OT: Credit for those new to the US
Sep 2nd 2003, 8:50 pm
#1
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OT: Credit for those new to the US
Hello...
After arriving in the US from your home country... What tips are out there to share with us in building credit? After applying a number of times for credit cards and being denied... I've gone the route of the secured credit card but that hasn't arrived yet. I finally found a secured credit card without exorbitant fees and annual fees. The thing is now... my wife and I are looking for a house and with that, comes a mortgage... We've just been turned down by ING Direct since I have insufficient credit history. Any suggestions??
After arriving in the US from your home country... What tips are out there to share with us in building credit? After applying a number of times for credit cards and being denied... I've gone the route of the secured credit card but that hasn't arrived yet. I finally found a secured credit card without exorbitant fees and annual fees. The thing is now... my wife and I are looking for a house and with that, comes a mortgage... We've just been turned down by ING Direct since I have insufficient credit history. Any suggestions??
Sep 2nd 2003, 10:11 pm
#2
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Re: OT: Credit for those new to the US
We did the following (I had no credit history):
1) I got a Bon-card and used it.
2) Secured credit card (get rid of it as soon as you can.. they sting you in strange ways)
3) Took a car loan (at high interest) for 6 months.
By then, without ANY income, I had a higher credit rating than my US husband - who has a great job and savings but was just lazy about paying bills on time.
We then bought a house (with a higher downpayment the credit rating becomes less significant).
Shannon
1) I got a Bon-card and used it.
2) Secured credit card (get rid of it as soon as you can.. they sting you in strange ways)
3) Took a car loan (at high interest) for 6 months.
By then, without ANY income, I had a higher credit rating than my US husband - who has a great job and savings but was just lazy about paying bills on time.
We then bought a house (with a higher downpayment the credit rating becomes less significant).
Shannon
Sep 3rd 2003, 12:38 am
#3
Here we go Pittsburgh!
Joined: Aug 2002
Location: Pittsburgh PA, USA
Posts: 581
Re: OT: Credit for those new to the US
Originally posted by eiloo
Hello...
After arriving in the US from your home country... What tips are out there to share with us in building credit? After applying a number of times for credit cards and being denied... I've gone the route of the secured credit card but that hasn't arrived yet. I finally found a secured credit card without exorbitant fees and annual fees. The thing is now... my wife and I are looking for a house and with that, comes a mortgage... We've just been turned down by ING Direct since I have insufficient credit history. Any suggestions??
Hello...
After arriving in the US from your home country... What tips are out there to share with us in building credit? After applying a number of times for credit cards and being denied... I've gone the route of the secured credit card but that hasn't arrived yet. I finally found a secured credit card without exorbitant fees and annual fees. The thing is now... my wife and I are looking for a house and with that, comes a mortgage... We've just been turned down by ING Direct since I have insufficient credit history. Any suggestions??
Sam.
Sep 3rd 2003, 10:59 am
#4
Joined: Nov 2002
Posts: 1,816
Re: OT: Credit for those new to the US
Originally posted by Shannon
2) Secured credit card (get rid of it as soon as you can.. they sting you in strange ways)
Shannon
2) Secured credit card (get rid of it as soon as you can.. they sting you in strange ways)
Shannon
I got myself a secured credit card from my bank, and we're using this to build up my credit history. How do people get stung by them? I was advised to get this solely for building up credit.
Any input would be great.Kate. xxxxxxx
Sep 3rd 2003, 11:03 am
#5
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Location: now USA =)
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I opened a joint checking account with my fiancee to start my credit history off, and am currently applying for a credit card with them too once the account has been open a month or so.
Lee
Lee
Sep 3rd 2003, 1:29 pm
#6
former Rochesterian
Joined: Apr 2003
Location: Maryland / husband originally from England
Posts: 179
I added my husband as an authorized user on my own credit card (he got his own card, the same # as mine), added him to utility bills in case that helps, and he just started a car loan (I had to co-sign).
Sep 3rd 2003, 3:11 pm
#7
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Re: OT: Credit for those new to the US
Originally posted by ukemigrant
Do a simple search on this forum and the others like the USA forum. This topic has been flogged to death like the dead horse it is....
Sam.
Do a simple search on this forum and the others like the USA forum. This topic has been flogged to death like the dead horse it is....
Sam.
Rob
Sep 3rd 2003, 3:17 pm
#8
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Posts: 267
Credit...
Thanks to all those who replied... I guess aside from applying for those credit cards and being turned down... I'm on the right track... We don't need a car yet as I don't have a job... but will return to Canada to bring my car in... I am still down on the mortgage issue though as that is looking quite bleak as we need to let our current leasing dept know we want to leave at the end of this year... but they want 2 months notice... and that means next month.
Sep 3rd 2003, 4:06 pm
#9
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Joined: May 2003
Location: Long Beach, CA
Posts: 398
FYI: each time you apply for credit and are denied.. it is basically a negative on your credit report.
Creditors don't like to see a lot of credit denials on credit reports. I forget how long those credit denials remain on your report.. its either 1 or 2 years.
To get the credit denials taken off your report ... get your credit report from the credit reporting bureaus (i.e., equifax, transunion, etc).. then write a letter to the credit reporting company telling them to take it off...
Creditors don't like to see a lot of credit denials on credit reports. I forget how long those credit denials remain on your report.. its either 1 or 2 years.
To get the credit denials taken off your report ... get your credit report from the credit reporting bureaus (i.e., equifax, transunion, etc).. then write a letter to the credit reporting company telling them to take it off...
Sep 3rd 2003, 4:10 pm
#10
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Posts: 267
Originally posted by BeachBunny
FYI: each time you apply for credit and are denied.. it is basically a negative on your credit report.
Creditors don't like to see a lot of credit denials on credit reports. I forget how long those credit denials remain on your report.. its either 1 or 2 years.
To get the credit denials taken off your report ... get your credit report from the credit reporting bureaus (i.e., equifax, transunion, etc).. then write a letter to the credit reporting company telling them to take it off...
FYI: each time you apply for credit and are denied.. it is basically a negative on your credit report.
Creditors don't like to see a lot of credit denials on credit reports. I forget how long those credit denials remain on your report.. its either 1 or 2 years.
To get the credit denials taken off your report ... get your credit report from the credit reporting bureaus (i.e., equifax, transunion, etc).. then write a letter to the credit reporting company telling them to take it off...
Sep 3rd 2003, 8:43 pm
#11
Not living a 9 to 5 life
Joined: Jun 2002
Location: North Carolina
Posts: 11,061
Originally posted by eiloo
And they will take it off just like that??
And they will take it off just like that??
To answer 'eiloo'-
I don't know whether credit denials can be removed from one's credit report (I believe they stay on there for about a year, maybe two).
However, it is possible, to remove inaccurate information from one's credit report. I've read about this from the epinions (information on credit and establishing credit is a worthwhile read) website. It can be done but it takes a long, long time and the onus is on the owner of the credit report to keep bugging the creditor and/or the credit bureau to get the report corrected.
NC Penguin
Sep 3rd 2003, 8:45 pm
#12
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Posts: 267
Originally posted by NC Penguin
The topic of a newbie in the US establishing a credit history oftens comes up and this has been discussed in two separate threads in the US forum in the last two months. Those interested should search for those threads and read the responses. This includes my experiences of obtaining credit in the US.
To answer 'eiloo'-
I don't know whether credit denials can be removed from one's credit report (I believe they stay on there for about a year, maybe two).
However, it is possible, to remove inaccurate information from one's credit report. I've read about this from the epinions (information on credit and establishing credit is a worthwhile read) website. It can be done but it takes a long, long time and the onus is on the owner of the credit report to keep bugging the creditor and/or the credit bureau to get the report corrected.
NC Penguin
The topic of a newbie in the US establishing a credit history oftens comes up and this has been discussed in two separate threads in the US forum in the last two months. Those interested should search for those threads and read the responses. This includes my experiences of obtaining credit in the US.
To answer 'eiloo'-
I don't know whether credit denials can be removed from one's credit report (I believe they stay on there for about a year, maybe two).
However, it is possible, to remove inaccurate information from one's credit report. I've read about this from the epinions (information on credit and establishing credit is a worthwhile read) website. It can be done but it takes a long, long time and the onus is on the owner of the credit report to keep bugging the creditor and/or the credit bureau to get the report corrected.
NC Penguin
