I haven't used a credit card in 10+ years. I buy everything cash. Cars, property, you name it. When I moved to PR I changed my address with my bank. They closed my account a month later using the generic "we can close your account at any time for any reason." People who have moved here warned me that banks in the mainland have done that to them when they did their change of addresses. I specifically asked my bank, who has locations here in PR, if that was going to be an issue and after talking to the manager I got a resounding "no." Bull FUCKING shit.

Not only did they close my account, when I called in to confirm that it was closing after receipt of the letter they took 3 weeks to investigate and verify that it was NOT being closed. At my request they sent out letters saying confirming that the accounts are open and would remain open. Well, about the same time I got those letters all my cards stopped working and the funds were frozen so they could issue me a check for the remaining balance. When I spoke with the manager she couldn't apologize enough because she got all the verification saying that it wasn't going to be closed but it clearly was and there was nothing she could do about it besides feel awful.

All my auto bill pays are fucked because from the first inquiry the manager I spoke to said that there were no notes to close my account and that it was probably a mistake. Then she confirmed that they weren't going to be closed and sent the letters so I left everything in place. Then the accounts closed and now shit isn't getting paid while I wait for them to mail me a check. The banks down here don't have the same electronic payment capability and something as simple as a Visa/Mastercard debit card has to be special ordered and takes 1-2 weeks to receive. Check are on order and they take 3-6 weeks. In the meantime I'm having to pay what I can using my parents' credit cards and will pay them back once I find a bank that has their shit together. I haven't had to borrow money from my parents since I was 14 and got my first job and while this is completely different, it still rubs me the wrong way.


So someone recommends Penfed credit union to me. I look into it and they're an online based credit union that has a lot of electronic payment options. I sign up and I get a savings account no problem. Next, I apply for their checking and there's a restriction preventing me from opening it. This is a free checking account with no minimum balance requirements mind you. I call in, the lady is very nice and states that the restriction is that I didn't confirm the savings account by linking it to an existing bank account. So I go ahead and do that and try again. No dice. Apparently there's a credit check and because I don't have any credit "no credit is worse than having bad credit."

Are they fucking serious? I have a check from my closed account for 5 figures sitting in my desk waiting to be deposited and because I don't have a credit history I can't open a free, no minimum balance checking account? This is the guideline automated computer bullshit world we live in today.


Fuck it. I'll get a damn credit card so all these pricks can suck a number that has no bearing on MY ability to pay bills. As I'm typing this I might make it my life mission to get an 800+ score, get as much credit as I possibly can and before I die I'll max out every one of those sons of bitches and leave those pricks holding the bag because "I was a good risk."


Any suggestions on where I can get started?

quote:

Originally posted by Hildur:

Any suggestions on where I can get started?

When I lived in Puerto Rico, I had two accounts. One local, Banco Popular, and one with a U.S. mainland-based bank (I forget which one).

If you're ex military, you're probably eligible for the Pentagon Credit Union.

I meant getting started on applying for credit cards for people who have no credit. I got one secured Capital 1 card and applied for a different secured Capital 1 card and got declined. These are cards that only work if I pre fund it. What a fucking joke.

That's what happens when you have no credit.

You're an unknown and could be looking to scam the CC company and they don't feel like taking a chance.

Got to say, you're the first person I ever met with no credit.

quote:

Originally posted by Hildur:
I meant getting started on applying for credit cards for people who have no credit.

Amazon. Get one of their Chase cards, use it and pay it off in full every month for a few months, and your score will shoot right up.

If your bank accounts hadn't been closed, you'd have a better shot at getting approved for a credit card at a bank where's you've had a long ongoing relationship.

They can often overlook (lack of) credit score alone, and look at banking history as part of the equation.

quote:

Originally posted by Gustofer:

quote:

Originally posted by Hildur:
I meant getting started on applying for credit cards for people who have no credit.

Amazon. Get one of their Chase cards, use it and pay it off in full every month for a few months, and your score will shoot right up.

Declined. Pulled a credit report on myself. Absolutely nothing on it. It won't even generate a score. Last year I pulled a credit report on myself as part of the requirements I needed when I moved here. Had a 640-660 between all 3 because it had a paid off 60 month car loan from about 10 or so years ago. Apparently it's no longer showing up on my report which is why it's completely blank with no record of anything.

This is absolutely ridiculous and another reason why .gov digital economy is not going to happen. Apparently there are a good amount of people who don't have a bank account because they can't get one for the same reasons as me. They use Walmart and other money services to cash their checks and pay everything cash.

Illegals don't have bank accounts either and that's probably part of the problem.

Download credit karma app? It’s free, but I’m not sure how it works for no credit… it’s always throwing credit cards at me but I have very good credit.. it might give you some options for no credit though

My first credit card when I turned 18 was through a bank called first financial bank…. Not sure if they are even in business still, but they gave me a $300-500 something like that credit card when I had no credit at 18

Over the years I was a banker, occasionally some adult would say, “I have no credit in my name”. My response was, “Then what name is your credit in?”

Potential creditors use credit scores to figure out, "Will I make or lose money from having a relationship with this person?"

Part of that is 'do their debts get paid' and another is 'are they likely to have the means to pay their debt'. The subtle part is 'do they actually use credit so I will have the opportunity to make some money.'

There are a lot of reasons one might have nothing on record...and while not all of them are horrendous, from a creditor perspective, you have to understand that some are. And if they don't have that info, they need to convince themselves that it's worth the risk.

If you're truly without credit history, the only folks who will take a data-free gamble on you are those who expect to get a lot of interest for accepting that risk.

Classic way in takes time - you get a small account at a place that is willing to accept those kinds of risks. Expensive, probably, but temporary - use it and keep it paid on time. Then your record builds and after a while you can get approved at a wider range of better institutions with more favorable terms.

quote:

Originally posted by joel9507:
Potential creditors use credit scores to figure out, "Will I make or lose money from having a relationship with this person?"

Part of that is 'do their debts get paid' and another is 'are they likely to have the means to pay their debt'. The subtle part is 'do they actually use credit so I will have the opportunity to make some money.'

There are a lot of reasons one might have nothing on record...and while not all of them are horrendous, from a creditor perspective, you have to understand that some are. And if they don't have that info, they need to convince themselves that it's worth the risk.

If you're truly without credit history, the only folks who will take a data-free gamble on you are those who expect to get a lot of interest for accepting that risk.

Classic way in takes time - you get a small account at a place that is willing to accept those kinds of risks. Expensive, probably, but temporary - use it and keep it paid on time. Then your record builds and after a while you can get approved at a wider range of better institutions with more favorable terms.

I get all that. I'm trying to open a free checking account with no minimum balance. If I don't have the funds in the account, the transaction doesn't occur. The check bounces, the debit card declines, etc. There's NO risk to the bank as they control the debits on the account. If the bank is so concerned about "risk" on a checking account, set a minimum balance and freeze or close the account if it drops below.


It's pathetic that I can't open a free checking account but I could buy a house cash tomorrow if I wanted to.

As I've mentioned before, my Credit rating is around 830, varies +/- around 10 points depending on what I put on a CC each month before paying it off and I've had no outstanding balance for at least 24 years.

I bought my house for cash.

The two aren't mutually exclusive.

Yeah, the credit cartel. Pay to play my friend.

quote:

Originally posted by Hildur:
I get all that. I'm trying to open a free checking account with no minimum balance. If I don't have the funds in the account, the transaction doesn't occur. The check bounces, the debit card declines, etc. There's NO risk to the bank as they control the debits on the account. If the bank is so concerned about "risk" on a checking account, set a minimum balance and freeze or close the account if it drops below.

It's pathetic that I can't open a free checking account but I could buy a house cash tomorrow if I wanted to.

There's also little/no reward for most banks based on your planned usage. It will cost them more in operating costs than they will make by having your business. The days of 'free' checking are nearly over, I suspect.

A suggestion once you get the bullshit figured out - get a rewards credit card & put all your bills on it. All shopping, gas, etc. All in 1 place, 1 payment per month. It's convenient, you will save ~1% and best of all, they want your business because they make money on every transaction. Any fuckups by billing departments are dealt with someone else's money, at least for a month. If something like this happens again, you have at least 3 weeks to deal with it before 'consequences' kick in as well.

Way back, when we were younger and starting out.
Always ran into the 'no credit' wall.

The work around was to go buy something at a store and apply for their store CC.
These will usually get approved as the store gains a sale.

quote:

Originally posted by snidera:

There's also little/no reward for most banks based on your planned usage. It will cost them more in operating costs than they will make by having your business. The days of 'free' checking are nearly over, I suspect.

Perhaps but they also get to earn interest on a sizable amount of money while paying me 0%.


Excam that's not a bad idea. I'll let the secured credit card build a little history and try that.

Set up a Miami PO Box and forward your mail to PR.