Question about Credit History

[amylou 0]

I signed up for freecreditreport.com, because I always monitored my credit back home in Canada. I expected things to be tied together... but they aren't. I have no credit history at all!

How do I start to build a credit history? I applied for a credit card via my bank and was declined... because of insufficient credit history. I have student loans back in Canada and had a good credit score while there. Now I am frustrated. Is there any way to merge my credit from back home? If not, then how can I build credit?

Thanks in advance.

Amy

[Obama 2012 1,714]

Try Capital One (www.capitalone.com) or HSBC (www.hsbc.com)

Other than that, a store card like Macy's is always a good way to try and start building credit and they are usually easier to obtain.

I've heard people talk about the possibility of merging your credit, but have never personally talked to anyone who has done it. Be it as standards are different, etc.

If all else fails, 'secured' credit cards that report to the credit agencies will work as well to help build until you can establish something to get actual unsecured credit.

[Badgerella 5]

Capital One is the bank that gave me a credit card, too, while for instance Wells Fargo wouldn't. The fact that I had a longstanding and an extremely good credit history back in Croatia, too, made no difference here whatsoever. By moving to the US, you simply start from scratch.

Also, what I learned the hard way, applying for credit cards with different banks or financial institutions and then getting denied actually HURTS your credit history (got it listed as a penalty on my credit history).

[Kimbear 53]

If you do choose to get a "secured" credit card, make sure they report to the 3 major credit agencies. One bank that does this is Bank of America.

[Mononoke28 135]

Try applying for a Capital One Standard Platinum Credit Card, that's the one my husband applied for when he first arrived and he now has a credit score of over 750. We use it to buy groceries and gas and pay it off each month. It was a huge help when it came time to file for a mortgage, so it's a great way to establish your own credit.

I added him to my own credit cards and that didn't help at all, I was later told that he needed to establish his credit on his own and after applying for 4 different credit cards, Capital One was the one who approved him. The card does not have an annual fee and is designed for people with limited credit, such as students, new immigrants, or for people who want to re-establish their credit.

http://www.capitalone.com/creditcards/products/details/?sol=11170&tc=17&credit=3&linkid=WWW_0608_CARD_TGUNS01_CCBRWALL_C3_02_T_CP17017LW

Diana

[VanessaTony 3,567]

Try applying for a Capital One Standard Platinum Credit Card, that's the one my husband applied for when he first arrived and he now has a credit score of over 750. We use it to buy groceries and gas and pay it off each month. It was a huge help when it came time to file for a mortgage, so it's a great way to establish your own credit.

I added him to my own credit cards and that didn't help at all, I was later told that he needed to establish his credit on his own and after applying for 4 different credit cards, Capital One was the one who approved him. The card does not have an annual fee and is designed for people with limited credit, such as students, new immigrants, or for people who want to re-establish their credit.

http://www.capitalone.com/creditcards/products/details/?sol=11170&tc=17&credit=3&linkid=WWW_0608_CARD_TGUNS01_CCBRWALL_C3_02_T_CP17017LW

Diana

How do you pay it off? Do you go into the bank? Transfer from another account? or send cheques?

[blahblah1000 0]

Would it help to get a Capital One card while still in Canada and start using it before moving there?

[Brother Hesekiel 2,236]

First of all, FreeCreditReport.com is a scam operation. Cancel your membership for life immediately. For the money you'll save, you can buy a car.

Secondly, if you are a responsible person with some cash, building credit is very easy. Here's how I did it.

Go to a bank, preferably the bank you are banking with. Open a savings account that is linked to a secure credit card. What that means is that you deposit $1,000.00 for 6 months, and get a credit card with a $500 limit. You use it, you pay it back fast. In about 4 or 5 months, you should receive an offer for an unsecured card. Take it. Use it. Pay it back fast. This is how the ball gets rolling. In a couple of years, unless you screw up, you should have a decent credit rating.

[Greenparot 1]

I would just warn you, if you get a credit card especially with little credit history in your name watch out for the interest rates. They can be insane...

I remember being 18 and unemployed getting a few offers for well over 30% APR, one was over 50%. Pay it off every month, good advice.

[Mononoke28 135]

How do you pay it off? Do you go into the bank? Transfer from another account? or send cheques?

No, you basically just pay it for the full amount via check, make a payment on their web site or use the Bill Pay option your bank offers.

Diana

[Mononoke28 135]

Would it help to get a Capital One card while still in Canada and start using it before moving there?

No because they will ask for your Social Security Number when you apply for a card with them.

Diana

[Choo.143 3]

First of all, FreeCreditReport.com is a scam operation. Cancel your membership for life immediately. For the money you'll save, you can buy a car.

Exactly....Free credit report is not free it cost you $15 a month min..I use the FREE one which is www.annualcreditreport.com which allows you to get a copy for free.

[Badgerella 5]

I pay my bills through Capital One website, by using an account I have with another bank.

Secured cards, also, will not work with every bank - Wells Fargo, again, wouldn't issue a card unless you have a steady income, regardless of any and all amounts you offer as your collateral.

[Ladylethal 12]

Since the topic is already here I too have a question. To build credit, does a joint credit card work? I got one with my husband on a bank we're not members of a bit after I got here. It was after I got my first job and we actually used my pay stubs and his to get approved. I'm not just an authorized user and although I didn't pay to look at my credit score yet I did get the free report from Experian and that account is listed there. Does that mean it's counting towards my credit score?

Also just opened a new bank account in the military bank USAA, again it's a joint account (hubby joined the Air Force) and after he starts getting his deposits there I plan to apply for another credit card for us with them. We don't plan to buy a house or anything any time soon but I'd like to know I'm building something already, and hope it keeps going till there's need for my credit to be there.

[kaffy 2]

^ Yes it will count. Sounds like you went through the right steps to get approved as a joint account holder (pay stubs, SSN, signature, etc)

to the OP -

start with a secured credit card (mine is through Wells Fargo)

have your spouse add you to their existing credit card/s as a joint account holder

take out a personal/auto loan and make monthly payments towards that

I followed those three steps and was able to build my credit score from 0 to 800 in less than 18 months of residency (and that helped us buy our first house at an awesome rate)