credit card

[RonMay 1]

for me credit card is not a must if you have a bunch of cash to purchase a house, car etc... but if you're money is just enough, then a good credit card (to establish a good credit score) is a way to get a loan for a house, car etc in the future... i have an american express but it doesnt mean im out there spending whatever... its solely just for grocery (food)... just so we keep it rolling and active... my husband thinks its my way of building my future in case something (unforseen) happen... coz he said here in america you need to have a credit card/good credit score if you're not rich (per se lol) to make a big loan like a house etc...

WoW!! Good Way of American thinking...

yup! i mean to be honest, heck i wouldnt care not having one. lol... not at all... but its the only way to get around here in the US lol... am i happy to have a $15,000 bank loan approval on my shoulder for my car? HECK NO!!! (that's what they can only offer me and we're paying the difference of the total amount of the vehicle)... but i cant afford a car either (that runs good) plus its also a way to get your credit score in a simple (yet complicated) easy way...

[ChrisB0707 4]

Dont know if you know this or not but each time someone checks your credit it actually makes your credit score go lower each time. So make sure not to try so many times. The best way to help with your credit is to have your spouse add you to an account and this will help you alot. I added ShaSha to my CitiBank a few months ago and gave her a card with her name on it with a 10,000 US dollar limit and she is still in the Philippines. She should be in the US by next week. After she is on my account for about 6 months she can then apply for credit cards with no probem. Takes 6 months of good reports from the credit card company to show a good history to help increase your credit score.

[RyaNRiza 1]

Here is what she should do..

Tell her to get a cell phone contract on her name.. Of course she would get denied due to no credit.. They will ask her for a deposit.. Just tell her to pay a deposit..

Paying bills and paying bills on time is how you build your credit..

Also transfer some utility bills on her name, cable, telephone, etc..

After 6 months.. Get ready to be piled with Pre-Approved Credit card mails..

Paying bills does not alter your credit rating positively. It can negatively impact you if you don't pay bills. Also, applying for many credit cards will negatively impact your credit, because each time your credit history is pulled, your score is lowered.

Capital One is a last resort credit card. Their APR is usually high, they usually have a monthly and an annual charge, and typically they tack on a lot of fees up front that means you are paying money to them off of your credit line and you have nothing to show for it.

The best way to begin building credit is to get a secured credit card or get a co-signer on some kind of a loan. Your Husband would probably be ideal, since his credit is already established, and he has a vested interest in getting your credit score up if you will ever be named on a house or car loan in the future. Another method would be to go to a Jewelry store that offers credit and make a purchase using their credit service. once you have paid off the item, you will have it, and they should have reported your activity to the credit bureau.

Credit is important for so many things, from car insurance to utilities, to car and house loans. having a credit card can be a real life saver for some situations and a necessity for things like purchasing international flights, where your debit card would exceed its limit.

Edited May 8, 2008 by RyaNRiza

[I luv my chappara 0]

P.S so what is the best credit card? for newbie in USA coz for sure I will get one to establish credit for myself...

Unfortunately for newbie, there's not a lot of good option because your credit is not established yet. Most of the cards that will approve a newbie will have a high interest rate. But I think its ok as long as you know this and try to pay off the full balance every month.

One bank that I know approves newbies is orchard bank. http://www.orchardbank.com. Their interest rate is a little high but like I said, you're a newbie. You can use it until you can establish credit. Once your credit is establish, you can close this and try for a regular visa/mastercard or better yet, American Express.

American Express is picky, once you have one, you know your credit is now establish. Good luck Primie.

thanks for the advices Noel

I will check that bank ...

Hehe yah it's seems we're married already coz we're living together that's why I have access in his bank accounts and he trust me so much also ..

[Kang Lang 7]

Capital One does report our account information they just do not report what your limit is only what your high balance is. I added my husband as an authorized user to an account i have a few years ago and that account actually appeared on the credit report we ran last week. They did give him his own card about a week after he arrived in the U.S with a low limit but it did make it much easier and he now has some regular cards with high limits.

Good luck!

For the sake of simplicity... lets say your credit limit is $1000. But your "high balance" is only $200 and your current balance is $150.

That high balance is being reported as your "credit Limit". This is not good because your credit report is indicating that you are using 75% of your credit limit when in actuality you're only using 15%. This is not good for credit rating.

As far as I know, Capital One is the only one that does it this way and I dont know why.

Yes I agree I read that only Cap one does this which is stupid. but it is a good place to start if you don't have any or are trying to recover your credit

[hoosier 0]

www.myfico.com

Capital One does report our account information they just do not report what your limit is only what your high balance is. I added my husband as an authorized user to an account i have a few years ago and that account actually appeared on the credit report we ran last week. They did give him his own card about a week after he arrived in the U.S with a low limit but it did make it much easier and he now has some regular cards with high limits.

Good luck!

For the sake of simplicity... lets say your credit limit is $1000. But your "high balance" is only $200 and your current balance is $150.

That high balance is being reported as your "credit Limit". This is not good because your credit report is indicating that you are using 75% of your credit limit when in actuality you're only using 15%. This is not good for credit rating.

As far as I know, Capital One is the only one that does it this way and I dont know why.

Capitol One used to report this Way. They changed that policy last fall, they now correctly report your high limits. Always try to keep your utilization on your credit cards under 10%. That has a very big effect on your credit rating. Go read the forums at www.myfico.com tons of great info there on how fico scores are determined and how to manage your cards and loans to keep your credit rating at it's maximum. It is not always logical what makes your scores go up and down. So do the research on those forums and you will understand much better.

[N360 0]

Capital One does report our account information they just do not report what your limit is only what your high balance is. I added my husband as an authorized user to an account i have a few years ago and that account actually appeared on the credit report we ran last week. They did give him his own card about a week after he arrived in the U.S with a low limit but it did make it much easier and he now has some regular cards with high limits.

Good luck!

For the sake of simplicity... lets say your credit limit is $1000. But your "high balance" is only $200 and your current balance is $150.

That high balance is being reported as your "credit Limit". This is not good because your credit report is indicating that you are using 75% of your credit limit when in actuality you're only using 15%. This is not good for credit rating.

As far as I know, Capital One is the only one that does it this way and I dont know why.

Capitol One used to report this Way. They changed that policy last fall, they now correctly report your high limits. Always try to keep your utilization on your credit cards under 10%. That has a very big effect on your credit rating. Go read the forums at www.myfico.com tons of great info there on how fico scores are determined and how to manage your cards and loans to keep your credit rating at it's maximum. It is not always logical what makes your scores go up and down. So do the research on those forums and you will understand much better.

So true. That is why the way Capitol One used to report was bad for credit rating. it does not reflect actual utilization. Thanks hoosier. Maybe I'll go get myself a Capital One now. :-)