Establishing Credit?

[Brother Hesekiel 2,236]

I had no credit when I came to the US, and now I got an 806 FICO score, so here's how I did it:

Went to a local bank and put $1000 into a 6-month CD. Got a credit card with a limit of $1,000. Used it extensively, paid the balance off immediately, and after about 3 months I got the first offer for an unsecured card in the mail. Accepted and a month later the 2nd. offer arrived. Took that too. At some point I had 14 credit cards, including store cards, and because I wasn't smart at the time, I closed a few of them, which is always a bad idea.

Every year of being a good customer and having a low balance proportional to your available credit line rises your credit score by a few points. After a year or two, you should have access to low APR credit, unless you mess it up on your own.

Don't apply for credit, always wait for them to offer it to you!

[lechatnoir 0]

I am a US Citizen born and raised so I know how our credit works!

Thanks for all the great suggestions... I think we have a plan now.

[tallcoolone 102]

More than likely your Fiance/Spouse will have no credit score, which is about as bad as having bad credit.

He will be considered a "ghost".

Since he can't piggy back your credit score, by you making him an Joint Account holder, then your only option is:

Secured Credit Cards.

Bank of America and Wells Fargo will take a minimum of $300 and it's tied up for 1 year.

There is a $29 or so yearly charge for the card, which is included on your first statement. So you know the game purchase and pay the card on time.

I also heard you can get a Cell Phone from a ATT / Verizon etc and that will help build credit.

For us, I piggybacked my wife on my CC, and had her get 2 Secured CC, and her initial credit score was 770.

For the average first time person with a new credit score, I was told it should be around 640.