caleyjag

Slow and steady wins the race.

I wasn't able to transfer any credit history from the UK. After a while, I was able to get a $500 credit card which I used for groceries for a year, paying it off in full every month. After a year I got it upgraded to $2000. Then I got a car loan, at a reasonably expensive rate, and have been paying that off dilligently.

Now I wake up to at least 4 credit card offers through the door every morning. I'm a real person at last.


I have found credit unions easier to deal with than banks. The credit unions I have dealt with have been more understanding and helpful in finding the best solution to get a credit history established. That's just my own personal experience, of course.

Steve_

Secured credit card (i.e. deposit with the bank) is the simplest way, but although it creates a record the record isn't that impressive. If they're looking for a specific score it would take years to get a really good one.

The other problem is that the credit agency only keeps stuff going back seven years usually, so if you leave and then come back you still have no credit record.

I agree on the Amex transfer, that's one of the best ways to do it, but that doesn't help if you've only just gotten an Amex card. But it does solve the problem with leaving and coming back.

Frankly I would start making a stink with the state dept of labor etc. if as a recent immigrant I was turned down on that basis because it's obviously an impossible requirement to comply with. It probably won't help you but if the employer starts getting letters from the DOL they might rethink the policy and the more employers who rethink, the less of a problem it will be.

Steve_

Actually just on this point, I've just had this problem - make sure the bank or whoever issues the credit does use your SSN. If you opened a bank account say with bank X before you had your SSN then they might be using some holding number instead of an SSN so Equifax or whoever can't create a file for you.

My problem was that the bank had some stuff under my SSN and other stuff under some made up number so they kept thinking they were dealing with two different people!

Steve_

Secured credit cards have fees - the regular cards usually don't or they're less. Remember to switch credit cards after you've had the secure one long enough for them to trust you.

fatbrit

Problem here is if you close the account, then you've just dinged your fledgling score by closing your oldest account. And at the noob level, lack of history is one of the big dingers you can't do much about.

My recommendation is to chose a secured card from one of the big banks and keep it. The fees are minimal wrt the savings you can enjoy by having a good score.

Leo_Loves

So, a few points to check and questions:

1) I *will* be able to open a bank account e.g. at Chase when I arrive on Friday afternoon even though I won't have an SSN for 2 weeks?
2) I *will* be able to get a secured credit card with them at the same time?
3) As soon as I get my SSN, I should give it to Chase and get them to ensure they're no longer using any temporary numbers etc and to consolidate records.
4) How long do I then need to wait before getting a 'real' credit card? Some say 12 months, some say 3 months - will it hurt my credit record to ask Chase after 3 months if they'll consider me for a real one?

I'm sure every new expat wonders these points!

fatbrit

Chase where? A Chase branch on the island of Manhattan and you'll probably be okay. Choose one in Sticksville, West Virginia, and they'll probably call the cops on ya.

Also, the big banks like rich customers. Have a million or two sitting in their accounts and you'll be assigned your own personal banker with magic mushroom powers. Put in a hundred bucks to keep it open for your first pay check and you'll be treated like the rest of the animals.

Leo_Loves

NYC

ian-mstm

It's confusing to read your posts sometimes... you make a statement, but then throw in a "?" which makes it look like you're asking a question, but you're not really.

There is no upward inflection on the Internet.

Ian

Leo_Loves

Yeah, sorry. I save all my communication powers for my working day - not a good idea when I'm seeking advice after-hours

I'll try and adjust

tonrob

You can sometimes convert a secure credit card account to a different type with no fee. Need to make sure it's a conversion though - not a closure of one and an opening of another.

fatbrit

Yep.

AddyLaddy

WF told me my secure card would 'mature' into a normal CC on the 1st anniversary of it being opened, which is a few weeks away now. And I hope I then get my $1000 back!

ian-mstm

More likely, you'll get a $1000 credit on the card which you can't convert back to cash, and will need to spend that much to break even.

Ian

Steve_

Doesn't appear to be a problem based on what I can see on my credit report. Shows paid up to x date of the changeover, doesn't affect the credit score.