Building Credit

[rheanick 42]

Would like to ask what is the best way to go about building my credit? I already have my GC and SSN, I am part of a joint bank account, and I will have three household bills in my name starting August. I have been receiving letters from Capitol One and other banks to open a credit card, just not sure which I should get because I am not familiar with the lingo and how to build credit in general. Besides, we have a debit card which we usually prefer to use, so I wouldn't know what to pay for with a credit card anyway? Can someone just guide me in the right direction? My hubby doesn't have a credit card either, just debit, should we get a joint credit account or should I get one separately? Just lost and confused in this matter, any advice would help!

I built my credit via:

1. joint credit card holder with hubby's present credit card. He has long history... i piggyback on his credit history.

2. Started my stock investment trading in a certain investment company and was allowed to borrow from them... i guess it boosted my borrowing power.

3. I also started my business. AFter several months got pre-approved credit business card.

I never had an employment history here in the US.

If you are interested with credit card, get the one directly from a bank. I have a friend who is taking her masters here and she was able to get a credit card after a month of staying here. She applied directly on the bank where she opened her account. She did not get the secured account, she was approved to get a credit card.

Edited July 5, 2011 by rheanick

[tallcoolone 102]

Get a cellfone in your name

Put household bills in your name

Piggyback off your husband credit score, get put on his cards as Joint Owner, not a authorized user

Get a credit card in your name, If you have no credit history you will probably have to get a secured credit card. You put up $300 for a year and your credit is $300.

My wife had no credit score and no one would issue her a credit card, not even a department store. I put her on my credit cards as a Joint Owner and got her 2 secure credit cards, Within 60 days her credit score was in the 770 range and we purchased a new house with her credit score..........

[Messybrownhair 251]

Get a cellfone in your name

Put household bills in your name

Piggyback off your husband credit score, get put on his cards as Joint Owner, not a authorized user

Get a credit card in your name, If you have no credit history you will probably have to get a secured credit card. You put up $300 for a year and your credit is $300.

My wife had no credit score and no one would issue her a credit card, not even a department store. I put her on my credit cards as a Joint Owner and got her 2 secure credit cards, Within 60 days her credit score was in the 770 range and we purchased a new house with her credit score..........

Done with #2, and doing #3 this week.. Hopefully I can get a secured credit card on my own soon.. And wow, that is exactly what we are hoping to happen! We want to get our dream house and car two years from now

[Nica_In_Love 98]

Done with #2, and doing #3 this week.. Hopefully I can get a secured credit card on my own soon.. And wow, that is exactly what we are hoping to happen! We want to get our dream house and car two years from now

I know there are mixed reviews about Capital One (not Capitol One lol) and I applied back in January (I came here in Nov '09). I got approved right away online, the application isn't that long and I wasn't working at the time. My husband has excellent credit history and I don't know if that affects the approval or not. However, I checked my credit score and now it's at 658 which isn't the best but it's awesome for a new immigrant I believe.

Yes the APR is crappy but I never buy anything over $100 and always pay it off before the bill is due. I even get cash rewards and the credit limit is $500. Something to think about, good luck!!

[englishbunny 1]

I've been in the US a year and unfortunately my husband's credit rating isn't the best so I've been the one building the credit. I used my name for all our bills and have a Chase account. 6 months after being with Chase I applied for a credit card with them but was declined due to not enough credit history.

About a year after I arrived I got a letter from Capital One and I applied for a card. I was honest with the application and got a card with a limit of $500. I plan to pay it off every month and build credit slowly. If u pay it off in full it doesn't matter what the APR is.

Good luck!

[Pui 0]

I start with a Capital One credit card(1% cash back and no annual fee which is great!!!!)

Edited July 11, 2011 by Pui

[bantam88 1]

If the new immigrant had a relationship with American Express in their original country, they can usually apply with AMEX here in the US citing the previous relationship.

I used Costco Tru Earnings AMEX card since I'm a Costco member anyway and it accrues nice rewards with no annual fee. Be sure to have the SSN if available associated with the US Amex account (I opened the card without my SSN yet and was granted 5,000 USD credit limit). Use it regularly and you will find that your credit history will start to build up.