Applying for credit cards

[Brenda2010 1]

Someone may have already shared this info. but thought I'd post in any case.

Just off the phone with Bank of America credit cards - they received my application and had some additional questions for me. As I'm not working/can't work till i get my green card she suggested they pull my Canadian Credit history which would give me a much higher credit limit to start with instead of the typical really low one for immigrants with no job/no US credit history.

Isn't that great? Dunno if it's the same for other US banks, would assume so.

[웃 910]

Apply online and when you fill in your annual income put whatever you want.

I have 2 store cards (1 with 6k limit and 1 with 9k limit) and 5 credit cards.

Number 1 it will ask for your household income usually. Number 2 they decide based on your credit but the income you put down may have a slight influence. Number 3 they never check ever.

I usually put a little over $100,000 a year.

Then again if your credit history in the US is new / non existent then you will have some trouble.

You need to have your husband call customer service at his oldest credit card and add you as an authorized user. So if he has had credit since 2003 (8 years) then when they run your credit it will come up as you opening a credit card in 2003 with 8 years history....

[Moosker 7]

I believe TD Bank could do the same thing b/c they have locations in both countries. Start building that credit now! It will help in the long run!

[Deputy Purple 1,294]

Apply online and when you fill in your annual income put whatever you want.

I have 2 store cards (1 with 6k limit and 1 with 9k limit) and 5 credit cards.

Number 1 it will ask for your household income usually. Number 2 they decide based on your credit but the income you put down may have a slight influence. Number 3 they never check ever.

I usually put a little over $100,000 a year.

Then again if your credit history in the US is new / non existent then you will have some trouble.

You need to have your husband call customer service at his oldest credit card and add you as an authorized user. So if he has had credit since 2003 (8 years) then when they run your credit it will come up as you opening a credit card in 2003 with 8 years history....

This is full of bad advice.

First, it's actually a crime to lie on an application for credit. A little thing called fraud and people do get caught all the time.

Second, the whole "Add someone as an Authorized User" scheme has been closed by all three Credit Reporting Agencies. All current Credit Scoring Algorithms discount AU accounts as the User has no legal responsibility for them and in the past people would pay to be added to stranger's accounts as an AU for just this purpose.

FWIW, I've been working in the largest 3rd Party Credit Application Call Center in the US for 14 years. Most of the time (12 years) I've been the principal programmer for our Credit Reporting/Parsing and internal Scoring software.

Edited March 15, 2011 by Bob 4 Anna

[Krikit 1,164]

That's great info, Brenda. Thanks. Nissan was able to pull my Canadian credit history also.

And +1 to Bob.

[Deputy Purple 1,294]

That's great info, Brenda. Thanks. Nissan was able to pull my Canadian credit history also.

And +1 to Bob.

BTW, that's a little feature called "North American Link" and is only in place for Canada!

[Krikit 1,164]

BTW, that's a little feature called "North American Link" and is only in place for Canada!

Not quite sure what the NA Link is but I know the person we were dealing with at the dealership told us he just called Nissan Canada and had them pull it.

[Deputy Purple 1,294]

Not quite sure what the NA Link is but I know the person we were dealing with at the dealership told us he just called Nissan Canada and had them pull it.

Through NA Link a company in the US can access Canadian Credit Reports. We don't us it anymore but for a few years we had some Canadian clients and were dealing with Canadian Credit Reports.

[웃 910]

This is full of bad advice.

First, it's actually a crime to lie on an application for credit. A little thing called fraud and people do get caught all the time.

Second, the whole "Add someone as an Authorized User" scheme has been closed by all three Credit Reporting Agencies. All current Credit Scoring Algorithms discount AU accounts as the User has no legal responsibility for them and in the past people would pay to be added to stranger's accounts as an AU for just this purpose.

FWIW, I've been working in the largest 3rd Party Credit Application Call Center in the US for 14 years. Most of the time (12 years) I've been the principal programmer for our Credit Reporting/Parsing and internal Scoring software.

You have any links showing someone charged for writing $100,000 household income on a credit card application when they really earn, say $70,000 or $40,000 or whatever number? I highly doubt it is a crime and if it is I seriously doubt you get arrested and charged for it.

We are talking about credit card applications not a house loan.

You do realize if it is a "serious" loan they request tax returns to verify your income.

If the credit card companies wanted to take it a step further, and wanted to get serious they would not process any applications unless you provide a tax return.

THESE ARE 30 second credit decisions online. It isn't that serious and you don't go to jail for putting a higher amount of income.

Also, you are wrong about the authorized user deal. My wife picked up my 2007 credit card history when she was added as an AU in 2009....It works both ways though, you add yourself to someone with a poor history and it will destroy your credit.

[웃 910]

This is full of bad advice.

I think it is fantastic advice.

First, it's actually a crime to lie on an application for credit. A little thing called fraud and people do get caught all the time.

Still waiting for you to give a link to an article where a person was thrown in the slammer, arrested, and charged for saying they make $75,000 instead of $50,000....

Second, the whole "Add someone as an Authorized User" scheme has been closed by all three Credit Reporting Agencies.

I recommend you read this article: http://www.720creditscore.com/credit-blog/the-magic-of-authorized-users/

All current Credit Scoring Algorithms discount AU accounts as the User has no legal responsibility for them and in the past people would pay to be added to stranger's accounts as an AU for just this purpose.

How do they not have a legal responsibility for them? For one, it will destroy their credit if they don't pay the bill so it is in their best interest to pay on time. For two, the credit card companies will go after and make both people pay for the outstanding debts because it is now both of their cards.

[Danu 19]

Regardless of if cards check or not (and based on my google search some places do randomly check to validate your income, though I couldn't specifically come up with a page about prosecution due to it) you are signing a document that says you are telling the truth, its a sworn statement. Recommending that people lie on their applications simply because you havent been caught yet is a terrible idea. They may never be caught, but they could be and might face reprocussions due to what you have suggested. Lets say they don't press charges right away, they can still close your account and demand full payment immediately based on you falsifying information.

[Deputy Purple 1,294]

I think it is fantastic advice.

Still waiting for you to give a link to an article where a person was thrown in the slammer, arrested, and charged for saying they make $75,000 instead of $50,000....

I recommend you read this article: http://www.720credit...thorized-users/

How do they not have a legal responsibility for them? For one, it will destroy their credit if they don't pay the bill so it is in their best interest to pay on time. For two, the credit card companies will go after and make both people pay for the outstanding debts because it is now both of their cards.

First, I don't need to provide proof that someone was arrested for fraud. If you lie on a credit application then you have committed fraud, it happens everyday and not everyone get caught. It's still illegal and in violation of VJ's TOS to suggest someone knowingly do something illegal.

Regarding your website, I have access to confidential documents regarding how Credit Scores are calculated including what information to completely disregard. At the top of that list is Authorized User Accounts.

Why? Because as an authorized user you are not legally liable for paying the account, you are simply granted access to the account. The creditor can not go after an authorized user if the account holder defaults on the balance. Notice the difference between "Authorized User" (as in authorized to use it) and Account Holder? Your own link states this difference.

Here are some links for you to read:

http://www.credit.com/credit_information/credit_report/Consumer-Alert-FICO-Formula-Changes.jsp

http://www.fico.com/en/Search/Pages/Results.aspx?k=authorized%20user

http://www.experian.com/ask-experian/20090901-authorized-user-accounts-can-be-removed-from-report-upon-request.html

[웃 910]

Regarding your website, I have access to confidential documents regarding how Credit Scores are calculated including what information to completely disregard. At the top of that list is Authorized User Accounts.

Why? Because as an authorized user you are not legally liable for paying the account, you are simply granted access to the account. The creditor can not go after an authorized user if the account holder defaults on the balance. Notice the difference between "Authorized User" (as in authorized to use it) and Account Holder? Your own link states this difference.

Here are some links for you to read:

http://www.credit.co...ula-Changes.jsp

http://www.fico.com/...thorized%20user

http://www.experian....on-request.html

Then explain how in the 3rd or 4th quarter of 2009, when I added my wife as an authorized user, she now shows credit history and on-time payments going back to 2007?

Within months she has a credit score of over 700....Approved for a home all on her own on part-time minimum wage employment.

I credit her being added as an authorized user for all of these amazing credit-related perks she has been given in her short time in the US.

Edited March 15, 2011 by Lord Infamous

[Moosker 7]

I can vouch for the Authorized User on a credit card as well. I had NO credit whatsoever in the U.S. In 2009 my husband added me as an authorized user and within 6 months, I had credit. Maybe certain companies don't report it anymore, but that was for sure what helped us!

Okay, I'm out!

[Flames9_RN 358]

Few yrs back--that CNBC chick Suzie Orman stated the credit cards co. were going to close that loop hole of people piggy backing on to others people credit history to get a card. But from reports on VJ, it is still working for some