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Credit - starting from zero

Credit - starting from zero

Old Oct 29th 2009, 11:38 pm
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Default Credit - starting from zero

Hi I moved to work in Indiana in January, I have since got married and I'm starting to apply for a Green Card.

One problem has been my lack of credit history but want to build history and improve my score ASAP so I can ultimately get a mortgage in the future...

How do I best do this?

At present I still can't even get a credit card... anyone been in a similar situation?

Thanks for you help everyone
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Old Oct 29th 2009, 11:42 pm
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Default Re: Credit - starting from zero

When we went there we were same as is everyone.
If you banked with HSBC for example it seems a relatively simple process to get US account with cards etc.

We took bank statements, letter from mortgage company showing we owned house outright in UK as it was final payment stuff and I suppose best of all we got company to talk to its bankers.
Took about 4 months of running our checking account well before we got a visa initially low limit of $2000 but by end it was at $10000.
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Old Oct 29th 2009, 11:47 pm
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Default Re: Credit - starting from zero

Yeah I've been able to get a bank account, but wonder how can I kick-start my credit score/credit history...
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Old Oct 29th 2009, 11:54 pm
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Default Re: Credit - starting from zero

get a secured card. give your bank $300 and they'll give you a credit card with a max limit of $300 - use this for a year or two and you'll have a credit score.

As a point of reference, I've been living here for 2 and a bit years and now I have a pretty decent score - it's this last year that's made a difference
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Old Oct 30th 2009, 12:04 am
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Default Re: Credit - starting from zero

This topic has been covered hundreds of times, with a lot of good info in a horde of threads, there's even a pretty good wiki article on how to get started....worth looking out for.
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Old Oct 30th 2009, 12:06 am
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Default Re: Credit - starting from zero

Originally Posted by Trixie_b View Post
As a point of reference, I've been living here for 2 and a bit years and now I have a pretty decent score - it's this last year that's made a difference
Score alone ain't all that important though really....it's the history that makes a real difference when going for a mortgage...
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Old Oct 30th 2009, 12:08 am
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Default Re: Credit - starting from zero

Originally Posted by Bob View Post
Score alone ain't all that important though really....it's the history that makes a real difference when going for a mortgage...
I was still a bit "young" on history when I got my credit reports for a re-fi 2 weeks ago.
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Old Oct 30th 2009, 12:14 am
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Default Re: Credit - starting from zero

Originally Posted by Indianabound View Post
Yeah I've been able to get a bank account, but wonder how can I kick-start my credit score/credit history...
Is your spouse a US citizen? How's her/his credit? You may still benefit from being an 'authorized user' on their existing account; my DH went from zero to 800 very quickly.
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Old Oct 30th 2009, 12:19 am
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Default Re: Credit - starting from zero

Originally Posted by Indianabound View Post
Yeah I've been able to get a bank account, but wonder how can I kick-start my credit score/credit history...
Well we also got car finance relatively easily that will I presume show on your credit rating.
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Old Oct 30th 2009, 12:28 am
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Default Re: Credit - starting from zero

Originally Posted by gazzpfc View Post
Well we also got car finance relatively easily that will I presume show on your credit rating.
after 6 months it will.
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Old Oct 30th 2009, 1:09 am
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Default Re: Credit - starting from zero

this article is great... http://www.kamya.com/intro/miscstoriescred.html

thanks everyone lots of great advice
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Old Oct 30th 2009, 1:18 am
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Default Re: Credit - starting from zero

Originally Posted by Indianabound View Post
this article is great... http://www.kamya.com/intro/miscstoriescred.html

thanks everyone lots of great advice
omigosh, there's a blast from the past! kamya FTW!
(bear in mind that those experiences may be 10 years old and no longer applicable)
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Old Oct 30th 2009, 1:45 am
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Default Re: Credit - starting from zero

As meauxna stated, being an "authorized user" on someone credit card (only if they have a good credit history on that card) will build up your credit score quickly. Since you inherit the history of the card, you will also get a credit history.

The practice of piggybacking on someones credit card to build up a credit history was temporarily discontinued in 2007 but was reinstated after Fair Isaac (FICO) lost a lawsuit to a credit repair company (they were using master credit cards to build up clients credit scores). Now it is much more difficult for credit repair companies to piggyback even though it is allowed for normal customers.

http://www.creditcards.com/credit-ca...-user-1265.php

You are allowed to check your credit report for free from the 3 credit bureaus annually by using the following government sanctioned site.

https://www.annualcreditreport.com/cra/index.jsp
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Old Oct 30th 2009, 10:20 am
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Default Re: Credit - starting from zero

This is something that's really worrying me for when I move over in January. The things I have done are to get an American Express card in the UK which can easily be transfered to an American American Express card. I've also opened an account with HSBC in the US and they'll give me a credit card too. I'm going to stop at 2 credit cards though because more than that I've heard can negatively affect your score. I was also worried about buying a car because I would need a loan for that so I am buying one through international autosource as they'll give you a good deal and give you a loan without a US credit history.

So that's my plan of attack so far! Good luck!
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Old Oct 31st 2009, 3:23 am
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Default Re: Credit - starting from zero

Originally Posted by princessconsuela View Post
This is something that's really worrying me for when I move over in January. The things I have done are to get an American Express card in the UK which can easily be transfered to an American American Express card. I've also opened an account with HSBC in the US and they'll give me a credit card too. I'm going to stop at 2 credit cards though because more than that I've heard can negatively affect your score. I was also worried about buying a car because I would need a loan for that so I am buying one through international autosource as they'll give you a good deal and give you a loan without a US credit history.

So that's my plan of attack so far! Good luck!
Getting a car lone is a great way to build credit history...put the deposit down, get lone and if you can pay the bulk of it off do so, but keep the remainder going for at least 6 months.
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