Bob

I couldn't be a co-signer at the time, because I didn't have a job....and now, I've only been here 5 months, not long enough for it to have been reported.

Bob

Aye, it's all a pain in the arse, and it all came about because Bush signed off on stopping USC's from getting federal student loans on masters studied aboard last summer...and the missus is half way through doing a masters at Kings College, London....War on the modern world....it's a proper uni, proper course, just the classes are online and it is blog and forum based discussions as well as online simulation of events...practically everyone doing the course is an ex-pat or some high up in the military.

We'll have to look into that tax credit, but I have a feeling that's a no goer because it's an online study.

anabella

Do you recommend any particular card?

I feel that I have a lot to learn in that respect.. I haven't used a credit card in my life (never wanted one). I find it really hard to understand why you must owe money in order to prove that you are a good payer..

anabella

Ouch! they are such thieves..

jen_andreson

Got it--that's a tough position to be in. Have a look at the IRS info--a certain amount of tuition and fees are tax deductible, as is student loan interest. However, I'm not sure how those elements are defined, but maybe there will be some sort of break in there for you.

Bob

aye, it does suck that don't it...but it's handy, just buy your morning coffee with it and pay it off at the end of the months and collect the air miles or whatever points system is being offered...and get a card that offers whatever type of points your interested in...

Bob

aye, definitely....we already claim the interest on the student loans for her undergrad...just a shame I can't claim mine *lol*

Elvira

Chase offer cards that give United air miles or Amazon gift vouchers.

You also get a nice bonus first time you use them - over 20k miles, $30 bucks off your Amazon order etc.

But those who are new to the US probably have to make do with a prepaid card for the first 6 months or so. I know we had too, despite our advanced age and 'comfortable' status...

anotherlimey

Ouch, you can get CCs with less APR! :scared:

EDIT: Just read the last part - studying online with a foreign Uni.. oh well.

fatbrit

Don't recommend any particular card -- just stick to the prime end of the market, i.e. not the high interest & anual fees end of the market.

You don't need to understand the reasons behind the game, just the fact that if you don't play it you will almost certainly pay for it -- as our good frind Bob has just demonstrated! Playing the game needn't cost you anything apart from a little time. You don't need to pay interest to boost your credit score. Just get a card, use it to fill the gas tank once a week, then pay it off in full at the end of the month.

There's a quick guide here.

Bob

Aye, I know..the pain *lol*

anabella

The other day I went to a local bank and asked about opening an account.. I still don't have a SSN (it should come by next week the latest) and I was advised to wait until I do to get an account. While I was there I asked if I'd be able to get a credit card from them and they said they don't do them .. So then I asked how I could build credit without one and I was told that I would be allowed a certain amount of overdraft in my account and by being overdraft I'd build up credit and it would be just like using a credit card.. I then got home and told hubby all this and he got really angry.. he says that the lady was taking advantage because she wanted me to open an account there and that there was no way that I could build up credit by owing money on my checking account?.. I am still not sure why it's different.. to me it looks like I'd be owing money and paying it back just like I would with a credit card

And is it normal to not be able to get a credit card from your bank? Where do I get it from then?

I am really confused as you can see..

Elvira

Have you read Fatbrit's article (link is in his post)? Most of the things you need to know are there!

anabella

Yes I was already familiar with that page and I thought that I understood the basics.. but got confused when I went to the bank the other day..

Elvira

Try one of the big banks - BoA is very good for newly arrived non-citizens.

Don't believe anything if they claim they 'have' to do something or 'can't do' something because of the Patriot's Act.

If you hit snags, ask to see someone 'higher up' - the front-desk bods usually know FA.

A good way to start off is to open a joint account with your husband. You do NOT need a SSN to open a bank account (see my point above...)

Once you have a bank account, get a secured credit card through that bank. Be a good girl and do as Fatbrit tells you, and in about 6 months they should convert it to a proper card.