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Building Credit History

Building Credit History

Old Jan 6th 2009, 2:04 am
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Default Building Credit History

Hello

I have no credit history - I've been here two years and thought that the credit card I got from work would be building my credit history given it's my responsibility to pay it off each month. I was wrong......

Anyway, I can't get a credit card because I have no credit history.

Having read some of the posts I've applied for a Macy's Credit Card online.
It said that if I wanted a Macy's "Visa" Credit Card I should go instore.
Anyone know the difference between the Macy's Credit Card and the Macy's Visa Credit Card?
I'm assuming the Macy's Credit Card will build my credit history?

I also wanted ask if anyone had applied for / or has experienced the Bank of America Secured Credit Card? Apparently you put down a deposit and can use the card to build a credit history.

Cheers
Mark
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Old Jan 6th 2009, 2:25 am
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Default Re: Building Credit History

Aww that sucks. Can you get a credit card from your bank..that's what we did and then buy a car on credit ? Make sure you pay off the bank credit card every month and it "should" be plain sailing. Store credit cards are far more difficult to get when you're starting out.
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Old Jan 6th 2009, 2:28 am
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Default Re: Building Credit History

Written by some fat git, I believe. Bit old but still generally valid.

http://britishexpats.com/wiki/Fatbri...it_and_Finance
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Old Jan 6th 2009, 3:07 am
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Default Re: Building Credit History

Hi Mark1976
Establishing and building your credit history in the US is a little frustrating! Store cards are not always the way to go as you need to have a mixture of credit, which normally starts with the establishment of your general banking (checking, savings etc). If you've been in the US for a couple of years I am presuming you have that? If not, that's definitely the first step - get a checking and savings account organized, and a banking relationship.
Next it's important to get some payment history under your belt, whether that be a credit card (although your company one in their name won't have counted which is a bummer), along with loan repayments on a regular basis. It can take up to 12 months steady repayments for the credit bureaus to really take notice of payments. Always pay your bills on time, no matter what they are and never go over a limit on a credit card as if you do that consistenly they (being the big credit bureaus) won't look favourably on you.
Bank of America is one of the better banks for helping out with these situations and their secured card could be a way to go - they normally swap the secured card for a regular one with a spending limit after you've proved you're able to keep the card in a positive balance. However, if you have an SS number and a regular paycheck, you really shouldn't struggle in getting a normal credit card straight away from whomever you choose to bank with. Citibank are also another good bank for this purpose. Have you tried any local Credit Unions where you live as they tend to be better at helping out with this. A good resource to get ideas on how to help your credit is www.myfico.com.
Hope all this helps - good luck!
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Old Jan 6th 2009, 3:11 am
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Default Re: Building Credit History

Originally Posted by fatbrit
Written by some fat git, I believe. Bit old but still generally valid.

http://britishexpats.com/wiki/Fatbri...it_and_Finance
About time you revamped that ...
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Old Jan 6th 2009, 3:38 am
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Default Re: Building Credit History

Originally Posted by Ray
About time you revamped that ...
Yep!
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Old Jan 6th 2009, 1:21 pm
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Default Re: Building Credit History

I have bank of america checking and savings, a job and a SSN - and they still are giving me grief over getting even the secure card.

They offered me a $300 credit limit with a $90 deposit before I had a job...so I said i would be back in a few weeks once I started work to get it.....I went back and they would no longer offer me it!!!! Seems kind of funny that once I have the ability to actually pay for it I cant have it anymore!!!

Am going back this week to try and get something srted as Im getting fed up of not having credit!!
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Old Jan 6th 2009, 1:40 pm
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Default Re: Building Credit History

Originally Posted by mellybrown
I have bank of america checking and savings, a job and a SSN - and they still are giving me grief over getting even the secure card.

They offered me a $300 credit limit with a $90 deposit before I had a job...so I said i would be back in a few weeks once I started work to get it.....I went back and they would no longer offer me it!!!! Seems kind of funny that once I have the ability to actually pay for it I cant have it anymore!!!

Am going back this week to try and get something srted as Im getting fed up of not having credit!!
This site, creditboards.com has lots of useful info. It's a board for USCs trying to repair credit, but much of it is also useful for expats.

Anyway, people there speak highly of the Orchard Bank Secured Card from HSBC. You have to lodge $200 in a savings account at bugger all interest, but it apparently reports to all three CRAs as if it were a regular card.
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Old Jan 6th 2009, 3:30 pm
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Default Re: Building Credit History

Originally Posted by Mark1976
Hello

I have no credit history - I've been here two years and thought that the credit card I got from work would be building my credit history given it's my responsibility to pay it off each month. I was wrong......

Anyway, I can't get a credit card because I have no credit history.

Having read some of the posts I've applied for a Macy's Credit Card online.
It said that if I wanted a Macy's "Visa" Credit Card I should go instore.
Anyone know the difference between the Macy's Credit Card and the Macy's Visa Credit Card?
I'm assuming the Macy's Credit Card will build my credit history?

I also wanted ask if anyone had applied for / or has experienced the Bank of America Secured Credit Card? Apparently you put down a deposit and can use the card to build a credit history.

Cheers
Mark
How long have you had the credit card from work, and who is it with?

The difference between the Macys cards will be one is a card you can only use at Macys and the other is an actual Visa card which you could use anywhere. If you can get just the Macys card that will be fine, but the visa is better - I suspect with no history you will only have a chance of getting the former though, but who knows. At this point, any type of credit will do. Once you have a score you can then worry about getting a good mixture.

As mentioned by someone else the Orchard secured credit card is meant to be good. I got the Bank of America one which is good as well. Generally you have to put down the amount you want as the limit - so if you put down $500 then you get a card with that limit. They do offer one that you put down a smaller deposit on - also mentioned above - but that is normally for people with some sort of history already.

Also how do you know you have no credit history? Have you checked with all 3 agencies?

Last edited by Longy; Jan 6th 2009 at 3:48 pm.
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Old Jan 6th 2009, 4:39 pm
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Default Re: Building Credit History

Also, try establishing a bank account at a local credit union and getting an unsecured credit card from them. They can be more helpful/understanding than the big banks.

An unsecured is the best way to go if at all possible (and the Orchard card mentioned above sounds good as it reports as if it is unsecured).
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Old Jan 6th 2009, 6:06 pm
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Default Re: Building Credit History

That is a real pain. I got the $99 deposit for $500 credit card with Bank of America. I have been trying to use it as much as possible, run it up to $400 and then pay it off. Its a real pain in the ass as I have to have a constant mental note what is currently on the card. I have asked them to bump it to $1500, so lets see how that goes.

The most frustrating thing for me about building credit is that I don't really want or need any at the moment. Eventually I might want a home loan or a car loan so I have to play the credit game in anticipation of obtaining these types of credit. It like a chicken or egg situation. You cant get credit with out a history, but to have a history you need credit. If you don't apply for credit you will have no history for future credit applications, but if you apply for too much credit then your score will get hit. it seems gaining a good credit report takes a very delicate balance of events.
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Old Jan 6th 2009, 6:26 pm
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Default Re: Building Credit History

Originally Posted by starky
That is a real pain. I got the $99 deposit for $500 credit card with Bank of America. I have been trying to use it as much as possible, run it up to $400 and then pay it off. Its a real pain in the ass as I have to have a constant mental note what is currently on the card. I have asked them to bump it to $1500, so lets see how that goes.

The most frustrating thing for me about building credit is that I don't really want or need any at the moment. Eventually I might want a home loan or a car loan so I have to play the credit game in anticipation of obtaining these types of credit. It like a chicken or egg situation. You cant get credit with out a history, but to have a history you need credit. If you don't apply for credit you will have no history for future credit applications, but if you apply for too much credit then your score will get hit. it seems gaining a good credit report takes a very delicate balance of events.
Correct. It's work. Sounds like you're on the right track though

Except for one thing, possibly. Yes, it can help to increase your credit limit, but it's not always wise to just ask for it. What you're actually trying to do is maximise your FICO score. Most people check it, via myfico and judge when to apply for increases or new credit on a CRA by CRA basis (i.e. work out which CRA(s) your lender pulls from and x-ref with your FICO score for that report).

Incidentally, don't be taken in by the "credit scores" offered by the CRAs. They're known as FAKOs and ain't worth shit.
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Old Jan 6th 2009, 6:30 pm
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Default Re: Building Credit History

Originally Posted by starky
That is a real pain. I got the $99 deposit for $500 credit card with Bank of America. I have been trying to use it as much as possible, run it up to $400 and then pay it off. Its a real pain in the ass as I have to have a constant mental note what is currently on the card. I have asked them to bump it to $1500, so lets see how that goes.

The most frustrating thing for me about building credit is that I don't really want or need any at the moment. Eventually I might want a home loan or a car loan so I have to play the credit game in anticipation of obtaining these types of credit. It like a chicken or egg situation. You cant get credit with out a history, but to have a history you need credit. If you don't apply for credit you will have no history for future credit applications, but if you apply for too much credit then your score will get hit. it seems gaining a good credit report takes a very delicate balance of events.
If you are in no real rush then you probably don't need to play the game too much. Just use it a small amount every month.

Are you having your bill come out with $400 on it? If so you are probably hurting yourself as over 50% is effectively maxing out. I think people generally say don't let it go over 40%.

But 10% use is more then sufficient. I had the BOA secured and used it minimally each month, and then paid it off when the bill came out. After about 8 months I got a Chase unsecured card for $3.5k.
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Old Jan 6th 2009, 6:51 pm
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Default Re: Building Credit History

Originally Posted by starky
That is a real pain. I got the $99 deposit for $500 credit card with Bank of America. I have been trying to use it as much as possible, run it up to $400 and then pay it off. Its a real pain in the ass as I have to have a constant mental note what is currently on the card. I have asked them to bump it to $1500, so lets see how that goes.
You're not doing yourself any favors. Run it up to $50/month and pay off in full. Much easier, too! A grocery trip, perhaps?
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Old Jan 6th 2009, 7:19 pm
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Default Re: Building Credit History

Originally Posted by chartreuse
Yes, it can help to increase your credit limit, but it's not always wise to just ask for it.
I take your point here all right. It seemed to me that to build a score I would be better of using credit for my day to day spending, and then paying off the bill at the end of the month. I figured I have to spend money every month, GAS, food, bills and so on. It does not matter to me if I use my credit card or my debit card. So I try to put as much of that spending though my credit card, at least that will be reported to the credit agencies, where as my debit card use will not.
The problem is $500 is gone in no time so I have to pay it off and then start again. From and administrative point of view $500 limit is difficult to manage as its so small. So the main reason I want more is so that I don't have to be paying as much attention to how near the limit I am getting, I can just spend and pay off in full every month. I reckon $1500 would be enough for me to do that. So asking for an increased limit is to make my life a bit easier rather then to try and up the credit report / score if you get me.

Originally Posted by chartreuse
Incidentally, don't be taken in by the "credit scores" offered by the CRAs. They're known as FAKOs and ain't worth shit.
I am not sure I totally understand what you mean by “FAKOs” I have not come across this term before? I would be interested if you would elaborate on this point? I am interested in all credit building opinions at the moment.

Originally Posted by Longy
Are you having your bill come out with $400 on it? If so you are probably hurting yourself as over 50% is effectively maxing out. I think people generally say don't let it go over 40%.
I pay it off in full every month, so I have never had an owing balance on it.
Apart from a period in my early 20s when I though credit cards were free money :-) and owed thousands on them, I have been very well behaved with them. Had a very big limit on my MBNA card at home, but having access to a big limit and actually using it is something that I don't do any more. The pain of paying them off is just too much, it makes using them when you know you cant pay it back any time soon no fun, could it be I am finally financially responsible? , I have a few thousand on my card at home which is stressing me out big time. I hit some unexpected moving costs here and there. I am planing on using my US tax refund to clear it off ASAP .

Originally Posted by Longy
After about 8 months I got a Chase unsecured card for $3.5k.
A limit like that on an unsecured card would be ideal for me.
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