Got my first credit card BEFORE I got EAD! Building your credit early on.

[zilchfox 296]

So last week or so I got a BankAmericard, a $500 credit card from Bank of America, with $0 income, no credit, and only a $99 security deposit. You will need your SSN to do this.

 

So the card is EXACTLY this credit-building secured credit card: https://www.bankofamerica.com/credit-cards/products/secured-credit-card/ except the difference is, it's a minimum $300 security deposit to apply directly, but such a high security deposit kind of sucks and I believe it would still be either a $300 or $500 card, but there is a way around this.

 

The trick? Literally apply for any other credit card that's usually unsecured. You're gonna get a hard inquiry on your non-existent credit report by applying anyways, so let's make it count. You will get rejected for the new card, but instead you will be offered a $500 partially-secured card with a minimum security deposit of $99. It will also have an annual fee of $39, which they will auto-deduct from the credit card a few days after you receive it.

 

Since I don't have my EAD yet, obviously I have no income, so I selected the $0 - $500 monthly income range and I was approved in a few days!

 

This is obviously an option if hitch-hiking off your credit from your home country is not an option (do that if you can, it would most likely be better), so if you can't, this is a great way to start building credit early to help lead you to an even better quality of life here in America.

[Suss&Camm 2,213]

2 hours ago, zilchfox said:

So last week or so I got a BankAmericard, a $500 credit card from Bank of America, with $0 income, no credit, and only a $99 security deposit. You will need your SSN to do this.

 

So the card is EXACTLY this credit-building secured credit card: https://www.bankofamerica.com/credit-cards/products/secured-credit-card/ except the difference is, it's a minimum $300 security deposit to apply directly, but such a high security deposit kind of sucks and I believe it would still be either a $300 or $500 card, but there is a way around this.

 

The trick? Literally apply for any other credit card that's usually unsecured. You're gonna get a hard inquiry on your non-existent credit report by applying anyways, so let's make it count. You will get rejected for the new card, but instead you will be offered a $500 partially-secured card with a minimum security deposit of $99. It will also have an annual fee of $39, which they will auto-deduct from the credit card a few days after you receive it.

 

Since I don't have my EAD yet, obviously I have no income, so I selected the $0 - $500 monthly income range and I was approved in a few days!

 

This is obviously an option if hitch-hiking off your credit from your home country is not an option (do that if you can, it would most likely be better), so if you can't, this is a great way to start building credit early to help lead you to an even better quality of life here in America.

Congrats on your card  . I just want to mention 2 things:

1. You do not need your SSN for this.

2. The counter offer you get back is individual. It will for example depend on how long you've been in the country and other factors

 

The staff at BofA always recommend you to do it this way though to get the best individual offer. I applied rly early on because I already knew I wanted to get a secured card and history is a really big factor in building credit. My application was sent my first week in the country and as such, I had no SSN and I was denied the regular card without counter-offer and so got the regular secured card where the reported "credit" matches the security deposit. I put in $1,500 and as I have posted in earlier threads 4 months later I have a FICO score of 751 (including being authorized user on my husband's card open for 6 months with $1,500 credit also) and keeping the utilization between 10-20% and paying off in full monthly.

 

Just wanted to add this because your individual offer will not necessarily be the same as someone else's.

[TBoneTX 45,288]

*** Thread is moved from the Moving to the US forum to the Tax & Finance forum, to be among similar topics. ***

[Becci391 339]

My husband and I have an appointment on Saturday to open a new bank account with them.

Anyone knows what documents we have to provide? And how can I make it possible that my new last name will be on the account?

Is there a way to get a CC where I can pay the full amount by the end of the month? I much prefer that instead of only paying 10 or 20%.

Edited March 22, 2017 by Becci391

[Suss&Camm 2,213]

1 hour ago, Becci391 said:

My husband and I have an appointment on Saturday to open a new bank account with them.

Anyone knows what documents we have to provide? And how can I make it possible that my new last name will be on the account?

Is there a way to get a CC where I can pay the full amount by the end of the month? I much prefer that instead of only paying 10 or 20%.

You'll need your foreign passport and maybe also a credit or debit card or foreign driver's license or some other means of ID other than the passport...

Bring your marriage certificate... but if you don't have any identification in your new name they might not put it in that name. You can just change it later. If you have SSN, bring that card too. Probably don't need the 2nd ID document if you have that. 

Regarding credit card, they will have you apply. You might get offered one or might be asked to open a secured one for now. You can, and should,  always pay any credit card in full, especially when building credit. The statement they send will only show the minimum amount that you are allowed to pay (that's the % you're talking about)...but it's up to you how much you actually pay.

[Becci391 339]

3 minutes ago, Suss&Camm said:

You'll need your foreign passport and maybe also a credit or debit card or foreign driver's license or some other means of ID other than the passport...

Bring your marriage certificate... but if you don't have any identification in your new name they might not put it in that name. You can just change it later. If you have SSN, bring that card too. Probably don't need the 2nd ID document if you have that. 

Regarding credit card, they will have you apply. You might get offered one or might be asked to open a secured one for now. You can, and should,  always pay any credit card in full, especially when building credit. The statement they send will only show the minimum amount that you are allowed to pay (that's the % you're talking about)...but it's up to you how much you actually pay.

Okay, so I still have my maiden name on my German passport and also on my Credit card and German driver's license. I applied for a new Social Security card with my new last name on it, so the "old" one has still my maiden name on it too.

What documents do I need to get my last name changed? I assume it's either the work permit, Green Card or Georgia driver's license. Or would the NOA1 help? 

I'm just worried that USCIS won't accept this as proof of being married and living together with my husband since I still have my maiden name on all of my foreign IDs. 

 

I guess that's German bureaucracy and obeying the German laws when it comes to paying for my Credit Card bill??. That's why I asked if it's possible for me to pay the full amount and not just a part of it. 

[Suss&Camm 2,213]

15 minutes ago, Becci391 said:

Okay, so I still have my maiden name on my German passport and also on my Credit card and German driver's license. I applied for a new Social Security card with my new last name on it, so the "old" one has still my maiden name on it too.

What documents do I need to get my last name changed? I assume it's either the work permit, Green Card or Georgia driver's license. Or would the NOA1 help? 

I'm just worried that USCIS won't accept this as proof of being married and living together with my husband since I still have my maiden name on all of my foreign IDs. 

You can try to ask if they'll put your married name with just the marriage certificate... Likely they will ask you for a primary ID which is one of the ones you mentioned for example..

USCIS knows your maiden name

Just change it when you can if it will be needed. 

Quote

I guess that's German bureaucracy and obeying the German laws when it comes to paying for my Credit Card bill??. That's why I asked if it's possible for me to pay the full amount and not just a part of it. 

I doubt it would be a law that you can not pay your credit in full?!  that makes no sense, but the amount shown on the bill is never the full amount. It was the same for me in Sweden. It would show a certain amount.. the rest would roll over to the next month... but you can always pay the whole thing. You just pay it...

Edited March 22, 2017 by Suss&Camm