Credit history
 

I moved to the US 2 1/2 weeks ago on a permanent basis. I have opened a bank account but cannot get store cards or a credit card because i have no credit history in the US - unless i have a credit card i can't establish any history - where do i start??????

Re: Credit history
 

The single thing that helped me get my credit kick-started best was a joint car loan with my wife that we paid off after six months. I don't know on what basis you are here in the US, but if you can get someone with good credit to be a joint borrower on a car loan and then pay it off, it might be a good bet.

Of course, you may not need a car.

The interest rate we got was 6.95 (my wife has a credit rating of >800, so even with me the interest rate was not too bad), so we weren't getting raped in interest charges for the six months we kept the loan open.

Re: Credit history
 

Get a pre-paid store card, like a Target card. You put money on it and then draw down from it, but it is treated like a credit card. However, you need to have your social security number or tax ID number BEFORE, as I think the credit scoring can get lost if they don't link it to you SSN.

Re: Credit history
 

You can get a secured credit card from the bank, it'll have a low limit and you will need to put up the cash to cover it but it will give you a step on the ladder and will be converted to a "real" card after about a year.

Re: Credit history
 

Re: Credit history
 

I saw this on another forum somewhere
apparantly bank of america will give you 300 limit (dollars) you have to actually give them the 300 though;) and they send you a credit card, and basically you just make monthly payments.
Another to try is a mobile phone, that works like a credit build,
and i think capital one has something similar, where you pay x y z and they send you a card??
:)

Re: Credit history
 

When we got a secured card the limit was limited only by how much we were prepared to hand to the bank in security. I presumed that was the nature of the beastie...

Re: Credit history
 

You could be right.
Maybe I just limited myself by not wanting to hand over too big a wedge. :)

Re: Credit history
 

Hi buddy :) :) this is my secret identity! ha ha
Hope you got my e mail yesterday.....I got the secured credit card, and I think the advice on store cards is spot on too. Talk soon xx

Re: Credit history
 

I second this idea, it's how my immigrant husband got his credit started in the USA. He had to have the bank hold the amount of money ($500) and they issued him a credit card for that amount. After one year, they released the $500, and gave him a new "real" card to use, with a higher limit.

Rene

Re: Credit history
 

We are looking at putting a large lump sum into my wifes american account
and then putting my name on the account as well, will that help????

Re: Credit history
 

Throw in enough that you qualify for VIP status and all the rules go out of the window. But enough is usually quite a lot.

For normal folks, play the secured cc trick.