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Building credit

Building credit

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Old Jan 6th 2018, 4:58 pm
  #61  
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Default Re: Building credit

Originally Posted by paul_1985 View Post
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.
HSBC were great for me. They gave me a credit card based on my US Salary rather than credit rating (I had no HSBC account in the UK) which has allowed me to get set up in NYC rather than having to split big purchases (furniture etc) into small chunks across the year.

As a result my credit is probably not brilliant (still trying to sign up with a credit bureau) but I'm making inroads into paying off the initial outlay so it should hopefully improve over the next 6 months.
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Old Jan 8th 2018, 2:00 pm
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Default Re: Building credit

Originally Posted by MorsePacific View Post
HSBC were great for me. They gave me a credit card based on my US Salary rather than credit rating (I had no HSBC account in the UK) which has allowed me to get set up in NYC rather than having to split big purchases (furniture etc) into small chunks across the year.

As a result my credit is probably not brilliant (still trying to sign up with a credit bureau) but I'm making inroads into paying off the initial outlay so it should hopefully improve over the next 6 months.
Why not use CreditKarma?
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Old Jan 8th 2018, 2:22 pm
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Default Re: Building credit

Originally Posted by BenK91 View Post
Why not use CreditKarma?
Isnt one free credit report the rule in USA ?
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Old Jan 8th 2018, 2:29 pm
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Default Re: Building credit

Originally Posted by morpeth View Post
Isnt one free credit report the rule in USA ?
You could be talking about your FICO score and Experian offering one free FICO score/report.

I use CreditKarma (it's free) as it updates weekly and I also have access to my FICO score through Wells Fargo.
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Old Jan 8th 2018, 2:37 pm
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Default Re: Building credit

Originally Posted by morpeth View Post
Isnt one free credit report the rule in USA ?
You can get one free credit report (but not a score) each year direct from each of the three credit agencies via annualcrediteport.com

That is now somewhat outdated when you can also get scores and credit reports free from other sources Eg credit Karma.

Many of the scores are Vantage rather than FICO but they are still useful in monitoring the overall trend of your score. It is a mistake to think in terms of one score. There are different versions of Vantage and FICO.
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Old Jan 8th 2018, 10:34 pm
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Default Re: Building credit

Originally Posted by BenK91 View Post
Why not use CreditKarma?
I've signed up, but as I don't have a New York ID card they wanted me to either mail or fax some proof of ID - apparently the fax of my passport didn't go through so I need to redo it.
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Old Jan 12th 2018, 9:55 pm
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Default Re: Building credit

Today is day 57 for me in the US and my Credit Karma app updates today and I have my first credit score of 681.
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Old Jan 12th 2018, 11:08 pm
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Default Re: Building credit

Originally Posted by Noodler View Post
Today is day 57 for me in the US and my Credit Karma app updates today and I have my first credit score of 681.
Credit score won't be your problem, it will be credit history that will restrict your options.
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Old Jan 13th 2018, 12:28 am
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Default Re: Building credit

Originally Posted by tom169 View Post
Credit score won't be your problem, it will be credit history that will restrict your options.
Nail on the head.

My average age of accounts is about to hit a year old which will make a pretty significant difference my credit union said.

Obviously nothing you can do about this apart from wait it out and make payments on time and keep your utilization low (unless you intend to pay the balance off in full monthly).
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Old Feb 23rd 2018, 9:56 pm
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Default Re: Building credit

Earn an income, keep building your credit line and then pay it down without carrying a balance. It takes some time.
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Old Mar 12th 2018, 4:51 pm
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Default Re: Building credit

Originally Posted by morpeth View Post
Isnt one free credit report the rule in USA ?
You can receive one free credit report from each credit reporting bureau a year (Equifax, Experian and TransUnion).

Also, just a side note, CreditKarma uses the Vantage 3.0 scoring model as opposed to FICO's scoring model which more lenders use to determine your creditworthiness. The Vantage 3.0 model was created in 2006 by each credit reporting bureau which might provide a more accurate score, but 90% of lenders still use FICO's score.

When it comes to using services like CreditKarma, be aware that there are a bunch of different credit scoring models out there that they can use.

I typically get my score from FICO through my Citi Double Cashback card as they provide free FICO scores just for being a cardmember. I believe Discover and Capital One offer that feature as well. Getting it from your card might be ideal as you lessen the risk of your information being hacked.
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Old Mar 12th 2018, 5:05 pm
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Default Re: Building credit

Originally Posted by yn423 View Post
You can receive one free credit report from each credit reporting bureau a year (Equifax, Experian and TransUnion).

Also, just a side note, CreditKarma uses the Vantage 3.0 scoring model as opposed to FICO's scoring model which more lenders use to determine your creditworthiness. The Vantage 3.0 model was created in 2006 by each credit reporting bureau which might provide a more accurate score, but 90% of lenders still use FICO's score.

When it comes to using services like CreditKarma, be aware that there are a bunch of different credit scoring models out there that they can use.

I typically get my score from FICO through my Citi Double Cashback card as they provide free FICO scores just for being a cardmember. I believe Discover and Capital One offer that feature as well. Getting it from your card might be ideal as you lessen the risk of your information being hacked.
There is not just one FICO score.
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Old Mar 14th 2018, 12:12 am
  #73  
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Default Re: Building credit

Originally Posted by MorsePacific View Post
I've signed up, but as I don't have a New York ID card they wanted me to either mail or fax some proof of ID - apparently the fax of my passport didn't go through so I need to redo it.
Bit disappointed with CreditKarma as they apparently received my fax but didn't respond to my help ticket; either way, my account is live! My score is 620 which, considering I've been smashing my credit card, is pretty reasonable.

By next month I'll have the balance well down on where they advise it to be, so it should start creeping up further.
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Old Mar 14th 2018, 12:49 am
  #74  
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Default Re: Building credit

I’m just coming up to 1 year in the US. Been a good year overall.

My score is decent, about 760 or so.

My question is what to do next? Maybe nothing, sit tight?

I have two credit lines at this time, I pay everything off each month.

Things like Amazon visa still declined, seems because of length of history, too short (it’s backed by Chase, they have rigid strict rules).
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Old Mar 14th 2018, 3:00 am
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Default Re: Building credit

Originally Posted by LouisB View Post
I’m just coming up to 1 year in the US. Been a good year overall.

My score is decent, about 760 or so.

My question is what to do next? Maybe nothing, sit tight?

I have two credit lines at this time, I pay everything off each month.

Things like Amazon visa still declined, seems because of length of history, too short (it’s backed by Chase, they have rigid strict rules).
Similar to me, mine sits around 750.

I have two credit cards, T-Mobile account and car finance (although I put the maximum deposit down and plan to pay it off in full within the next 6 months).

The credit union me and my wife are with seem to tell me to sit tight as apparently when the average age of my accounts hit two years it should be pretty significant. I haven't done anything apart from pay off my balance in full each month and I've had my secured card with a $400 limit jump to an unsecured card with a $2000 limit and my other card jumping from a $750 limit to a $2000 limit. Looks like just sitting tight and not applying for other credit lines and paying off balances in full seems to be the way!
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