Building Credit in the U.S.

[JayJayH 546]

You do not need to carry a balance to build a credit score.

True, but it does show that you're profitable.

Edited November 20, 2013 by Yang-Ja

[christeen 966]

True, but it does show that you're profitable.

Not correct, when building credit you should pay it off IN FULL every month... Credit companies are mor interested in knowing you can pay off your charges (mitigating risk) versus profit off balances... The companies make money just by you using the card (merchant agreements)...

[JayJayH 546]

Not correct, when building credit you should pay it off IN FULL every month... Credit companies are mor interested in knowing you can pay off your charges (mitigating risk) versus profit off balances... The companies make money just by you using the card (merchant agreements)...

All the money I could have saved...

Edited November 20, 2013 by Yang-Ja

[Darnell 8,478]

as I mentioned, NOTHING has changed for how credit works in the USA since the OP thought to post yet another topic, however -

a modicum of searching, using the advanced search tool, shows all.

Get Some, Today !****

***output of advanced search tool, that is.

[Teddy B 17,252]

I had great luck with adding my wife on two of my credit cards as an authorized user, about a year later I was able to add her on the Bank Of America credit card as a joint applicant and her credit score was in the high 700's. If the original card holder has excellent credit, this method works very well.

[user19000 18]

I don't know how it works but this is my story: My husband would never add me to his CC or bank account or anything. I tried applying for store CCs four times but got four denials.

Just last month my friend added me on her CC, and last week I checked my own credit score on credit karma and was shocked: my score was 750, even higher than my friend's! (She has a bankruptcy on her records)

So maybe your husband can apply for a new credit card with you as a joint account holder. I don't know about authorized user but in my case as a joint account holder I really built my credit, well, unless Credit Karma fooled me.

[HK12 273]

as I mentioned, NOTHING has changed for how credit works in the USA since the OP thought to post yet another topic, however -

a modicum of searching, using the advanced search tool, shows all.

Get Some, Today !****

***output of advanced search tool, that is.

Well you know Darnell, usually I really appreciate your answers. This time I have to say though, I am very underwhelmed with your replies. Things HAVE changed in the past months and years. For example, the card that most new immigrants on here have been using, Capital One for Newcomers, does not exist anymore. Another example is that the "Anti-Housewife Rule" (relevant to those of us who had to wait many months for an EAD or are housewives) has recently been changed. Quite a few companies have also recently changed their policies about authorized users when it comes to reporting to rating agencies. Yes, I have read the other threads on here, but I still had some questions specific to my situation. This forum is here to help each other, so please, if you do not have anything to contribute to the topic, just quit reading it. Thank you.

To all others, thank you for your help. I got approved for a secured credit card, and I will go from there.

Edited December 5, 2013 by HK12

[mrken30 0]

If you have an American express credit card, they will transfer your payment history from the UK to the US. My credit history in the US is older than I have lived in the US, ie I have 7 years of credit history but have only been here 5 years.

[JenandDon 3]

TD Bank and RBC USA can 'look' at your Canadian credit

[HK12 273]

In case any other user is reading this and might find it helpful: I just checked my credit score for the first time, and it is at 768/excellent (checked via Creditkarma). I was pleasantly surprised, especially since I only opened my first credit card (which is basically half secured, half unsecured and is with Capital One) in November 2013. I am however also an authorized user on my husband's CC's, who has excellent credit as well. I also have been getting credit card offers in the mail since February.

All in all, such a big improvement since the time when I started this thread.

[Amy_and_Victor 159]

Building credit is not an easy path, but if you being careful and make enough research you can do it. I came from Russia where credit history is pretty much a nonsence, so I din't have anything to transfer, and my wife's credit score isn't great, so I had to figure out myself how to build it from scratch. With zero credit history and non-existing credit score all I could get is a secured loan in the bank we have checking and saving accounts, it gave me some basic credit score at least, instead of "no records found" what declined any credit applications I tried before. In a few months after secured loan I was abe to get a secured credit card. With a tiny limit, annual fee, so not the greatest one, all I could use it for is something like Subway footlongs etc., but it was first one I was able to get. Few months later, now, and I was approved for the first REAL credit card, with $2000 limit, no annual fee and even real cash back rewards! Yes, it took me time to research and figure out where to apply and where to not apply (consider that I'm banned in Chase because they're giant a-holes, I didn't do ANYTHING illegal or fraudulent and I can prove this statement in front of anybody, but they decided to ban me "just in case", may be because I'm foreigner and had a few foreign transactions - so beware of Chase if you came from another country), I was watching my credit score weekly at CreditKarma, but you see - 2 years ago I had nothing but K-1 visa, I had nobody to help me with credit history, and now I'm approved for rewards credit card, real one, not secured or something like this. And I feel proud that I did it totally myself, with no help from anybody. It proves that newcomers CAN do that, it just takes some time. My advise - do not randomly apply everywhere, make a plan and think before filling apllication, don't rush, and it will give you what you want.

- Victor from Russia

Edited April 3, 2014 by Amy_and_Victor

[blk 87]

Building credit is not an easy path, but if you being careful and make enough research you can do it. I came from Russia where credit history is pretty much a nonsence, so I din't have anything to transfer, and my wife's credit score isn't great, so I had to figure out myself how to build it from scratch. With zero credit history and non-existing credit score all I could get is a secured loan in the bank we have checking and saving accounts, it gave me some basic credit score at least, instead of "no records found" what declined any credit applications I tried before. In a few months after secured loan I was abe to get a secured credit card. With a tiny limit, annual fee, so not the greatest one, all I could use it for is something like Subway footlongs etc., but it was first one I was able to get. Few months later, now, and I was approved for the first REAL credit card, with $2000 limit, no annual fee and even real cash back rewards! Yes, it took me time to research and figure out where to apply and where to not apply (consider that I'm banned in Chase because they're giant a-holes, I didn't do ANYTHING illegal or fraudulent and I can prove this statement in front of anybody, but they decided to ban me "just in case", may be because I'm foreigner and had a few foreign transactions - so beware of Chase if you came from another country), I was watching my credit score weekly at CreditKarma, but you see - 2 years ago I had nothing but K-1 visa, I had nobody to help me with credit history, and now I'm approved for rewards credit card, real one, not secured or something like this. And I feel proud that I did it totally myself, with no help from anybody. It proves that newcomers CAN do that, it just takes some time. My advise - do not randomly apply everywhere, make a plan and think before filling apllication, don't rush, and it will give you what you want.

- Victor from Russia

Thanks for this Victor, as I will soon be starting my own credit history journey once I have got my G/C & SSN card, my wife added me to her bank account & I am an authorised user on two of he credit cards so it's a start but it will be nice to get my own eventually ☺

Brian

Edited April 5, 2014 by blk

[KayDeeCee 4,893]

~ Moving older thread from Moving Here and Your New Life in America to recently added Taxes & Finances During US Immigration - topic is finances/credit ~