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Building credit

Building credit

Old Apr 21st 2019, 4:19 pm
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Default Building credit

Hi guys,

I’ve recently become a permanent resident and I’m having trouble building my credit. I recently applied to be added to my wife’s furniture store credit card and it came back that my credit report didn’t exist. I’ve got car insurance and utilities so I’m lost as to why I can’t apply for a basic credit card to help me build credit more.

Has as anyone got any ideas about what I can do to build it more? I read online that it can take 4 months after me becoming a resident for my credit report to come into affect but I don’t know how gospel that is.

Thanks,

Joshua
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Old Apr 21st 2019, 4:42 pm
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Default Re: Building credit

3 - 6 months for a decent score. But you need a trail

'I’m lost as to why I can’t apply for a basic credit card'
Which banks have you discussed a secured credit card with?

Haven't you been here for over a year? I'm unclear...
Does your wife have a credit card?
Are you working?
Buying things?
Doing normal life type things? And if so..do you operate on cash only? I'd be surprised...

Last edited by Hotscot; Apr 21st 2019 at 4:45 pm.
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Old Apr 21st 2019, 5:42 pm
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Default Re: Building credit

Originally Posted by Hotscot View Post
3 - 6 months for a decent score. But you need a trail

'I’m lost as to why I can’t apply for a basic credit card'
Which banks have you discussed a secured credit card with?

Haven't you been here for over a year? I'm unclear...
Does your wife have a credit card?
Are you working?
Buying things?
Doing normal life type things? And if so..do you operate on cash only? I'd be surprised...
to be honest I haven’t been to my bank yet, I’m with Wells Fargo and have been since July 2018 when I got added to my wife’s account. But yes I work full time too and I always use my card to purchase stuff, I hate cash! My wife has a Nebraska Furniture Mary card but that’s about it right now until we both work (she’s at pharmacy college). I’ve been here a year, just recently adjusted my status and worked since January.
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Old Apr 21st 2019, 5:49 pm
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Default Re: Building credit

Originally Posted by JuniorJ194 View Post


to be honest I haven’t been to my bank yet, I’m with Wells Fargo and have been since July 2018 when I got added to my wife’s account. But yes I work full time too and I always use my card to purchase stuff, I hate cash! My wife has a Nebraska Furniture Mary card but that’s about it right now until we both work (she’s at pharmacy college). I’ve been here a year, just recently adjusted my status and worked since January.
I was in the same boat when I arrived. My wife added me to her Wells Fargo account as you have mentioned. They had no problem giving me a credit card with a $1500 limit straight away with no credit history. I used it as a gas (petrol) card for about 9-12 months and was then able to take out a mortgage.
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Old Apr 21st 2019, 6:09 pm
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Default Re: Building credit

Your insurance and utilities probably won't report anything to your credit report unless you miss a payment.
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Old Apr 21st 2019, 6:16 pm
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Default Re: Building credit

You haven't asked your bank yet
Assuming you have direct deposit of your paycheck to WF then that would seem the most obvious approach.
In my opinion of course.

(But which card do you use for purchases?)
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Old Apr 21st 2019, 6:27 pm
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Default Re: Building credit

Originally Posted by Hotscot View Post
You haven't asked your bank yet
Assuming you have direct deposit of your paycheck to WF then that would seem the most obvious approach.
In my opinion of course.

(But which card do you use for purchases?)
i haven’t approached the bank as I thought they would honestly be the last place to give me one with no credit history. I only really wanted added to my wives card so I could build my history that way. I’ll go to Wells Fargo and see what they say on Monday and just use the card for gas etc. I use my WF card to purchase stuff and my paycheck goes in there so I guess I should have thought about that at the start.

thanks for the advice!
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Old Apr 21st 2019, 6:30 pm
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Default Re: Building credit

Originally Posted by JuniorJ194 View Post


i haven’t approached the bank as I thought they would honestly be the last place to give me one with no credit history.



But you do have an account history with them.
They'll give you one no problem.They'll want their hooks into you.
You're a prime target.

Last edited by Hotscot; Apr 21st 2019 at 6:33 pm.
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Old Apr 21st 2019, 8:42 pm
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Default Re: Building credit

Originally Posted by Hotscot View Post
But you do have an account history with them.
They'll give you one no problem.They'll want their hooks into you.
You're a prime target.
From a bank's perspective, a checking ("current") account is already a credit product, so you're already one step towards getting a credit card. If your salary is going into your checking account, that's a second step, so you should indeed be a prime target for your bank - I'm a little surprised that the bank hasn't sent you an unsolicited offer yet, but certainly go and talk with someone at the branch, as I think there's a good chance you will qualify for a regular (non-secured) credit card.

I am somewhat mystified with your choice of words, that you were told that your credit history "didn't exist", as it usually "exists" after a few months, and therefore I wonder if there is a problem with your social security number, as the only reason I can imagine that the record "doesn't exist" is if you either don't have an SSN, or for some other reason no activity has been logged against it.
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Old Apr 22nd 2019, 12:20 pm
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Default Re: Building credit

Check here for more information on credit scores. https://www.selflender.com/learn/wha...s-credit-score
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Old Apr 22nd 2019, 2:16 pm
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Default Re: Building credit

I got a Secured Discover Card when I moved here last year. It's one of those ones where you deposit X amount of money which essentially becomes your Credit Limit. I put forward $500 and used the card carefully, spending no more than $100 of the total Credit Limit. After 6 months of regular payments, Discover wrote to me to advise that they would be sending a check with my $500 back, and they are giving me a $5000 Credit Limit as I have proven my Creditworthiness. I'd highly recommend going this route if you have zero Credit Score. I have been in the U.S a year this week and have a Score which hovers around the 790 mark which I'm more than happy with.
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Old Apr 25th 2019, 6:24 pm
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Old Apr 30th 2019, 4:01 pm
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Default Re: Building credit

Originally Posted by Jamackabi View Post
I got a Secured Discover Card when I moved here last year. It's one of those ones where you deposit X amount of money which essentially becomes your Credit Limit. I put forward $500 and used the card carefully, spending no more than $100 of the total Credit Limit. After 6 months of regular payments, Discover wrote to me to advise that they would be sending a check with my $500 back, and they are giving me a $5000 Credit Limit as I have proven my Creditworthiness. I'd highly recommend going this route if you have zero Credit Score. I have been in the U.S a year this week and have a Score which hovers around the 790 mark which I'm more than happy with.
Have to agree with this approach. I have been in the US for a month and a half - my initial approach was to get added as an authorized user on my wife's credit card (make sure this is being used appropriately, ideally usage under 30% of credit limit) and then also applied for a secured credit card with $1500 limit (whatever is doable for yourself). I did not have a job at the time and therefore no regular income. I have used my own card for all purchases, regularly paying it off, and got my first credit score of 730 this week.

Edit: All this was via Bank of America. I think there are better options, the discover card jamackabi mentioned seems to crop up a lot. I simply went with BoA as with already had account with them.

Last edited by alt92; Apr 30th 2019 at 4:02 pm. Reason: missing information
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Old Apr 30th 2019, 5:44 pm
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Default Re: Building credit

Thing is, your credit score is irrelevant. It's the history that matters, for the first couple of years at least.
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Old Apr 30th 2019, 5:45 pm
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Default Re: Building credit

Thanks for the clarification - thought the history was considered as part of the credit score.
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