Establishing Credit In US

[flipside 0]

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.

Jen

Ladybird

That statement is incorrect. There is what's called a "no shopping penalty". If you are shopping for a certain loan type (personal, auto, home etc), all inquiries of this type in a 30 day peroid are counted as 1 inquiry.

[classic 0]

I'm a US citizen by birth, but I spent almost my entire life in Phils until April 2005 when I came back (I got an SSN too). I opened a bank account, and just tried to include application for credit card. Credit card was disapproved (naturally) because I didnt have a job yet & I have no credit history. I've been working almost 7 months now (Fulltime) and I have been putting in monthly deposits of a little over $1T/mo since. Still no credit history though, If I ask the bank this time, do you think they might reconsider?

[flipside 0]

... If I ask the bank this time, do you think they might reconsider?

What you have in the bank doesn't matter. What matters is that you have no credit history. Since you stated you have $7k in the bank, you should get a secured credit card. Give them a $1k and they'll give you a $1k limit credit card, $2k - $2k limit etc. After about 6 monts to a year, they will give you the $ back and convert your card to unsecured if you make all the payments on time and don't go over the limit.

[cmartyn 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.

It was easy for us. Strangely, this strategy does not work in Canada.

[annelizabeth 1]

Update on the meeting with the bank manager. He told me I didn't show up in the credit ratings last tuesday, but on saturday I got a copy of my credit rating in the mail from the bank and it showed me with 670. Weird or what?

I read somewhere that over 650 was good. Anybody know?

[pax 0]

From what I understand, a score in the 600-700 range is okay (e.g. you'll be able to get credit pretty easily, you won't have any problems getting an apartment or what have you), but to get the best interest rates (say for a mortgage or a car), you really want a score of at least 720.

[flipside 0]

I read somewhere that over 650 was good. Anybody know?

The number means nothing if you have no recent payment history.

[cmartyn 0]

The number means nothing without history. You need a years history or so for unsecured credit. For secured credit though the number helps. I had the same issues. Im on file, but my credit comes back blank or SS number invalid sometimes. Oh well, I guess it takes a while.

[caviar22 1]

I have had an American Express card in Canada since 1993. I called the US one and asked if I can have my credit transferred and get a card in the states... They said yes!!! I will be applying next week to see if they actually told me the truth!!!

[Butterfly 0]

That's what I thought but hubby is an authorized user on a few of my accounts (including AMEX Gold card) and they told him he had no credit history.

You have to make sure that his SSN is also added, otherwise the credit history will not be build.

Good luck!

Edit: Trying to say that the quote button did not work..

Edited March 1, 2006 by Butterfly

[Gigiola 0]

Much as others here:

Turned down for Kohl's store card

Turned down for Walmart's store card !!!

Added as authorised user on husband's Discover Card, only to find out that as an authorised user nothing is reported!

Presently requested to be a joint account holder with Discover ... but they wanted photocopies of driver's licence, SSN and proof of address. Still waiting!

[annelizabeth 1]

Update on the meeting with the bank manager. He told me I didn't show up in the credit ratings last tuesday, but on saturday I got a copy of my credit rating in the mail from the bank and it showed me with 670. Weird or what?

I read somewhere that over 650 was good. Anybody know?

Update. The b**tards turned me down!!!! I wanted a home equity line of credit of about $25000 on a house I own outright worth $130,000 - so where is the risk involved?. This is bugging me now. As soon as I do get credit or a mortgage somewhere else I am gonna vote with my feet and close down my accounts with Fifth Third. Morons.

[flipside 0]

I wanted a home equity line of credit of about $25000 on a house I own outright worth $130,000 - so where is the risk involved?.

Thats very odd... That is an outright secured loan. Try another bank.

[no one 0]

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

For now, I can't get a credit card with Chase, but I definitely don't want to do business with Capitol One now. My mother-in-law (a USC) just got sued by Capitol One for supposedly owing them money. Around half a year ago, when she was trying to refinance her house, this amount owed showed up on her credit report and she was puzzled by it (she does not owe them money). She tried and tried to contact Capitol One but no one responded to her inquiries. Now they want to send her to court!

[no one 0]

For now, I can't get a credit card with Chase, but I definitely don't want to do business with Capitol One now. My mother-in-law (a USC) just got sued by Capitol One for supposedly owing them money. Around half a year ago, when she was trying to refinance her house, this amount owed showed up on her credit report and she was puzzled by it (she does not owe them money). She tried and tried to contact Capitol One but no one responded to her inquiries. Now they want to send her to court!

I should add that my mother-in-law doesn't even have a credit card with them.