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Building credit

Building credit

Old Dec 15th 2017, 8:18 pm
  #46  
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Default Re: Building credit

Originally Posted by KK85
Can anyone please tell me at what point I should be able to view my credit profile on the likes of Credit Karma et al?

I arrived in the US four weeks ago, received my SSN one week ago, opened my first American bank account today and, thus far, have not sought or obtained any credit anywhere. Credit Karma doesn't recognise me at all (it says my information doesn't match any records) - is this because I'm such a newbie to the country/bank? Or will it only recognise me once I've applied for credit somewhere?

Thank you.
Until you have credit somewhere (eg a credit card) there is nothing to report to the credit agencies and therefore nothing for Credit Karma to "pull".
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Old Dec 15th 2017, 8:33 pm
  #47  
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Default Re: Building credit

Originally Posted by KK85
Can anyone please tell me at what point I should be able to view my credit profile on the likes of Credit Karma et al?

I arrived in the US four weeks ago, received my SSN one week ago, opened my first American bank account today and, thus far, have not sought or obtained any credit anywhere. Credit Karma doesn't recognise me at all (it says my information doesn't match any records) - is this because I'm such a newbie to the country/bank? Or will it only recognise me once I've applied for credit somewhere?

Thank you.
Credit Karma required i send them manual verification documents to confirm my identity - i couldn't be arsed. They may ask the same of you being new.

Signed up again about 4 months in and i had enough information on my file for them to recognize me.

I had a credit card from the first month i got here, took around 3-4 months for all my data to show up
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Old Dec 15th 2017, 9:17 pm
  #48  
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Default Re: Building credit

Originally Posted by KK85
Can anyone please tell me at what point I should be able to view my credit profile on the likes of Credit Karma et al?

I arrived in the US four weeks ago, received my SSN one week ago, opened my first American bank account today and, thus far, have not sought or obtained any credit anywhere. Credit Karma doesn't recognise me at all (it says my information doesn't match any records) - is this because I'm such a newbie to the country/bank? Or will it only recognise me once I've applied for credit somewhere?

Thank you.
6 Months before something useful gets pinged. Doesn't matter though, because it'll be meaningless. It's the history, not the score that really matters and only time will really help on that front.

As it is, bank account doesn't do anything for your history and no credit, no history.
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Old Dec 15th 2017, 10:11 pm
  #49  
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Default Re: Building credit

Originally Posted by MidAtlantic
Until you have credit somewhere (eg a credit card) there is nothing to report to the credit agencies and therefore nothing for Credit Karma to "pull".
Originally Posted by Jack8602
Signed up again about 4 months in and i had enough information on my file for them to recognize me.
Originally Posted by Bob
6 Months before something useful gets pinged.
This all makes sense. Thank you, gents! And thank you for the knowledge and tips, too.
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Old Dec 18th 2017, 1:44 pm
  #50  
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Default Re: Building credit

As soon as I had received my SSN, my (US) wife added me to her credit cards (6 months ago).

As soon as I had a job, I was able to get a secured credit card 4 months ago).

It was interesting looking at Credit Karma - it shows I have had a credit card of up to 5 years (the oldest card my wife has).

I now have 2 personal credit cards, including AmEx (thanks to previously using the UK one - a tip I picked up from this site), and now thinking of getting a store card (Home Depot would be useful right now), but not sure if I should wait until I have had my credit card for 6 months. Last time I checked, my CK score was 735, and rising.
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Old Dec 18th 2017, 4:11 pm
  #51  
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Default Re: Building credit

I have the HSBC Premier account, they've said they will happily transfer my Premier account & credit card to America when I move.

Would that help grow my score straight away as I'll have a debit account with a healthy balance a credit card with a nil balance?
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Old Dec 18th 2017, 4:33 pm
  #52  
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Default Re: Building credit

Originally Posted by paul_1985
I have the HSBC Premier account, they've said they will happily transfer my Premier account & credit card to America when I move.

Would that help grow my score straight away as I'll have a debit account with a healthy balance a credit card with a nil balance?
We did the same, albeit 5 yrs ago. I would have thought you would want to ADD a US bank account and credit card, so you retain your bank account and credit card in the UK as well. I dont' think it helped that much with our credit rating over here, but it did give us a decent limit on the HSBC US credit card to make things easier until our credit rating improved.
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Old Dec 18th 2017, 4:39 pm
  #53  
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Default Re: Building credit

Originally Posted by newadventure
We did the same, albeit 5 yrs ago. I would have thought you would want to ADD a US bank account and credit card, so you retain your bank account and credit card in the UK as well. I dont' think it helped that much with our credit rating over here, but it did give us a decent limit on the HSBC US credit card to make things easier until our credit rating improved.
That's my plan, my girlfriend has a TD bank account so will use them I think.

HSBC have told me I'll keep my UK bank as long as I have money in it, which I will be leaving some for Christmas presents etc..

They also have said I will be entitled to a Premier Account in the US also which will at least get me going! They've even said they would open it in the UK before I leave as long as I have a US address to send the correspondence to.
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Old Dec 18th 2017, 4:45 pm
  #54  
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Default Re: Building credit

Sounds good. Not sure where you are moving to, but it might well mean that there are no branches nearby. However, you should be able to withdraw cash from any bank and get the charge refunded at the end of the month, you can also pay in checks using the mobile phone app which is really useful. Although it is easy and risk-free, you will pay a premium transferring money directly between your HSBC GBP and USD accounts. Cheaper to use an FX broker.
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Old Dec 18th 2017, 4:52 pm
  #55  
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Default Re: Building credit

Originally Posted by newadventure
Sounds good. Not sure where you are moving to, but it might well mean that there are no branches nearby. However, you should be able to withdraw cash from any bank and get the charge refunded at the end of the month, you can also pay in checks using the mobile phone app which is really useful. Although it is easy and risk-free, you will pay a premium transferring money directly between your HSBC GBP and USD accounts. Cheaper to use an FX broker.
Moving to NYC, so they have HSBC branches.

I have a fair chunk of money to move across, already scared about the costs involved in moving money!
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Old Dec 18th 2017, 8:29 pm
  #56  
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Default Re: Building credit

Originally Posted by paul_1985
Moving to NYC, so they have HSBC branches.

I have a fair chunk of money to move across, already scared about the costs involved in moving money!
Depending on the size you may be able to negotiate with the bank for a good rate. However, it will still likely be cheaper to use a website such as Transferwise.
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Old Dec 18th 2017, 9:35 pm
  #57  
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Default Re: Building credit

Hi KK85 welcome to USA I am still having a similar problem after a year even with a mortgage and a lease on a car when I applied for a credit card they said there was not enough history. I guess it depends on what which credit reference agency they are using. I can suggest 2 options 1. Store credit card 2. Try to get a prepaid credit card The use of credit cards I understand helps to build up a credit record needless to say every time you use it keep clearing the balance.
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Old Dec 19th 2017, 1:57 am
  #58  
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Default Re: Building credit

Originally Posted by London Bill
Hi KK85 welcome to USA I am still having a similar problem after a year even with a mortgage and a lease on a car when I applied for a credit card they said there was not enough history. I guess it depends on what which credit reference agency they are using. I can suggest 2 options 1. Store credit card 2. Try to get a prepaid credit card The use of credit cards I understand helps to build up a credit record needless to say every time you use it keep clearing the balance.
The prepaid credit cards, or rather credit cards secured by a deposit, are a good way to build up credit history ( in the UK too for that matter). Store card can be more liberal at this time of year as well.
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Old Jan 5th 2018, 7:19 pm
  #59  
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Default Re: Building credit

I've been here 18 months and just got myself into the 750+ 'excellent' bracket. I think the biggest contributor to this was my Amex card.

Amex offer a UK expat card which basically means they look at your UK financial status and credit report to determine what to give you and they gave me a credit line akin to my UK credit line. This meant that I could use one credit card all month and my credit utilization would stay around 10%, which is what contributes massively to your score.

If you get a $500 credit card from a US bank, which I also got, and keep going to $500 each month it suggests you have a 100% utilization of credit, which is very bad. If you do get a small credit line in the US, just use it for one small transaction per month for a few months then try to get it increased. Stick to your debit card for daily usage while you build up your rating or use your credit card but pay 90% of it off before the end of each statement, so only 10% goes on your credit report as 'used'.

If you have an Amex in the UK, look into their Expat service so you can get the bigger credit line. It doesn't take long to build it up here.
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Old Jan 6th 2018, 12:58 am
  #60  
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Default Re: Building credit

I did the Amex thing as recommended here, worked out well. Didn’t seem to bring any history over but at least initial credit was decent.

I also took out secured card with bank and one other secured credit card.

I’ve used them sensibly and within just 8 months got to 750 points or so. The thing that takes time and you can’t rush is the length of credit history, but at least this route has given things a jump start.... 🙂
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