I couldn't verify my correct previous address. I'm like wtf, I've lived at my mortgaged home for the past 28-years, are you asking for the address I lived at when I was a kid, I've only lived at 3 addresses total as an adult! I gave up.

I have about 30 credit cards....in a drawer somewhere. I sign up for them when they give me deals on a purchase, pay 'em off and throw 'em in the drawer. Last time I found the stack I went through and had something like a half million dollars in available credit...on plastic lol.
 
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badgas

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I have about 30 credit cards....in a drawer somewhere. I sign up for them when they give me deals on a purchase, pay 'em off and throw 'em in the drawer. Last time I found the stack I went through and had something like a half million dollars in available credit...on plastic lol.


Do all 30 have No annual fee ?
 
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