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Credit history

Credit history

Old Jan 8th 2010, 2:19 pm
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Default 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??????
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Old Jan 8th 2010, 2:30 pm
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Default Re: Credit history

Originally Posted by dawnhmcpherson View Post
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??????
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.
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Old Jan 8th 2010, 3:37 pm
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Default Re: Credit history

Originally Posted by dawnhmcpherson View Post
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??????
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.
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Old Jan 8th 2010, 3:42 pm
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Default 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.
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Old Jan 8th 2010, 3:45 pm
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Default Re: Credit history

http://britishexpats.com/articles/us...essential-usa/
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Old Jan 8th 2010, 4:02 pm
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Default 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??
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Old Jan 8th 2010, 4:07 pm
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Default Re: Credit history

Originally Posted by Norri View Post
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.
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...
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Old Jan 8th 2010, 4:25 pm
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Default Re: Credit history

Originally Posted by celticgrid View Post
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...
You could be right.
Maybe I just limited myself by not wanting to hand over too big a wedge.
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Old Jan 8th 2010, 5:39 pm
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Default Re: Credit history

Originally Posted by dawnhmcpherson View Post
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??????
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
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Old Jan 8th 2010, 5:44 pm
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Default Re: Credit history

Originally Posted by Norri View Post
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.
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
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Old Jan 8th 2010, 6:05 pm
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Default 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????
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Old Jan 8th 2010, 7:22 pm
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Default Re: Credit history

Originally Posted by msi64 View Post
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????
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.
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