Building credit

[david'sgirl 134]

Since your credit history does not follow you to the USA how did you establish credit in this country?

We tried applying for a secure credit card but were declined due to lack of credit history.

[Inky 1,110]

My husband added me to his credit card, that was the only way I could get a credit card and be able to start building my credit because even his company wouldnt give me my own credit card. We also some how managed to get my name put on the loan for our house even with no credit.. the woman said it took her a lot of fenagling with the company but they finally agreed to put my name on the loan and mortgage + deed.

Other then that im waiting to try and apply for my own credit card again.

[ryna 132]

I plan on adding my fiancée to my accounts once she's in the U.S. and we're married.  Or, if they won't let me add her to my existing accounts, we'll open brand new, joint accounts.  I think that'll be the best and quickest way for her to start <br>building credit in the U.S.<br><br>I actually wanted to add her to an existing account or two before she arrives to get a head start but it's just too much of a headache to add someone who doesn't live in the U.S. or have a SS#, so we'll just wait...<br>

Edited September 7, 2010 by ryna

[christera22 8]

I was declined once or twice due to lack of credit. Try to open a joint account with a good credit union in your state, i did that and they gave me a credit card with initial $500 credit. Try to do a research on good credit accounts in your state. Hope this helps.

[jjbandero 39]

My experience is slightly outdated now, but it may help a little.

It took me six months before I could get a credit card, I came to the US on a work visa and did not have the option of adding myself to a joint account. I started with a department store card with a limit of $200 (I bought something on the card on the day it was opened, and then on the same day paid it off in cash), they are notorious for offering terrible rates, but if you paid everything off on time, then it's a none issue. It doesn't matter about the credit limit, just continue to use the card and then pay it off, after about 12 months, I started receiving offers for credit cards (they haven't stopped since!).

I would recommend you approach your existing banks to see if your spouse could be added to any of them to help build a history. You can run a free credit report after six months to see if information is starting to show up, I was told it generally takes 6 months for information to be fed to the credit reporting agencies.

[tallcoolone 102]

I was able to get my wife credit in the high 700's.

What I did. I got her 3 secured credit cards with balance of either $300 or $400 (Never heard of anyone getting turned down for a secured CC).

I also added her to my existing Credit Card as Joint User, (do not list her as authorized user)

After about 2 months she had a non existent credit score, to one in the high 700's

Last time I checked her credit score was in the low 800's.

[fozzie 41]

HSBC set up my bank accounts in the US before I got here, i banked with them in the UK. They asked if i wanted my vreidt history to be available to HSBC USA as they would vouch for me. I did not understand the importance of it at the time so I said no and they wouldnt do it after the fact, therefore I was on my own. HSBC USA did give me an unsecured credit card for a mere $300 right of the bat though and its been a slow process raising it. I don't like asking for an increase too often because it has an adverse affect on your credit score...it looks like you need more and more credit and are not living to your means.

Credit Tips: Don't extend too far into your credit. Keep it to less than 30% (i.e. if you have a $300 limit dont put more than $100 on it a month. Make sure you make your payments on time. Don't sign up for too many different store cards/credit cards/financing in a short space of time and be wary of anyone wanting to do a credit check. These all affect the credit score.

If your UK bank does not have an affiliate in the US then secured credit cards are the only way to go. Good luck.

[Inky 1,110]

HSBC set up my bank accounts in the US before I got here, i banked with them in the UK. They asked if i wanted my vreidt history to be available to HSBC USA as they would vouch for me. I did not understand the importance of it at the time so I said no and they wouldnt do it after the fact, therefore I was on my own. HSBC USA did give me an unsecured credit card for a mere $300 right of the bat though and its been a slow process raising it. I don't like asking for an increase too often because it has an adverse affect on your credit score...it looks like you need more and more credit and are not living to your means.

Credit Tips: Don't extend too far into your credit. Keep it to less than 30% (i.e. if you have a $300 limit dont put more than $100 on it a month. Make sure you make your payments on time. Don't sign up for too many different store cards/credit cards/financing in a short space of time and be wary of anyone wanting to do a credit check. These all affect the credit score.

If your UK bank does not have an affiliate in the US then secured credit cards are the only way to go. Good luck.

You say as a tip to keep credit less than 30%. My credit card I had in canada ( and the one my husband got me here as a joint on his account )Only ever used it when I had the actual cash to pay off the purchase I was making. Say I wanted to purchase an 80$ winter coat, instead of putting in on my debit when I have the amount in the account I put it on the credit card then payed it off as soon as I got home.

Is that not a good idea? is it better to keep a balance of credit owed on it than to only use it when you can pay it off right away?

Speaking of which I just got my VERY FIRST ever credit card application in the mail today!!

I was thinking to mail it in and see if I can get the " reserved credit card " its with the same company that my husband has our joint one. It doesnt have a fee on it but the intrest rate is CRAZY high.. so I was going to adapt the same thing as I had before to this card if I was granted it, by only putting a purchase on it that I knew was able to pay off right away.

Our credit card company we use is Capital One, when he phoned them to ask about credit cards for me they said if I was to send it in and get a card, I didnt have to use the card to be granted good credit by the company, that capital one is one of the VERY FEW who put in a statement of good credit even if the card isnt used. - Is that right? I didnt think something like that was allowed or possible to do?

[April + Chris 0]

Sorry, it doesn't transfer over at all? You have to start over again?

[Stanley Hermosill 1]

I have to agree with any of the comments that have recommended finding a co-signer in order to build credit. As I have heard but not tried personally, another thing you can do is add someone else to the account of a shopping credit card and then take yourself off. This will endow them with your cred from this account.

[fozzie 41]

You say as a tip to keep credit less than 30%. My credit card I had in canada ( and the one my husband got me here as a joint on his account )Only ever used it when I had the actual cash to pay off the purchase I was making. Say I wanted to purchase an 80$ winter coat, instead of putting in on my debit when I have the amount in the account I put it on the credit card then payed it off as soon as I got home.

Is that not a good idea? is it better to keep a balance of credit owed on it than to only use it when you can pay it off right away?

Speaking of which I just got my VERY FIRST ever credit card application in the mail today!!

I was thinking to mail it in and see if I can get the " reserved credit card " its with the same company that my husband has our joint one. It doesnt have a fee on it but the intrest rate is CRAZY high.. so I was going to adapt the same thing as I had before to this card if I was granted it, by only putting a purchase on it that I knew was able to pay off right away.

Our credit card company we use is Capital One, when he phoned them to ask about credit cards for me they said if I was to send it in and get a card, I didnt have to use the card to be granted good credit by the company, that capital one is one of the VERY FEW who put in a statement of good credit even if the card isnt used. - Is that right? I didnt think something like that was allowed or possible to do?

I agree that you should not carry a balance over from month to month but you don't have to pay it off as soon as you get home. As long as you pay the balance when you get your monthly bill you will not be charged interest and you will build credit nicely. The 30% is a guideline, the idea being that it shows you are not living on the edge of your credit limit. Its not really about how much your balance is but its relationship to your limit.

[Inky 1,110]

I agree that you should not carry a balance over from month to month but you don't have to pay it off as soon as you get home. As long as you pay the balance when you get your monthly bill you will not be charged interest and you will build credit nicely. The 30% is a guideline, the idea being that it shows you are not living on the edge of your credit limit. Its not really about how much your balance is but its relationship to your limit.

Hmm thanks for the insight!

[HisGirl 0]

I signed up for a capital one visa on their website specifically for people with little or no credit and was approved right away.

Go to their website and have a look, there are cards there for people with little/no credit history.

[Inky 1,110]

I signed up for a capital one visa on their website specifically for people with little or no credit and was approved right away.

Go to their website and have a look, there are cards there for people with little/no credit history.

I tried to sign up for that one but was denied! Thats when my husband called and had me added to his credit card. A little over a year after that I got a credit card offer in the mail from capital one, just sent that back last week and keeping my fingers crossed that I get it this time.

[Stanley Hermosill 1]

In order to establish credit history it will help you greatly if you can get someone to be a cosigner on a line of credit. This needs to be a person that already has history and a good rating.