Building Credit

[j&js 0]

Will adding my husband's name to my credit cards help him in building good credit, or does he need to get them completely on his own for that?

And how long does it take to build good credit?

I was reading the threads about house buying and the non USC's lack of credit possibly posing a problem. As we are a few years away from the house, I'm hoping we can deal with that before it becomes an issue, but I know next to nothing about finances (although I do know my credit rating is very good)

Thanks for any replies!

[Reba 2]

If your fiance has a credit card in his home country that also has credit cards in the US, like American Express or MBNA, he may be able to transfer it to a US$ account.

I did that with my MBNA mastercard. I kept my Canadian one until I had a job and SSN here, and then wrote to MBNA America and told them of my credit in good standing in Canada along with my account number there (any credit company will swear they dont' have access to foreign accounts ). They approved my application and sent me a US$ card.

Once you have a credit card, you are establishing credit. Whether or not its "good" credit is up to you and your payment schedule. If you skip payments, you'll have bad credit, if you pay it regularly, you'll get good credit.

And once you have one card, its easier to get more. But more is not always better

[CarolineM 0]

We went to bank of America and immediatly added him to my CC's just to be safe. We then got him a secured credit card. What this means is you pay an amount (we did $500) and that is his credit limit. He can't go over at all. After maintaining the CC for about a year, they pay you pack your $500, and he's gained credit in the process

We did this RIGHT when Stewart got here...the first of APril....and he's already rec'd two credit card offers, so I'm assuming SOMETHING is happening!!

I think the secured cc is a good way to go. If he can'ty get a "normal" cc, then jsut have him get ANY card...not lots of cards, but I mean one...I hope that makes sense. AMybe JCPenney, Old NAvy, whatever.

We use Stewart's card for groceries only. That way we stay under the limit and are using it every month, therefore hopefully building credit

hope this helps

[Reba 2]

oh yeah, and too many applications for credit cards can give a bad mark on your credit rating. So don't apply for too many.

[CarolineM 0]

wish someone had told me that back in college where they were offering free credit card apps before every football game Hey I had a great collection of useless free sh!t...towels, cups, fans....

[maya62 7]

When my husband arrived last fall, I added him to my bank account, which has a Mastercard debit card associated with it. [incidentally, it was easier to get his driving learner's permit - in Virginia, whose DMV supplied several of the 9-11 terrorists with state ID - than it was to get him added to my bank account! ] At any rate, he has already received 2 home equity loan offers in the mail from my bank which we are taking to our AOS interview next week. I figure they have to know he lives there if he's even getting JUNK mail there!

Just recently I contacted my other credit card company (USAA) and asked about adding him to that card. Since he is not a USC (they asked about that), we had to give his country of citizenship and passport number, and they had to speak with him in person to verify everything. They are mailing him his own card and the rep said that he will begin accumulating a credit history immediately.

Good luck!

Maya

[Dr_LHA 3]

We then got him a secured credit card. What this means is you pay an amount (we did $500) and that is his credit limit. He can't go over at all. After maintaining the CC for about a year, they pay you pack your $500, and he's gained credit in the process

Yes this is what I did also, its a good way to get credit because it gets you into the system. Also putting bills the name of the new immigrant is also a good way, as payment of bills generally gets reported to credit agencies. After following this route myself I now have good enough credit to have low APR credit cards (8.9%) and I got a 2.9% APR car loan from Honda approved on the spot when I bought a new car. I have been here for 7 years though!

[j&js 0]

Thanks for the ideas guys!

We already have James added to one of my credit cards, but will get him a secured one as well.

[shalz 0]

Well, the good way to build up your credit is that to apply for a SECURED VISA CREDIT CARD. where you have to deposit up to 250.00 or more and that would be the credit limit of your card.

[perfect 39]

Perhaps while we are on this topic someone can explain to me why your credit score is negatively affected just because you change your job, when you could well be changing it to a better paid one?

[Elissa 0]

Simon arrived in the USA in January. After getting his SS card, he went to the bank and got a checking account, saving's account and a secured visa card. He purchased things on the secured credit card and just paid the minimum amount each month. In April he applied for a store credit card and was able to get a $1500 credit line. In June, he applied for another credit card...Capital One, and got a small credit line with them as well. Just making payment's on time and working seems to be building his credit.

Good luck and hope this helps.

[allynella 0]

I got a BOA secured credit card with a $99 deposit and $500 credit limit.

[Minfay 0]

Now that my husband is working we need to get him a credit card. I was reading that there are lots of companies that will give you "secured" cards -- but to be very careful of all their "add on" costs.

What "secured" cards have you guys had good luck with? There are just sooooo many out there -- it's a bit daunting.....

[Dr_LHA 3]

Now that my husband is working we need to get him a credit card. I was reading that there are lots of companies that will give you "secured" cards -- but to be very careful of all their "add on" costs.

What "secured" cards have you guys had good luck with? There are just sooooo many out there -- it's a bit daunting.....

I got one with my Credit Union, because they were fairly trustworthy. You should ask if your bank does one.

[JubJub 0]

Now that my husband is working we need to get him a credit card. I was reading that there are lots of companies that will give you "secured" cards -- but to be very careful of all their "add on" costs.

What "secured" cards have you guys had good luck with? There are just sooooo many out there -- it's a bit daunting.....

Anything from a major bank is OK, ie. HSBC, Capital One also does one but you may have to ask for it, they don't advertise it.

One to definitely avoid is the "Aspire" VISA, which ends up costing you something like $200 in fees (4*$50).