Credit History: Best/Most Efficient Method for Buying Property ASAP?

[Jaret&Rachael 106]

Hello, first of all: YES I've read old forums, I've done my research on Visa Journey. However, the most recent that I've seen on this topic of 2018, which is now almost 2 years ago.

From what I've seen, the most efficient way to gain credit as a fresh permanent resident in the USA is to have your US spouse add you to their existing credit card. I'm just wanting to confirm that this is the most efficient way going into 2020, as my husband and I are wanting to buy a house soon after my arrival as a permanent resident. My husband has excellent credit history, but isn't the breadwinner. I make the majority of our income, I have over 2 years of verifiable employment in the same field, and I've secured a job in the US for when I arrive as a legal PR.

I'm aware that AMEX now is partnered with a service that can apparently bring up your credit history from Canada, as well.

I am a member with TD, I did contact them. They won't transfer your Canadian credit over to the US, however, they will use your Canadian credit history to open a US credit card once you land and then from there you can build credit, but in my case, that isn't helpful, as I want to have credit attached to my name right away in order to secure a mortgage.

If anyone has additional advice, I'm all ears.

My husband is with US Bank, I'm not sure if they require an SSN or now to be added to the credit card account. We will be residing and living permanently in California.

Edited December 30, 2019 by Jaret&Rachael
grammar

[Hawk Riders 814]

FWIW,

Canadian spouse was added to credit union account(s) w/o SSN in 2018. Will update credit union with SSN once we have it post-immigration... Our credit union accounts do not include credit card though, so this might not be relevant to your case 😕

[WandY 430]

Adding a spouse/child/etc. to an existing secured credit card does nothing except put the original cardholder at more risk. It does not build credit for the person(s) added to the card. There is no "fast way" to build credit - that's the point of credit, which is a timeline of a person's ability to pay debts on time. Don't give money to people/businesses that claim they can build your credit quickly. They cannot. The best way to build credit is to take out a legitimate credit card (Visa, Mastercard, etc.), use it wisely, and pay on time. Buying something on a loan - auto, property, large expenditure items - and paying them on time is about the only way to build credit. Credit scores are gained over time, not necessarily amounts. That is, paying off a $4,000 loan on time is just about as good as doing the same on a $10,000 loan. There are a lot of parameters, but showing stability of income is another. Credit agencies and banks don't like incomes that go up and down. Again, don't believe anyone that says they can build your FICO score in a matter of days or weeks. Why are you in a big hurry to buy a house? Take time to fit in, get settled, and get into your job.

[Ontarkie 14,236]

You would need a ssn and be added to the account, not just an authorized user. You will also be on the bill and be just as liable as your spouse. (no big deal if you're buying a house together anyway) This is the fastest way but still takes at least 6 months to actually get it to update. 

 

My credit history goes way back before I was even in the US. It goes back 10 yrs before I moved here as that is how long my husband had that card before adding me. 

 

You might want to go check out the Moving Here and Your New Life forum as there have been more recent threads about house buying and problems new immigrants have had. 

 

 

[Oliversmom 250]

22 minutes ago, WandY said:

Adding a spouse/child/etc. to an existing secured credit card does nothing except put the original cardholder at more risk. It does not build credit for the person(s) added to the card. There is no "fast way" to build credit - that's the point of credit, which is a timeline of a person's ability to pay debts on time. Don't give money to people/businesses that claim they can build your credit quickly. They cannot. The best way to build credit is to take out a legitimate credit card (Visa, Mastercard, etc.), use it wisely, and pay on time. Buying something on a loan - auto, property, large expenditure items - and paying them on time is about the only way to build credit. Credit scores are gained over time, not necessarily amounts. That is, paying off a $4,000 loan on time is just about as good as doing the same on a $10,000 loan. There are a lot of parameters, but showing stability of income is another. Credit agencies and banks don't like incomes that go up and down. Again, don't believe anyone that says they can build your FICO score in a matter of days or weeks. Why are you in a big hurry to buy a house? Take time to fit in, get settled, and get into your job.

That's not true. My husband had no credit when he came here.  I added him to my credit card and one month later he had a good credit score.  So it does help to be added as an authorized user.  

[JP John 65]

I was able to open a TD account before I had a SSN based on my Cdn TD accounts.  I then applied for a secured credit card with TD once I had my SSN.  After 6 months i was able to lease a car based on that secured credit card and after 8 months they released the security on my credit card.  I would speak to a "good" mortgage broker where you are moving to and they will be able to coach you on how to make it happen as quickly as possible.  We have just done that ourselves.  

[canadavisa22 202]

All the big banks here can offer you a US credit card before you arrive in the US. I get emails all the time since I opened my RBC Bank US credit card trying to get me to purchase property in the US using my Canadian credit history. I've not looked further into that yet, but if you have the time speak to someone again at TD. You could always do a variable rate mortgage for a year if you're concerned about the rate or use their offer to get it matched by a broker in the US who is willing to use your Canadian credit history.

 

Either way get in touch with mortgage brokers both here and in the US.