Have green card, now to build a credit rating?

[clairehair 0]

I first got a credit card from Bank of America without any credit, you start off with next to nothing and it builds up gradually. if I remember correctly, they took a few hundred off me in holding orginally, or something like that, but that only lasted a very short time. I also took out a small loan and paid that back. AfterI had built a bit of credit, I bought a car and made payments and I am home and dry now, joining a gym will also count towards credit. The problem with building credit is that they like to see a history. You can have excellent credit but if its only over a short time period, its not as useful. I have good credit now but it took 6 years. Try the bank of America and tell them you want the least of the credit cards because you are an immigrant trying build credit. Most banks have something.

[Big Papa Zone 93]

Well, I just got my welcome email from Capital One:

"Did you know your account comes with our Credit Steps program? With Credit Steps—a free service from Capital One—you will get an automatic credit line increase by your fourth statement if you do the following:

1. Activate your card and use it at least once in the first 90 days

2. Make sure you stay within your credit limit

3. Make your first 3 scheduled payments on time"

Not bad seeing as I'm not even in the country yet!

Edited March 6, 2009 by Damian P

[britbird 4]

Here's what I did...

Opened a bank account (two, one of my own, and joint signature on my husband's)

Became a joint signatory to his credit cards (I think he opened another one just so we'd have more credit - FICO likes to look at the proportion between the amount of credit you have v. the amount you use...someone like Suze Ormon explains these sorts of things quite well, though she's paid by FICO to advertize their stuff, so take it with a pinch of salt). Here's a very simple breakdown of things you can do http://articles.moneycentral.msn.com/Colle...reditScore.aspx

Get normal stuff that you will receive a bill for and will need to pay on time: like a cellphone for instance.

In other words, you need to piggyback on the stuff your wife already has...bills, cards, accounts etc. and then make sure you are awesome at paying them on time. Oh, and DON'T sign up for any of those goofy 'pay X dollars per year for the privilege of having a credit card/bank account' things. It's a con and you don't need it.

[WROCLAW 0]

Well, I just got my welcome email from Capital One:

"Did you know your account comes with our Credit Steps program? With Credit Steps—a free service from Capital One—you will get an automatic credit line increase by your fourth statement if you do the following:

1. Activate your card and use it at least once in the first 90 days

2. Make sure you stay within your credit limit

3. Make your first 3 scheduled payments on time"

Not bad seeing as I'm not even in the country yet!

Yes, it worked that way for myself, and my wife as well. They are a good company.

[featherB 1]

Secure bank credit cards don't count, they're not "true" credit cards.

The part about secured credit cards "not counting" is just not true. Of course they're not "true" credit cards, but if you get one through an issuer like BofA or US Bank, it will report to the CRAs and build up positive history, and even when it "graduates" to an unsecured card (as soon as 9 months later with BofA, and as soon as 12 months with US Bank, for instance), you'll have a "real" credit card on your credit reports that nobody need ever know was formerly a secured one. You'll keep the original "account opened" date, and all that positive history with a decent lender, rather than some dubious, fee-laden card (and there are some horrible ones out there) that just screams "I couldn't get anything better!" to anyone who happens to do a manual review of your credit file at any time. Absolutely nothing wrong with a (decent) secured card at all, as not only do they help build credit history so you can be approved for other, non-secured cards in the future, they themselves should turn into cards you're glad to have in your wallet. Some report as "secured" to the CRAs, some don't, but there is absolutely no difference FICO score-wise.

[JeremyR 8]

Question: I've just got the denial letter from Capital One after I tried to get their card last week. It says I was declined because my SSN drew a blank with Equifax, Trans Union and Experian (for all three: "record is missing or unavailable").

No other reasons are given so how do they, and how long does it take, the credit reference agencies to pick up on newly issued SSNs? Is there a way that I can notify them of my SSN myself, so they can create a file even if it's empty?

[hapi 0]

Capital One also has cards specifically for people new to the country and who have no credit history.

ditto. I got one from them just by applying online thru their site.

same here. capital one are the ones who give credit for those who dont have any. i got 2 cc's from them---master and visa platinum

[paulinespens 3]

I came here in Dec 2006. I got my first credit card in March 2007 with Citi Cards and I had zero credit history here. I just had a checking account. (interest free for 12 months). I got my second credit card with Capital One in May 2007. I was pre approved for a store card with a $1500 limit interest free for 12 months so im doing pretty good here considering ive been here for 5 mins in reality lol.

[brynah 0]

I am so frustrated with all this credit stuff. I am here on a 10-year greencard. I arrived at the very end of January - I don't have ANY money left.. I am self-employed running a business so every cent goes into that. I can't get any sort of credit..

I have been denied for a Capital One card twice.. even though they sent me an offer letter for my business.

I have been denied a Macys card.. now what!?

I can't sign a thing with my boyfriend because he has a bad credit history..

I don't know where to start. I can't even get a cell phone because you need to put down a $500 deposit which I don't have.

[kaffy 2]

Get a secured credit card. Minimum deposit is usually about $300 or so

If you don't have that money right now, try and save for it.. If you can't save for it then you may need to re-think your finances

[maison09 0]

Thank you so much for your informative posts.

maison de credit

Edited April 17, 2009 by maison09

[vanesssa99 0]

simulationcredit

It's great to talk about this topic

Edited May 28, 2009 by vanesssa99

[katrinav 0]

that's really interesting.

simulation rachat de credit

[whatislove 0]

i also have capital one card and so far they have been doing great with their rate and everything, but i have a question here. does anyone know where to check your credit score for free??? people says i am too new to get it but i still want to know anyway.

[kaffy 2]

http://www.creditkarma.com