Building credit and the jokes!
 

Folks,

Sometimes I find many things in the US so funny here is a nice example!
When for the first time I entered the country on a work visa with no credit history got a huge loan in 3 days to buy a brand new european car (2.9%!) but now when I want to get a plan for my mobile phone everyone says no credit history and exactly the same problem is hit when want to get a credit card!!

Any ideas? any CC company ?

Cheers,

Re: Building credit and the jokes!
 

Find a local credit union and go in and have a chat.

Re: Building credit and the jokes!
 

How long ago was that first time on a work visa? Economy and times might have changed since then. If it wasn't so long ago, it's interesting that you got such a huge loan but have no credit history. I would think you'd have a credit history if you did that, unless it was so long ago that it's now off the records.

What is your status now? Are you in the USA with a different status now?

There are lots of posts on how to build your credit in the USA, and a couple of Wiki guides, too. Check out the two links in this link:
http://britishexpats.com/wiki/Category:USA_Credit

Rene

Re: Building credit and the jokes!
 

Definitely read the wiki and search out past threads, there are loads that'll help you out.

Simple things like secured cards and using AmEx is the way to go, but if you don't already have AmEx, that's a moot point.

Expect to pay lots of deposits, for everything.

Re: Building credit and the jokes!
 

Search for AIG International Services. They arranged a credit card via HSBC for me prior to leaving the UK. I also transferred my UK Amex card over via te American Express global transfer scheme.

Re: Building credit and the jokes!
 

BOA suggested a Secure Credit Card to me, you pay between $300-$1000 which they put as the balance on your CC, after 12 months they give you the money back and a proper credit card. The purpose of this is to build up your credit score.

I havent decided as to whether Its the option i will go with. but you might want to talk to the different banks and find out what they can offer you.

Re: Building credit and the jokes!
 

My husband landed in the US on 27th Feb. I am still in the UK with the family, due to go over in June. AIG set him up with HSBC. They have no branches in Houston but the manager happened to be in Houston when my OH called and he came to his office to meet him! OH produced his ID documentation and a letter form his employer re salary etc. At this time he did not yet have his SSN. Within the day OH had new premier account with HSBC. They have also sorted out a CC for him, which he has already (I spoke to him just now and he has just used it for the first time) with a $10,000 limit. The HSBC service has been amazing. I think I did post about this before, so I could well be repeating myself. But it is worth repeating. Fantastic service, thus far at least:thumbsup:

Re: Building credit and the jokes!
 

If you can get one. I've been a B of A customer since I was in high school, and just came back after 5 years in Canada and when I left I had no US credit.

Well tried the secured card route, and denied, insufficient credit history.

I've been denied for 2 secured cards now, seems banks are cracking down big time and making even secured credit difficult to get.

Re: Building credit and the jokes!
 

Well that's ridiculous - it's your own damn money!!

Re: Building credit and the jokes!
 

Until you try to order anything online with the debit card registered to your US address! :D

Re: Building credit and the jokes!
 

Here's how I did the whole credit card thing about 2 or so years ago:

I applied for a regular credit card (Chase in this instance) and got refused, the letter said not enough credit history. The letter also includes a number to call to ask why your application was refused and you get to talk to someone. The key is to ask for the special mailing address to which you can send further information to support your application.

Next, go to experian.co.uk (very important to be on the UK site as US experian is a different company) and enter enough information of former UK residences etc to get your British credit history. I assume this works for other countries that have their own experians too. You may have to sign up for a free trial membership so remember to cancel that later. Print out/save your British credit history which is hopefully stellar excellent A plus.

Next write a letter to the above address you found quoting any reference numbers relating to your credit application and explaining that you are a recent immigrant who has many years of having excellent credit in the UK and look at all this credit history I printed out from experian UK.

Wait and hopefully you will receive a positive response. In my case I got a card with a slightly lower limit than I originally applied for.

That all being said, my credit history is still too short to please some people.

Re: Building credit and the jokes!
 

We just spent about 3 weeks battling with out local regional bank trying to get my wife a credit card. Ended up canceling the request as they kept asking for copies of our visa's. They were given these copies only for them to say, 'No that's not what we want, we want a copy of your visa'. I tried to enplane that this IS my visa (has VISA written on it!!) but they wouldn't have any of it.

Anyway - went home that night and applied for a capital one credit card. Got approved for $500 after supplying name, address, dob, household income and SS#. Took less than 5 minutes.

$500 is not a lot - but builds up history and we might even be able to get a mortgage in a couple of years time, if we're still here.

Re: Building credit and the jokes!
 

Capital One has a credit card which is specifically for people with no or limited credit history. It has an annual fee and you'll probably get a ridiculously low limit but it's a start:

http://www.capitalone.com/creditcard...01_T_CP17021LW

Re: Building credit and the jokes!
 

Why? If we have the account now, with both a debit and a credit card (mastercard - unsecured) why would there be a problem using this?

We just have not had the problems with getting a mortgage, car finance and a credit card that some others have had. Maybe we're just very lucky? OH's employer has written a really good reference/letter. I don't know why we seem to have had it so easy. Fingers crossed this continues:fingerscrossed:

I'll keep you posted on the credit card usage. OH has started to use it, to build our history.

Re: Building credit and the jokes!
 

Do you think they were merely stupid, or taking the piss?