Dealing with initial lack of credit history
Aug 23rd 2010, 4:11 pm
#31
London-San Fran-Vancouver
Joined: Nov 2009
Location: Vancouver, BC
Posts: 336
Re: Dealing with initial lack of credit history
Utilities, be prepared to have to put down hefty deposits when you sign up for these due to lack of credit history. On the plus side after a year of paying each bill perfectly they will report this to the credit agencies boosting your score and history and may even give you your deposit back (obviously this varies).
It can seem that way but many people have gone before you and succeeded.
It can seem that way but many people have gone before you and succeeded.
With 1 month to go I think I'm feeling the pressure a bit 
Aug 23rd 2010, 4:27 pm
#32
BE Site Lead
Joined: Aug 2004
Location: MA, USA
Posts: 92,170
Re: Dealing with initial lack of credit history
Utilities, be prepared to have to put down hefty deposits when you sign up for these due to lack of credit history. On the plus side after a year of paying each bill perfectly they will report this to the credit agencies boosting your score and history and may even give you your deposit back (obviously this varies).
Aug 23rd 2010, 4:31 pm
#33
Lost in BE Cyberspace
Joined: Mar 2010
Location: Phoenix, AZ
Posts: 8,106
Re: Dealing with initial lack of credit history
Aug 23rd 2010, 5:30 pm
#34
BE Enthusiast
Joined: Jul 2009
Location: Houston
Posts: 522
Re: Dealing with initial lack of credit history
Quoted from Matt "A GREAT way to build credit is with Citibank Secured Credit Card - that one does require a SSN, but is such a great deal that you actually make money from it."
We used Wells Fargo secured credit card. The annual fee is less and the interest rate is lower. Same deal, just with Wells Fargo.
We are using Wells Fargo for all our banking as they are great with expats. We even got our mortgage through them as they are willing to work with folks with overseas credit histories.
We looked into HSBC Premier - it requires a VERY large balance (think 5 or 6 digits) - gold banking. All that just to be able to have a credit card in the USA seems over the top - but that is us.
Secured credit cards can be had for as little as $300 - and in one year, you'll have a credit history.
We used Wells Fargo secured credit card. The annual fee is less and the interest rate is lower. Same deal, just with Wells Fargo.
We are using Wells Fargo for all our banking as they are great with expats. We even got our mortgage through them as they are willing to work with folks with overseas credit histories.
We looked into HSBC Premier - it requires a VERY large balance (think 5 or 6 digits) - gold banking. All that just to be able to have a credit card in the USA seems over the top - but that is us.
Secured credit cards can be had for as little as $300 - and in one year, you'll have a credit history.
