Establishing Credit In US

[doodle 0]

he was approved for the bank of america secured card where you put $99 in and they give you a limit of $500.

I am going to add him as a user on my card and we already have the accounts together and wait our 6 months...

[annelizabeth 1]

Went to see the bank manager last night. Even though I have had a secured credit card with them for maybe 7 months and have used it and paid it off each month, I still do not have a credit rating!!!! He did say that no credit history was better than bad history and they are going to check with their underwriters to see if I can get a home equity loan. he said I could provide other evidence - ie my credit card statements from the UK and utility bills which are in my name here.

I just find it amazing that I am still a non-person 8 months down the line. I would have thought that there would have been something reported by now.

Maybe I should apply for a mortgage instead. Anyone any experience?

[zyggy 9]

My warning is about Capital One and my husband's experience with them. First, they try to fast talk you into credit monitoring service and insurance and such when you call to activate the card. Next, every time he has called to inquire about something we have gotten a card in the mail about a two weeks later saying that his credit limit cannot be increased. He has never asked for a credit limit increase. The first time they sent the "rejection" card they had automatically increased his credit limit. When he called about that, they sent a second "rejection" card and again changed the credit limit. They charged a $29 over limit fee for being 93 CENTS over the limit. But the next day they raised the limit. Oh and because of mailing they got the payment on the 12th instead of the 11th and they charged a $29 fee for that too. So the $60 payment I made got pretty much completely eaten up by fees. It is almost impossible to even talk to a person at their company because they are always shuffling you around through the automated system.

I wouldn't recommend doing business with this company to anyone. All of their behavior thus far just makes them look like crooks.

Just FYI

Kathleen

That's why I always pay them and every other credit card company on-line ( I pay the minimum as soon as I get the statement and the rest when I choose) and make sure that I am NEVER over limit...

Edited February 22, 2006 by zyggy

[luv2teach77 41]

Anne,

Sorry to hear that 8 months down the line you're still apparently no better off than when you started. Do you know which agency your bank reports to or checks with regarding your credit score ?? My suggestion would be to look into your credit score yourself.

I personally went to the websites of the three biggest credit reporting agencies (Experian, Equifax and Transunion) and requested my credit report from each one. They all offer a free 30 day trial which includes a free credit report. They'll ask for a credit card but nothing will actually get charged to it if you cancel your subscription to their services within 30 days. I literally signed up, printed off my three reports and then called each company the same day to cancel.

It may be that when one company says you have no rating with them, another company may report your score differently !!

Just an idea.

Mark

Edited February 22, 2006 by luv2teach77

[cmartyn 0]

I started with a Bank Of America secured card. They reported to all three agencies every month. After 6 months they sent me my check and converted the card to an unsecured card automatically. After 9 months I got a credit line increase from 2500 (the original secured amount) to 4000 just by asking. It has been 17 months now and my credit rating sits at 700 where it was a year ago. Using the Fico score simulator it looks like at 24 months you get a serious boost to 740 or something.

[yogib37 3]

Hi there,

This is my first post in this forum and I'm hoping that some of you can help. I am trying to get my husband a credit card. He has no previous credit history at all...He does have a job and a green card though. I have tried Capitol One and Chase and they both rejected him. Can anyone give me some guidance on how I can establish him some credit and get him a damn credit card.

Thanks in advance

Get him a gas card or a SEARS Card.

or a department store card

Thanks

Yogi

[broma25 2]

I got finance on a car, in my name only, here's hoping this will boost my credit score, and then credit cards will start knocking on my door!!

[cmartyn 0]

Dont forget that every time you apply for credit, your score goes down. So a car loan will actually hurt your score for six months. Then, as it matures, it will increase your credit score.

[ladybird216 2]

Anne,

Sorry to hear that 8 months down the line you're still apparently no better off than when you started. Do you know which agency your bank reports to or checks with regarding your credit score ?? My suggestion would be to look into your credit score yourself.

I personally went to the websites of the three biggest credit reporting agencies (Experian, Equifax and Transunion) and requested my credit report from each one. They all offer a free 30 day trial which includes a free credit report. They'll ask for a credit card but nothing will actually get charged to it if you cancel your subscription to their services within 30 days. I literally signed up, printed off my three reports and then called each company the same day to cancel.

It may be that when one company says you have no rating with them, another company may report your score differently !!

Just an idea.

Mark

We got our credit report from www.annualcreditreport.com...it is totally free, you don't have to sign for a free trial. The only thing is, you can only get one report a year....but it worked for us.

Jen

[broma25 2]

Why will a car loan hurt my credit score?

[ladybird216 2]

Why will a car loan hurt my credit score?

Because every time you apply for a loan the lenders 'pull' your credit report and every time this happens your score if affected...so sometimes it's better to get all the hits on your credit report over and done with at the same time i.e. if you are looking for a car loan, a home loan and applying for a credit card then do it all together and then settle down to paying them off and raising your score again.

PS.....It does not affect your score if you 'pull' your own report (but you cannot do this on behalf of the lenders, they will so their own checking)

Jen

Edited February 23, 2006 by ladybird216

[Jasman0717 9]

How about a debit card from your bank or do those not report to credit tracking companies?

Edited February 23, 2006 by jasman0717

[Donal78 0]

quick question is it easy to put your name on your future's wife bank account or is it better to open up your own account instead.

[zyggy 9]

How about a debit card from your bank or do those not report to credit tracking companies?

Debit card do not help because no one is extending you credit in those cases. It's merely an easier way for one to get at their own money...

[annelizabeth 1]

Anne,

Sorry to hear that 8 months down the line you're still apparently no better off than when you started. Do you know which agency your bank reports to or checks with regarding your credit score ?? My suggestion would be to look into your credit score yourself.

I personally went to the websites of the three biggest credit reporting agencies (Experian, Equifax and Transunion) and requested my credit report from each one. They all offer a free 30 day trial which includes a free credit report. They'll ask for a credit card but nothing will actually get charged to it if you cancel your subscription to their services within 30 days. I literally signed up, printed off my three reports and then called each company the same day to cancel.

It may be that when one company says you have no rating with them, another company may report your score differently !!

Just an idea.

Mark

Thanks Mark, I will look into it.