How did you start to build your new credit rating?

[J&K 0]

The only good thing about Amex would be being able to transfer the card from Canada to the US.

Right now, Amex is doing many FRs (Financial Reviews) on people and suspending their cards, or giving CLD (Credit Limit Decreases) because of the credit cruch going on.

I'm going to wait until this credit storm blows over a bit, and when I have a few more years of excellent credit history, I'll apply for a 'true' Amex.

Worth noting that cards like Costco Amex, or USAA Amex are not 'true' Amex. They don't hold as much as an Amex that doesn't have a store or bank attached to it.

Bottom line is: the only way to establish credit down here is to be patient, start off small, have excellent payment history (ie: Never miss a payment, even if you just pay the minimum), keep the utilization low, and don't have too many inquiries.

In time, your credit file will gain age, and you will be able to get better cards, and interest rates on loans. Rome wasn't built in a day, same as your credit file

Edited July 17, 2008 by J&K

[Texanadian 10]

By the way, you might want to do the opt out program that the credit score companies offer (you'll see the phone number in a credit card offer). They give the option of opting out for 5 years or for life. You can always opt in again later if you want.

Why do I say this? Because when I lived in Canada, I never got a credit card offer. Years of good credit? Didn't matter. In the US, I was getting 3-4 card offers a month. Sometimes more. And they're crummy credit cards too. Personally I like to pick and choose my own cards rather than get inundated with credit offers through the mail. Also better for ID theft purposes as there are less credit offers with your name/address floating around.

[SpiritAlight 1]

...

Only thing I would do differently if I could do it all over again would be to have gotten a Canada American Express card before crossing the border. Then switch it for a US Amex. Preferably their "blue" card.

Hello Texanadian,

Are you talking about the Blue Sky card (some blue on the face of the card) or the Air Miles card (all blue in colour)?

Have I understood correctly...

you can get an American Express credit card in Canada and then transfer it to the U.S.?

To your U.S. bank account?

How does that work??

Thanks!

[J&K 0]

By the way, you might want to do the opt out program that the credit score companies offer (you'll see the phone number in a credit card offer). They give the option of opting out for 5 years or for life. You can always opt in again later if you want.

Why do I say this? Because when I lived in Canada, I never got a credit card offer. Years of good credit? Didn't matter. In the US, I was getting 3-4 card offers a month. Sometimes more. And they're crummy credit cards too. Personally I like to pick and choose my own cards rather than get inundated with credit offers through the mail. Also better for ID theft purposes as there are less credit offers with your name/address floating around.

I also agree with doing this. This way Credit Card companies and other companies will not be able to do a 'soft' inquiry* on your credit reports. (*Soft Inquiries can only be seen by you, and therefore do not count against your Fico score as mentioned in an earlier post).

You can opt out here:

https://www.optoutprescreen.com/

[EED 0]

[size="5]For those that did a global transfer of their AMEX, I have a question…

I did a global transfer last earlier this year, I brought a car last week, the dealership pulled my credit score and credit report. The credit score was great because AMEX credit history was transferred over but on the detailed credit report there was a note that stated the AMEX account was opened before the SSN was issued. Is this something to be concerned about? Can I have the Equifax remove the notation?[/size]

[Texanadian 10]

...

Only thing I would do differently if I could do it all over again would be to have gotten a Canada American Express card before crossing the border. Then switch it for a US Amex. Preferably their "blue" card.

Hello Texanadian,

Are you talking about the Blue Sky card (some blue on the face of the card) or the Air Miles card (all blue in colour)?

Have I understood correctly...

you can get an American Express credit card in Canada and then transfer it to the U.S.?

To your U.S. bank account?

How does that work??

Thanks!

Sorry about that. Didn't see this until now. I was referring to the Amex Blue Cash card. (Amex seems to have a number of blue cards don't they?)

You are correct about getting a Canadian American Express and then trasferring it to an American one. I never did it myself. I wish I did. There is a website somewhere on AMEX that has the details on how to do it. I believe you just phone them up, give them your old and new details and they ask you what kind of card you want.

[trailmix 77]

Sorry about that. Didn't see this until now. I was referring to the Amex Blue Cash card. (Amex seems to have a number of blue cards don't they?)

You are correct about getting a Canadian American Express and then trasferring it to an American one. I never did it myself. I wish I did. There is a website somewhere on AMEX that has the details on how to do it. I believe you just phone them up, give them your old and new details and they ask you what kind of card you want.

I did and it was a breeze. You can chose any of their American cards that you like, so when you call them to transfer it, be sure you have already done your research and have chosen a card.

The website is here: http://www.americanexpress.com/globaltrans...ansfer_en.shtml

But basically when you are ready to transfer you just call them.

[SpiritAlight 1]

Good shtuff!

Thanks Texanadian and Trailmix!!

[LindaB 0]

Sorry about that. Didn't see this until now. I was referring to the Amex Blue Cash card. (Amex seems to have a number of blue cards don't they?)

You are correct about getting a Canadian American Express and then trasferring it to an American one. I never did it myself. I wish I did. There is a website somewhere on AMEX that has the details on how to do it. I believe you just phone them up, give them your old and new details and they ask you what kind of card you want.

I did and it was a breeze. You can chose any of their American cards that you like, so when you call them to transfer it, be sure you have already done your research and have chosen a card.

The website is here: http://www.americanexpress.com/globaltrans...ansfer_en.shtml

But basically when you are ready to transfer you just call them.

Do you have to wait until you get your SSN # to do the transfer?