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Bank of America credit card - build credit in USA

Bank of America credit card - build credit in USA

Old Dec 31st 2013, 2:10 pm
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Default Bank of America credit card - build credit in USA

Can anyone tell me if the Bank of America credit card issue by Amazon in the UK would count towards a US credit rating? I've had mine for a few years now and it would be useful if it did as we hope to move to the US soon.

Thanks, JD
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Old Dec 31st 2013, 2:23 pm
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Default Re: Bank of America credit card - build credit in USA

No, it wont help.
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Old Dec 31st 2013, 2:28 pm
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Default Re: Bank of America credit card - build credit in USA

Ah well, that's a shame. From what I've been reading I may be able to apply for an AmEx to achieve the same thing (we wouldn't be moving for some time) is that correct?
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Old Dec 31st 2013, 2:54 pm
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Default Re: Bank of America credit card - build credit in USA

Yes that's correct, get an American Express card - they have a straightforward process for transferring the card from the UK to the US.

I have a UK Bank of America card and there is certainly no process to get it transferred. Citibank UK were worse - they forced me to cancel my account when I moved to the US.
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Old Dec 31st 2013, 2:57 pm
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Default Re: Bank of America credit card - build credit in USA

Well I guess it was fortuitous that AmEx sent me an application form this morning

Thanks for the reply, JD
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Old Dec 31st 2013, 10:40 pm
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Default Re: Bank of America credit card - build credit in USA

Bank of America offer secured credit cards, i.e. you secure your credit limit with x amount of money and that is your credit limit, they give it back after a year.
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Old Dec 31st 2013, 11:57 pm
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Default Re: Bank of America credit card - build credit in USA

Originally Posted by Steve_ View Post
Bank of America offer secured credit cards, i.e. you secure your credit limit with x amount of money and that is your credit limit, they give it back after a year.
+1, I opened one of these on arrival and I'm very happy with it.
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Old Jan 1st 2014, 2:50 am
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Default Re: Bank of America credit card - build credit in USA

Originally Posted by Steve_ View Post
Bank of America offer secured credit cards, i.e. you secure your credit limit with x amount of money and that is your credit limit, they give it back after a year.
This was 10 years ago, but BOA offered me the same. I declined to give them $500 which they could then lend back to me. Within a year they offered my a real credit card with $1000 limit. Not to say secured cc is not a valid option.

FWIW I recently had $9k balance/limit and needed a bit more credit to cover flight/car to UK for Mum's funeral. No deal. 3 months later, credit limit increased to $12k out of the blue. Thanks for nothing BOA.
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Old Jan 1st 2014, 3:31 pm
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Default Re: Bank of America credit card - build credit in USA

Originally Posted by Steve_ View Post
Bank of America offer secured credit cards, i.e. you secure your credit limit with x amount of money and that is your credit limit, they give it back after a year.
Not strictly true. They along with some other secured credit card issuers may give it back if you qualify at some stage in the future for an unsecured card. Other issuers such as Capital One will never give it back until you close the account with zero balance as their particular secured product never converts to an unsecured card. You will however earn a whopping zero% interest for lending the bank your money.
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Old Jan 1st 2014, 6:46 pm
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Default Re: Bank of America credit card - build credit in USA

I keep hoping that some hard-working illegal alien will steal my identity and use it to build up my credit score, but alas, hasn't happened yet.
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Old Jan 3rd 2014, 7:14 am
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Default Re: Bank of America credit card - build credit in USA

By far the easiest thing to do is to transfer an American Express card.

Second best would be to hope for an in-person application from a credit specialist in a bank (bring EVERYTHING you can get your hands on attesting to your credit in the UK and connections to the US).

Third best would be to try for a card like the Capital One for Newcomers specifically targeted at giving a low credit line to new Americans.

It's positively ridiculous that the international banks like Barclay's, Capital One, Discover (Diner's Club in the UK) and Bank of America don't transfer accounts like American Express does.
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Old Jan 3rd 2014, 1:31 pm
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Default Re: Bank of America credit card - build credit in USA

Another option if you have a HSBC account in the UK that has recently worked for me is to apply for a US HSBC credit card before you leave. Admittedly, it doesn't give you anything in the way of rewards but five months in, just been approved for a AMEX Blue cashback card (although who knows if it had any impact).

Jonathan
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Old Jan 3rd 2014, 2:18 pm
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Default Re: Bank of America credit card - build credit in USA

I see that there is an understandable reluctance among some to providing one of the US banks with an interest-free loan of $500 for 6 to 12 months. On principle I can empathize with this view.

I just want to point out that you can get your own back, and then some.

I let BoA look after $500 of my hard-earned (and scarce) dosh for 6 months around 7 years ago. Ever since I have been enjoying (conservatively estimated) between $10-20K worth of travel-related benefits each year funded entirely by the banks by way of perks they provide on their products.

The trick here is that when you start off playing the banks' games, remember not to stop simply because they unsecure your first credit card...
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