Credit Rating and Secured credit cards?

[epsonderby 85]

I found it hard to getting started with credit initially, but now have a Discover IT, 2 x Cap One, and store cards with Amazon, Walmart, Lowes, American Eagle, and Old Navy. All with pretty good limits.

I started with a Cap One secured, as I posted here back in Jan. it took just over 6 months to build up what I have now. Not too shabby for someone with a credit history of less than a year.

Patience is definitely the key in all credit-related issues.

[Teddy B 17,252]

Adding myself to my wife's credit cards will not raise my credit score, it will only benefit hers if we pay on time.

Being added as an authorized user on your spouses credit cards is one of the fastest and easiest ways for you to build credit so long as she already has good credit and pays her bills on time. When my wife first came here she was unemployed and like all newcomers had to start from scratch with building credit. I added her as an authorized user on 3 of my credit cards, including my Bank Of America card for the first 6 months she was here. She then got a job and I filled out the application to have her added as a "joint applicant" on that same BOA card, which means she is a co-owner of the account and is responsible for the payments. She was approved because she had been "piggybacking" on my credit for the past 6 months and this gave her a decent credit rating. Within one year of becoming a joint applicant on that BOA card her credit rating was in the high 700's and she can now buy pretty much anything she can afford on credit.

[kzielu 1,149]

Being added as an authorized user on your spouses credit cards is one of the fastest and easiest ways for you to build credit so long as she already has good credit and pays her bills on time.

True. I was added as an authorized user (she did not give my SSN or anything else beside the name and address) and it did show up on my credit report from Experian.

[Noel194 53]

Capital One gave my wife a new immigrant credit card with a $500 limit unsecured 1 month after arrival with no job and no credit. AFter 6 months it went to $750. 3 years later she has a 750 credit score and a couple of unsecured cards with 10K limits for AAA credit people.

[atm 8]

I, too, am from Australia, and came to the US after winning the DV lottery.

It is very important to build a credit history in the US. You are nobody without credit as you have probably discovered.

I had a sizeable savings balance (at Citibank), had always paid my cell phone and utilities on time, and always used a debit card. I wanted to open a couple of store cards, because you get a decent discount if you use them. I was denied credit (store cards, credit cards, everything!) over and over even though I had a steady well-paying job and solid savings, because I did not have a credit history/score. This was despite having been in the US more than a couple of years. I was told that a savings account in good standing, and utilities bills paid on time didn't count for credit history.

I could not get any credit at all!

Citibank suggested I borrow $500, pay the loan off over one year, against which, they set up a deposit of $500 in a CD (which I couldn't touch). When I asked the officer at Citibank whether he thought this was ridiculous, he told me he applied for a Citibank credit card, and had to provide proof of his (Citibank) income! But it worked. After that year, I received a Capital One card with a $750 credit limit, and after another year I was approved for a couple of store cards. Now I have a slew of them. If you look carefully, they have good rewards programs, and no annual fee.

So you might consider taking out the small loan - just another idea that worked for me!

Edited August 13, 2013 by atm

[Mariana2012 89]

Here is my experience with CC,s.

In January when I got married my husband added me as an authorized user on two of his cc's.

I've had my greencard since March 2012 and now I have a $500 cc from Capital One ( cc for newcomers, I applied for it when I was unemployed and told them I had $500 a month rental income from outside US). Last month I got a pre-approved CC offer from Discover and I received a $1250 line of credit from them (at this time I was employed).

. .

Edited August 15, 2013 by Mariana2012

[Liza E P 0]

I immigrated to the USA in december 2012, and I struggled to get a credit card as well. I have been self-employed for the last 12 years both in South Africa and in Australia, and did not as yet have work here.

However, Discover was amazing. I filled out an extensive application form online through their website, and after a few days they got back to me with a positive answer. I have been given a credit limit of $750. I am very happy with Discover - and would strongly recomment going this route, and answering all the detailed questions on the application - or, better still, phone them up and speak to one of their USA based very friendly sales staff.

Good Luck

[NikkiWicki 3]

I found it hard to getting started with credit initially, but now have a Discover IT, 2 x Cap One, and store cards with Amazon, Walmart, Lowes, American Eagle, and Old Navy. All with pretty good limits.

I started with a Cap One secured, as I posted here back in Jan. it took just over 6 months to build up what I have now. Not too shabby for someone with a credit history of less than a year.

Patience is definitely the key in all credit-related issues.

hi i applied for a capital one secured credit card but they are asking for an annual income. apparently I dont have a job, but I am receiving an allowance. Can they still grant me a secured credit card?

[vkrishn 97]

I have the Amex Costco Card (I am a big fan of Costco) and asked them if i could get one for my wife since she does not have any credit history and entered U.S a month ago. All they wanted was my wife's Costco membership number which i can get if i add my wife to my membership account. She will get another membership card with a different account number and with that she will be able to get Amex costco card which can be used anywhere.

Good thing is that her credit history will be good as her activity on the card is tied to the social and it will be reported so that she can build her credit history.

Has any one taken this route?

[TBoneTX 45,284]

*** Thread moved from the "Moving Here & Your New Life" forum to the "Tax & Finances" forum, as an even better fit for this topic. ***