Credit Card

[K & M 0]

Hi all,

so far my transition to life here in the US has gone really well.

I have a wife, a life and a job here so that's great.

However, I am trying to build some credit rating and am wondering how you guys did to acquire credit card(s).

It's a bit of a catch 22 where I can't build credit rating without a credit card and I can't get a credit card without a decent credit rating.

I make decent money and have a good history from Europe, but does that matter?

Any ideas/suggestions?

Preferably I'd want a credit card with some rewards (like frequent flying miles, cash back or similar).

Thanks!

M

[Póg mo 1,749]

Hi all,

so far my transition to life here in the US has gone really well.

I have a wife, a life and a job here so that's great.

However, I am trying to build some credit rating and am wondering how you guys did to acquire credit card(s).

It's a bit of a catch 22 where I can't build credit rating without a credit card and I can't get a credit card without a decent credit rating.

I make decent money and have a good history from Europe, but does that matter?

Any ideas/suggestions?

Preferably I'd want a credit card with some rewards (like frequent flying miles, cash back or similar).

Thanks!

M

Three words: Secured Credit Card.

Ask at your local bank for an application form.

[Harsh_77 718]

Hi all,

so far my transition to life here in the US has gone really well.

I have a wife, a life and a job here so that's great.

However, I am trying to build some credit rating and am wondering how you guys did to acquire credit card(s).

It's a bit of a catch 22 where I can't build credit rating without a credit card and I can't get a credit card without a decent credit rating.

I make decent money and have a good history from Europe, but does that matter?

Any ideas/suggestions?

Preferably I'd want a credit card with some rewards (like frequent flying miles, cash back or similar).

Thanks!

M

Initially you might not get a credit card with points and rewards - coz most of the companies that offer miles and rewards are trying to attract all the customer who have some credit rating and company believes that they could bring more revenue for them.

So to start with you should look for credit card that might have some anual or year fees and then once you get some credit histoy u can move to another company.

Most of immigrants get their first credit card when they come here for school, lot of these companies also approach and give out cards to students and unfortunately if you did not enter US that route it will be little difficult to start the credit history.

[Ribs & Beans 19]

My husband applied and was approved for the "Capital One cash rewards for newcomers" about 6 weeks after he got here--he had no credit history at all before that. The credit limit is very low, and the interest rate is high, but we really just want to use it to build a credit history for him, nothing else. Someday he'll apply for a card with rewards. My suggestion in general is to wait until you've been here long enough for your SSN to be in the system, you have a bank account, and you have a job...but it sounds like you have all of those things! Have you tried applying for that particular card? Good luck!

[katiemanny 64]

Hi all,

so far my transition to life here in the US has gone really well.

I have a wife, a life and a job here so that's great.

However, I am trying to build some credit rating and am wondering how you guys did to acquire credit card(s).

It's a bit of a catch 22 where I can't build credit rating without a credit card and I can't get a credit card without a decent credit rating.

I make decent money and have a good history from Europe, but does that matter?

Any ideas/suggestions?

Preferably I'd want a credit card with some rewards (like frequent flying miles, cash back or similar).

Thanks!

M

You need to go to your local bank and apply for a secured credit card, the credit limit will be the amount you deposit into your fund, if 500 your limit will be 500, and after approximately 12 months of on time payment, that 500 you've deposited will be returned to you and your credit card will be unsecured.

Capital One is one of the few major credit card issuer that will take the risk and issue an unsecured credit card, but the available credit limit will be as low as 300 dollar, and APR rates will be in the 20's with no rewards, plus an annual fee of 19-30 dollars.

Credit card with reward, miles, cashback are for people with good and excellent credit, some CC issuer such as Chase, Bank of America or Discover require the applicant to have 2 or more account open in their history report for over 2 years at least. I was denied a Chase Freedom with a credit score of 720 so imagine you with 0 score.

Another thing to know is there's a lot of horrible card out there, on the lookout for desperate people who wants to build credit, these cards has high interest fee, high annual fee, very low credit limit like 100 buck. Avoid these at all cost specially FirstPremierBank.

Edited May 10, 2011 by katiemanny

[nylonmac 10]

One upside with the Capital One card is they report monthly to the big 3 credit checking agencies. Even if you use your card just for little things and pay more than the minimum each month, you're helping towards your credit rating more.

Just keep it on time as I guess that's a double edged sword, you don't want to miss a payment.

[K & M 0]

My husband applied and was approved for the "Capital One cash rewards for newcomers" about 6 weeks after he got here--he had no credit history at all before that. The credit limit is very low, and the interest rate is high, but we really just want to use it to build a credit history for him, nothing else. Someday he'll apply for a card with rewards. My suggestion in general is to wait until you've been here long enough for your SSN to be in the system, you have a bank account, and you have a job...but it sounds like you have all of those things! Have you tried applying for that particular card? Good luck!

Ooh, that sounds like an option.

I read about secured credit cards but there must be a better way.

The Capital One cash rewards for newcomers at least sounds like it has some benefits tied to the card.

I'll look into it. I did apply for an American Express, they said they had to send a form that I would have to fill out and that my employer would have to confirm (my salary, job etc).

We'll see how things turn out.

Thanks a lot for your replies guys!

[Nica_In_Love 98]

Yep, I applied for the Capital One card as well and got approved online. The limit is $500 but like others have said here the point is to build your credit. Other VJers have gotten denied which I honestly don't understand why because we're all newcomers but give it a try.

http://www.capitalone.com/creditcards/newcomer-credit-card/

I've made a few purchases and already got some cash rewards so it isn't bad. Good luck!

[peepoopalot 0]

I suggest getting additional cards like Macy's, Best Buy etc.

These cards are easy to get and will slowly help you build credit.

Next step is to buy clothes and electronics and just start making payments.

Edited May 16, 2011 by peepoopalot

[rlogan 2,036]

Some credit counseling places say go to stores that give customers credit too - like furniture stores and department stores. Buy the stuff on credit and pay it off right away. They report to credit agencies too, and this helps.

[TBoneTX 46,282]

Some credit counseling places say go to stores that give customers credit too - like furniture stores and department stores. Buy the stuff on credit and pay it off right away. They report to credit agencies too, and this helps.

Lowe's (the home-improvement store) is one such.

[slangofoil 50]

I added my husband to all of my credit cards as an authorized user and within a few months he got a pre-approved offer from Capital One in the mail (one of my cards is with them). He got a $2,000 limit right off the bat since by that time he had gotten a job, and they asked for total household income on the form, so he could add ours together.

[katiemanny 64]

I suggest getting additional cards like Macy's, Best Buy etc.

These cards are easy to get and will slowly help you build credit.

Next step is to buy clothes and electronics and just start making payments.

Store cards are terrible, some lenders are notorious denying applicant that have more than 2 store cards, APR rates through the roof, Capital One is the way to go.

[Stardust72 0]

I got an American Express Clear card with a $1000 limit literally right after I arrived in the US. I had no credit history whatsoever. Now, 3 years later, I still have it. They have significantly raised my credit limit by now, which is good And even though you can't use American Express everywhere, I still like it and it definitely helps me build credit