Pimpbot

But I am finally on the first step to a credit score. I'd been a lazy bugger about starting the ball rolling, but I just got approved for a Wells Fargo secured card. Next stop, bankruptcy!.

Bob

Nice one

I'm piggy backing off the missus, though only as a co-user on one card as they wouldn't let me be co-signer as I weren't earning...hmmm...

Pharrya

I piggy backed off the missus too when I first got here.

Four years later, I probably get three or four credit card offers a week...

Bob

I'm getting the offers now already, but chances are I'd get rejected if I took them up on it and it'll knacker what trifle of a score I've picked up...

RoB1833

I went in to Edward Jones to ask about transferring my pension. The woman there thought that she could do it and offered me a credit card based on that business, I accepted it and had one within 6 months of moving here.

Checked my credit score last month..... it's still bloody awful.

Yorkieabroad

We bought a new mazda last November in my name. I'd been here for 2 years at that point, with no job, no income, and only piggybacking on my wifes credit cards. Applied for a loan to see if I could get one, and the dealership let me drive the car out there and then having signed a loan agreement with Mazda Finance. It was about 7pm on a friday night - Don't know if they could get credit checks done then or not, but a few days later I started getting rejection letters for the loan "I had applied for" from a few different banks - obviously Mazda were hawking my loan around trying to sell it - and failing!! Eventually Compass Bank picked it up, and we paid it off a fortnight ago - ioe kept it for 6 months.

We're now looking at buying a new house, and I spoke with our mortgage broker today - he's pulled my credit scores from the 3 big agencies, and they range from 757 to 763!! I still don't work, and have no income in my own name. How the hell does my credit rating improve like that in the space of 6 months??!! I just don't understand this system at all.............

Pulaski

You had a loan, you made the scheduled payments, you paid it off, ..... bingo! you have a great credit score! Other things in your favor are (i) you haven't applied for any other credit in the past six months, and (ii) you have no outstanding loans. Unlike most Americans you have demonstrated that you can use credit responsibly.

Check here the factors that go into calculating individual credit scores at FICO (one of the most commonly used credit scoring companies).

franc111s

Chapter 13 or 7 - new law starts in about 170 days

NC Penguin

Been in the US very nearly three years now and since 2003 I've been received "pre-approved" credit card offers. I've been piggybacking on my UCS spouse's credit history (am second user on both credit cards) since I arrived.

I shall be applying for a credit card (non-secured) in my own name some time from May onwards. I've seen my credit score in the last six months and it is very respectable FICO score.



NC Penguin

Elvira

As Pulaski explained - it's because you've been a good lad. I found the same when we re-mortgaged a couple of years ago: apparently I have an excellent credit score, even though I do not have a penny to my name (in my own right, that is...).

And I haven't even got a blooming SS#!

Yorkieabroad

Yeah, I'd heard that paying off a long loan over a 6 month period could boost the score, but I hadn't expected to go from leper to saint in such a short period

Noorah101

Hi Pimpbot!

My hubby also got his secured card at Wells Fargo. He's had it 8 months. We've been trying to get the regular card from them now, but WF won't even review his secured card until he's had it *at least* 12 months. We do all our banking at WF but I haven't like their customer service on his credit lately.

In the meantime, he's got a Chevron card, Mervyn's, and just got Best Buy the other day. He's also a joint user on my Discover and AmEx cards, but he hasn't used them.

Best Wishes,
Rene

Pimpbot

Thats useful info Rene. Sounds like the card has helped your husband onto the credit ladder.

fatbrit

Pimpbot: if the WF card is your only credit history entry, wait at least 6 months before applying for anything else on your own (i.e. without the wife!) since you won't have a FICO until this time is up. Then, take it slowly.

Pimpbot

Thats what I plan to do. I'm not going to go crazy with it, or start applying for every pre-approved mailing I get in the post. Just thought it was about time I started the ball rolling.