Best credit card to build credit in the US?

[katiekay 28]

I would start off with a secure credit card from your bank and then move up

[altonbebe 48]

So I've been in the US for about 5 months now. I'm thinking of getting a credit card to build credit here in the US, my question is: what's the best credit card for me or new immigrants? I know Capital One had a credit card for newcomers but it's no longer available. Any suggestions?

Here is what you need to do.

After your married and you have your SSN Number,

1) Go to Capital One Bank and open a REGULAR CHECKING account.

Be sure to tell them that you ARE NOT a U.S. Citizen. This will limit you to one type of checking account. MAKE SURE they understand that on their screen to not check YES when it ask if you are a U.S. Citizen.

I caught them when I looked at the screen and the agent had check YES.

Why is this important? Because under no circumstance can you claim your a U.S. Citizen when you are not. This can have serious reprecussions on your immigration process.

2) While your opening your Capital One REGULAR CHECKING account, tell the agent you would like to apply for their basic credit card. You will be approved with a $ 300.00 credit limit at first. This is not the CAPITAL ONE SECURED CREDIT CARD which requires you to make a deposit. This is an unsecured open term credit card.

After several months, you will have a credit limit increase to $ 3,300.00

The first statement date was June 05 with $ 300.00 credit limit.

Her Oct 05 statement had a credit limit increase to $ 3,300.00.

Now, she can apply for any credit card and get approved.

One thing to all coming in as a K-1 VISA. KEEP YOUR CREDIT PERFECT. PAY YOUR BALANCE IN FULL EACH MONTH.

In closing, no need for a store credit card or a gas card.

Edited December 16, 2014 by altonbebe

[j&ana 363]

The interest rate is unimportant if you just want it to build credit. Use it every month then pay it off in full so that you do not have a balance or pay any interest. I have a secured card from a credit union and use up to 30% of it every month, and pay it off without fail. After 6 months of use my credit score now is in the high 600s. I also got a car loan from them as well.

Actually the interest rate Is important if you want to build credit. there are other ways to build credit. So why will a person want to pay 21% percent interest rate on a credit card ,if they can build Their credit up other ways and later get a credit card for less then 10 %

if you willing to pay high percent then the credit companies know that

Edited December 16, 2014 by j&ana

[LORIEandPHIL 123]

Actually the interest rate Is important if you want to build credit. there are other ways to build credit. So why will a person want to pay 21% percent interest rate on a credit card ,if they can build Their credit up other ways and later get a credit card for less then 10 %

The interest rate is NOT important because the best way to build your credit score is to pay the card off every month (just like I said in my post) so there is no balance to pay interest on.

[j&ana 363]

The interest rate is unimportant if you just want it to build credit. Use it every month then pay it off in full so that you do not have a balance or pay any interest. I have a secured card from a credit union and use up to 30% of it every month, and pay it off without fail. After 6 months of use my credit score now is in the high 600s. I also got a car loan from them as well.

lets say you have credit with company A at 21% for a while and your credit is building up. Company B finds out and know they can offer you 18% and you might take them up if not no big loss for them but if you do then they have someone willing to pay the higher interest rate, then they will have gotten with someone with better credit that know what they should be paying in interest

[j&ana 363]

The interest rate is NOT important because the best way to build your credit score is to pay the card off every month (just like I said in my post) so there is no balance to pay interest on.

paying off every month is just a small portion of your credit they look at how much credit and debt you have more then paying something off not carrying a balance is actually a bad thing if you only have one credit card

[j&ana 363]

The interest rate is unimportant if you just want it to build credit. Use it every month then pay it off in full so that you do not have a balance or pay any interest. I have a secured card from a credit union and use up to 30% of it every month, and pay it off without fail. After 6 months of use my credit score now is in the high 600s. I also got a car loan from them as well.

your car loan is what helping you build your credit up more then your credit card. credit to debt ratio

[Hypnos 6,577]

Your interest rate is unimportant if you are paying off your balance in full and never paying interest.

Your interest rates are not listed on your credit report (I know because I obtained two reports today) so other lenders cannot see them.

Edited December 16, 2014 by Hypnos

[mrszorak44 7]

Do not under any circumstances go with capital one. I've worked both Canadian and American collections for them and honestly, they're the sketchiest of the bunch.

A good way to build credit is to gain store credit (ie: Macy's, JC Penny, etc) and go from there.

Oh my gosh, really?? And here I am reading about Capital One's Journey Visa card, since it's for people like me with no credit history. I'll look into those you suggested.

[mrszorak44 7]

Any credit card will do. If you can't get a major one: AX/VI/MC/DC apply for a store card Bloomingdale's/Neimans/Barney's etc or try a gas card - Chevron, 76, etc.

Make sure you charge something you need every month and pay your bill on time. You should be good for a major c/c after a year or so.

Good luck!

Hey John, thanks so much. I had a good credit history back in my country but I don't think it matters over here.

[j&ana 363]

Your interest rate is unimportant if you are paying off your balance in full and never paying interest.

Your interest rates are not listed on your credit report (I know because I obtained two reports today) so other lenders cannot see them.

of course interest rate are not listed. Why will they be? a company can run a check just as same as another company. and it does not have anything to do with getting credit but if you can get a card with better interest. Why will you want a card with high interest

Edited December 16, 2014 by j&ana

[mrszorak44 7]

I would start off with a secure credit card from your bank and then move up

I was considering a secure card but I don't want to make an initial deposit lol. I guess if I have no choice, I'd have to go with it.

[mrszorak44 7]

I've been using capital one for over 7 years no issues. my mother just moved to US less then 2 months. she just received her SSN about two days ago(long story) , same day she received her SSN i applied for capital one, she was denied right away, so i added her to my account as an authorized user (Friday, 18,2014 ) and today(12/15/2014) I tried again to apply for the same website same credit card and she was approved for $300.

basically first step for faster result is to have someone add you as an authorized user, also she was approved by federal credit union bank for $500. knowing that my mother she does not have a job or income, the only income she has is her retirement from another country.

Thanks

Hey, Nab! What credit card is this from Capital One that you applied your mother for?

[mrszorak44 7]

Look into a secured credit card. Capital One offer one, as do Merrick Bank and many others.

Hey Hypnos. Yeah I did consider a Secured MasterCard from Capital One, I'm just trying to get away from giving a deposit.

Capital One has a Journey Visa Card, and basically they're market are students who wants to start out in building credit (non-students are ok to apply since talking to an agent to confirm).

So this Journey card has no annual fees, offers cash rewards, etc., and it's for people who has no credit history.

[mrszorak44 7]

Here is what you need to do.

After your married and you have your SSN Number,

1) Go to Capital One Bank and open a REGULAR CHECKING account.

Be sure to tell them that you ARE NOT a U.S. Citizen. This will limit you to one type of checking account. MAKE SURE they understand that on their screen to not check YES when it ask if you are a U.S. Citizen.

I caught them when I looked at the screen and the agent had check YES.

Why is this important? Because under no circumstance can you claim your a U.S. Citizen when you are not. This can have serious reprecussions on your immigration process.

2) While your opening your Capital One REGULAR CHECKING account, tell the agent you would like to apply for their basic credit card. You will be approved with a $ 300.00 credit limit at first. This is not the CAPITAL ONE SECURED CREDIT CARD which requires you to make a deposit. This is an unsecured open term credit card.

After several months, you will have a credit limit increase to $ 3,300.00

The first statement date was June 05 with $ 300.00 credit limit.

Her Oct 05 statement had a credit limit increase to $ 3,300.00.

Now, she can apply for any credit card and get approved.

One thing to all coming in as a K-1 VISA. KEEP YOUR CREDIT PERFECT. PAY YOUR BALANCE IN FULL EACH MONTH.

In closing, no need for a store credit card or a gas card.

Thank you so much. I already have a bank account with TCF joint with my husband. I've never really considered TCF's credit card because I've read somewhere that Capital One is the most "immigrant" friendly credit card out there now. But with all the input of everybody here, I know now that there are a bunch out there.