ESTABLISHING CREDIT

[BritGirl88 43]

Hi All,

 

I'm an LPR and have been living in the US (Florida) for a little over a year now. I started my job a month ago and I want to establish credit.

 

Does anyone have any advice as to how to start out? How did everyone else start out? 

 

Were there any card lenders that gave you your first credit card with absolutely no credit history (I don't show up in the system). Any store cards? Anything?

 

Just looking for a starting point and would love to know how everyone else did it.

 

Thanks

[Merrytooth 5,748]

Check out this thread.

 

[KULtoATL 1,551]

I do not have much info to share on this matter other than try to apply for a credit card with Bank of America. They are generally more immigrant friendly despite you not having any credit score

[Crazy Cat 41,888]

This is what we just did.  My wife entered the US in late June.

 

I have a Citibank credit card which I've had for many years.  I made her an authorized user.  Citibank reports the credit card usage to her credit report (based on her SSn).

[broppy 204]

Try to get a secured credit card and use it for 10% of your limit each month. I went for Discover and they refunded my deposit after six months.

[kris&me 572]

Whatever u do be aware that interest rates vary by great degrees

a personal loan may be 9.9% while a credit card is 23.9%

personal loan may be a good way to start without getting into the credit card problems of overspending and paying hugh interest rates

i added my husband to my bank account and home equity loan

[NovaSprings 89]

Do you have your own (not joint) bank account? If you don't make sure you get one in your own name only.  I know this is counter to the "joint assets" you need to prove, but you will need something in your name only to start to establish credit. If you have one already, make sure your bank has your SSN attached to your account, that will start you on your way to logging a credit history.  Also ask your bank for a visa debit card to access your account....and start using it, even if you have cash.  Every credit transaction helps.  Once you have had your bank account for a few months, then ask your bank for a credit card.  You are now an established customer with them, so this will make the request a bit easier.  They may only give you one that is secured, or with a very low limit aka $500.  Don't be offended...start small, use the card and pay off the balance every month.  In no time you will have a credit score.  I also had great success with Discover and USAA in getting my credit established.

 

I hope this helps! Good luck

[TBoneTX 45,308]

Thread is moved from the Moving to the US forum to the Tax & Finances forum, where similar issues are discussed.

[mindthegap 2,590]

Did you have an amex overseas?

If so, use their foreign transfer service which will give you a US amex and backdate your credit history to whenever you opened your card. 

 

 

Failing that, bank of america secured card.

[Suss&Camm 2,213]

On 10/10/2017 at 1:39 PM, kris&me said:

Whatever u do be aware that interest rates vary by great degrees

a personal loan may be 9.9% while a credit card is 23.9%

personal loan may be a good way to start without getting into the credit card problems of overspending and paying hugh interest rates

i added my husband to my bank account and home equity loan

If building credit the point is responsible spending - there's no interest if paid of in full at the end of every billing cycle, which shouldn't be a problem when using at 10%.

[Suss&Camm 2,213]

I also did BofA secured card.. they just graduated it for me automatically in August (after 10 months) to an unsecured and I had it made in to a cash back rewards card.

 

I want to add that after having that card, and one other and being an authorized user on my husbands card, I was able to get my own car loan at 0% APR also in August (after some tough negotiations  )

Edited October 13, 2017 by Suss&Camm

[kris&me 572]

If people were reasonable in spending , credit card companyies would be poor

it is too easy to get a card when u are purchasing an item and clerk says 10% off if you apply now for a card

 

[Suss&Camm 2,213]

20 minutes ago, kris&me said:

If people were reasonable in spending , credit card companyies would be poor

it is too easy to get a card when u are purchasing an item and clerk says 10% off if you apply now for a card

 

Credit companies get paid everytime someone swipes a card, not just from interests. Yes, many ppl are not responsible with credit but when the OP was asking how to establish credit, I'm not gonna assume they can't handle it and tell them to go for a loan where they definitely will be paying interest to a bank - as opposed to getting a card (the first card you get won't be with a big credit line regardless) where if you use it for its purpose there won't be any interest at all.

[Nitas_man 3,100]

Added my wife to a couple of cards, about 6 months later she got a Capital One with a 1000 limit or some such, over time that limit's been raised to like a jillion dollars.  No need for your own bank account unless you just want one but she did open a chase account for herself awhile back and got a chase credit card tied to that account.

 

I suggest holding off on your own personal account until after removing conditions.  Just looking ahead for you guys.

Edited October 17, 2017 by Nitas_man