Credit ratings in the USA
 

I moved to the USA five months ago and want to start to build a credit rating.

I am in a slighly unusual situation in that my basic salary is fairly low but that is because my accomodation and all utility bills are paid for meaning they are NOT in my name.

Therefore, with what will look like a low salary and no crecit history ( I was rejected for a credit card by Citi who I bank with at the weekend) how do I go about getting a card to start building credit?

Partiuclar products people have used would be a good help.

In the UK I have been a homeowner for eight years, probably had a credit card for about ten years, and never missed a payment on either so have excellent credit but it appears to count for nothing here.

Any help with specific cards/products I could try would be greatly appreciated.

FYI - my salary paid into my bank is $1000 a month due to the rent/utilities etc.

Thanks!

Re: Credit ratings in the USA
 

Bit out of date, but the principles are still the same: http://britishexpats.com/wiki/Fatbri...it_and_Finance

Re: Credit ratings in the USA
 

What you get paid doesn't affect your credit score, and your utility and rent would most likely not contribute to your report (although there have been a few people who said their utilties have appeared, but its rare).

You most likely need to get a secured credit card. Bank of America do one - this is what I got. After having it for about 6 months you will have a credit score. The idea is you give them an amount of money and they will give you a card with that limit. It can be started with as little $300.

Re: Credit ratings in the USA
 

Is the $300 refundable?

Re: Credit ratings in the USA
 

Yes, after an amount of time - seems to vary, but normally a year they will change the card to an unsecured card. At that point they will send you the money back.

Re: Credit ratings in the USA
 

Try Capital One. That's how I started. The only way utilities will affect your credit score is if you don't pay them.

Re: Credit ratings in the USA
 

As FB says, his wiki thing is still valid. For more current info, and people who can help you, look at creditboards.com.

Don't go with CrapOne, do go with BoA as it will go unsecured in 9-12 months, in the worst case go with Orchard.

Re: Credit ratings in the USA
 

I agree CapOne are bad....but it does give a springboard to a card from prime lenders without the need for a deposit. I ditched them as soon as the time was right.....

Re: Credit ratings in the USA
 

Utilities only ding your score badly for paying late etc, being good helps sod all.

Read the wiki, search the site, this is almost a daily topic so there's loads of info.

Re: Credit ratings in the USA
 

Sorry to hijack.

A quick question. We still currently live in UK but have a property out in US that is currently rented. Husband has SSN and me ITN. We pay property taxes, trash & sewage, from paying these bills on time would this have started up a credit rating for us?

Thanks

Amanda

Re: Credit ratings in the USA
 

It is possible, but most likely not. I guess you bought the house outright?

If you are planning to move to the US at some point the best thing to do is go and get yourself an Amex - when you move to the US you can transfer it over and you will get your Amex history credited. Therefore the sooner you do this the better.

Re: Credit ratings in the USA
 

no. You are paying these things to the city...they won't report it to the credit bureaus.

Re: Credit ratings in the USA
 

You could always go and get a store card that's how we started out. Shopping the sales at Macy's and Mervyns and J C Penney.

Re: Credit ratings in the USA
 

depends on the location...some places contract out the rubbish collection etc, but your right in that it won't help build a credit history.

Re: Credit ratings in the USA
 

I used the old BofA secured credit card to do exactly the same thing that you are looking for. I had a limit of $300 for about 12 months before they upped it to a much more normal $10,000. The thing is make sure that you use the card AND pay it off promptly; this is what drives the credit score.
For me, the $300 was such a ridiculously low limit that I practically forgot about it. The key is to use it and show that you are able to spend (and pay off) within limits.