Upping my credit score
May 17th 2016, 12:20 pm
#106
Forum Regular
Joined: Mar 2014
Posts: 147
Re: Upping my credit score
You and I have both said branch visit. I have no experience of Wells Fargo. When I came to the US I walked into the nearest bank which was Bank of America.
Sounds like either of those would be a good bet.
May 18th 2016, 1:55 pm
#107
Austin. TX.
Joined: Sep 2013
Posts: 5,930
Re: Upping my credit score
btw
https://www.wellsfargo.com/credit-cards/secured/
it can be done online or in the bank. I got one and after about 6 months of just paying my cellphone bill with it, they refunded my money, increased the limit and it's now a grown-up card.
https://www.wellsfargo.com/credit-cards/secured/
it can be done online or in the bank. I got one and after about 6 months of just paying my cellphone bill with it, they refunded my money, increased the limit and it's now a grown-up card.
May 18th 2016, 1:58 pm
#108
BE Enthusiast
Joined: Feb 2015
Location: New Jersey, USA
Posts: 566
Re: Upping my credit score
Wells Fargo won't unsecure your card unless you are a permanent resident now so I'd avoid them.
If you're here on a visa that's not ideal.
I've been here a year now and have managed to build up a decent credit file - I was approved for the Chase BA card a couple of months ago with a $25,000 credit line. I didn't need secured cards to do it either!
Eligibility to graduate to an unsecured credit card is restricted to U.S. citizens and permanent residents with a valid Social Security Number only.
I've been here a year now and have managed to build up a decent credit file - I was approved for the Chase BA card a couple of months ago with a $25,000 credit line. I didn't need secured cards to do it either!
May 18th 2016, 1:59 pm
#109
Just Joined
Joined: Dec 2012
Location: Leeds
Posts: 18
Re: Upping my credit score
Checked my bank account this morning to find that Bank of America have put a hold on my security deposit amount for the secured card...hopefully that means they've accepted me!
May 18th 2016, 2:15 pm
#110
Austin. TX.
Joined: Sep 2013
Posts: 5,930
Re: Upping my credit score
Wells Fargo won't unsecure your card unless you are a permanent resident now so I'd avoid them.
If you're here on a visa that's not ideal.
I've been here a year now and have managed to build up a decent credit file - I was approved for the Chase BA card a couple of months ago with a $25,000 credit line. I didn't need secured cards to do it either!
If you're here on a visa that's not ideal.
I've been here a year now and have managed to build up a decent credit file - I was approved for the Chase BA card a couple of months ago with a $25,000 credit line. I didn't need secured cards to do it either!
Advancial is always worth a try too, you may be able to get an unsecured card with them.
May 18th 2016, 5:07 pm
#112
Lost in BE Cyberspace
Joined: Jul 2008
Location: Portlandia Metro
Posts: 7,425
Re: Upping my credit score
US bank gave me two cards without even asking me after being in the country 9 months. One other credit item that was easy to get was overdraft protection. This may be an option for building up some credit history. Not all banks have this facility.
May 18th 2016, 8:26 pm
#113
Just Joined
Joined: Dec 2012
Location: Leeds
Posts: 18
Re: Upping my credit score
Yeah I mean I've only been here for 4 weeks so maybe had I waited a little longer to apply I wouldn't have been turned down for first one.
May 18th 2016, 9:32 pm
#114
Lost in BE Cyberspace
Joined: Jul 2008
Location: Portlandia Metro
Posts: 7,425
Re: Upping my credit score
I applied for a Capital One card after being here 4 weeks. They gave me a card , but only had a limit of $500 but it was a starting point.
May 20th 2016, 12:48 pm
#115
Forum Regular
Joined: Jan 2016
Location: Boise, ID
Posts: 89
Re: Upping my credit score
Also credit.com pulls from experian and is free.
I'll say this, with wells fargo you can get a pre-paid secured credit card upto $5000 i believe. Meaning you give them upto $5000 for security.
Now the biggest trick to increasing your score is two folder, get credit, but do not carry any balance of any kind. The lower your limit the more a credit balance can destroy your credit.
For instance if you get a $500 pre-paid secured credit card, you should never have a balance of more than $150 on it.
Reason being, you never want any credit instrument to carry more than 30%. More than that and it'll really start to hurt your credit; but any balance will actually hurt your balance.
So use the card each month but very important, pay it off each month BEFORE the due date, at least a week, so the credit card always reports a $0 balance.
If you follow this your credit will climb, your secured card will turn into an unsecured one within a year, and you'll likely within a very short time hit 700 plus prob within a yr to 2 yrs.
I'll say this, with wells fargo you can get a pre-paid secured credit card upto $5000 i believe. Meaning you give them upto $5000 for security.
Now the biggest trick to increasing your score is two folder, get credit, but do not carry any balance of any kind. The lower your limit the more a credit balance can destroy your credit.
For instance if you get a $500 pre-paid secured credit card, you should never have a balance of more than $150 on it.
Reason being, you never want any credit instrument to carry more than 30%. More than that and it'll really start to hurt your credit; but any balance will actually hurt your balance.
So use the card each month but very important, pay it off each month BEFORE the due date, at least a week, so the credit card always reports a $0 balance.
If you follow this your credit will climb, your secured card will turn into an unsecured one within a year, and you'll likely within a very short time hit 700 plus prob within a yr to 2 yrs.
At work I buy services from Experian (UK) so asked them how it works here. A balance on the statement date, paid off before the due date, is the way to increase the score. Otherwise you run the risk of looking like you have a card but never use it, as your statement balance would always be close to zero if you pay it off too early (i.e. just before statement day).
That makes sense to me but things could be (and usually are) different in the US. Doesn't seem to be a definitive answer on this one...apart from don't have a huge balance and forget to ever pay it off!
May 20th 2016, 1:24 pm
#116
Lost in BE Cyberspace
Joined: Jul 2008
Location: Portlandia Metro
Posts: 7,425
Re: Upping my credit score
This is a really helpful thread, thanks all. I understand that only using a small % of your credit card limit is good for your score but I'm still struggling to understand the issue of when to pay the balance.
At work I buy services from Experian (UK) so asked them how it works here. A balance on the statement date, paid off before the due date, is the way to increase the score. Otherwise you run the risk of looking like you have a card but never use it, as your statement balance would always be close to zero if you pay it off too early (i.e. just before statement day).
That makes sense to me but things could be (and usually are) different in the US. Doesn't seem to be a definitive answer on this one...apart from don't have a huge balance and forget to ever pay it off!
At work I buy services from Experian (UK) so asked them how it works here. A balance on the statement date, paid off before the due date, is the way to increase the score. Otherwise you run the risk of looking like you have a card but never use it, as your statement balance would always be close to zero if you pay it off too early (i.e. just before statement day).
That makes sense to me but things could be (and usually are) different in the US. Doesn't seem to be a definitive answer on this one...apart from don't have a huge balance and forget to ever pay it off!
May 20th 2016, 2:16 pm
#117
Forum Regular
Joined: Jan 2016
Location: Boise, ID
Posts: 89
Re: Upping my credit score
This blog gives some useful tips of when to pay your bill. 4 Reasons to Pay Your Credit Card Bill Before It's Due | Credit.com
1. Saves money on interest if you didn't pay the balance from the previous month by the due date - no one is advising this as it would impact your score
2. Keeps your balance low at statement date to improve your debt/credit ratio (i.e. statement shows only 20% of your credit limit is used) - covered elsewhere on this thread why it's a good idea to have a low % here
3. Pays debt off quicker by committing your funds rather than merely planning on doing so in the future - good advice but not relevant here
4. Frees up your line of credit if you need it quickly - again, good advice but not relevant here.
Further down the blog it reminds you about the perils of paying too early. If you make a partial payment one week before the statement is issued and the rest before the due date, the early payment can be applied to the previous month (whose balance is zero). Since the second payment by itself doesn't cover the entire statement you can get charged interest on the difference.
May 20th 2016, 2:21 pm
#118
Forum Regular
Joined: Mar 2016
Posts: 95
Re: Upping my credit score
is this another avenue for new LPR's to build up credit???
Credit Unions Can Help You Rebuild Your Credit
Credit Unions Can Help You Rebuild Your Credit
May 20th 2016, 4:58 pm
#119
BE Forum Addict
Joined: Aug 2013
Location: Athens GA
Posts: 2,134
Re: Upping my credit score
This is a really helpful thread, thanks all. I understand that only using a small % of your credit card limit is good for your score but I'm still struggling to understand the issue of when to pay the balance.
At work I buy services from Experian (UK) so asked them how it works here. A balance on the statement date, paid off before the due date, is the way to increase the score. Otherwise you run the risk of looking like you have a card but never use it, as your statement balance would always be close to zero if you pay it off too early (i.e. just before statement day).
That makes sense to me but things could be (and usually are) different in the US. Doesn't seem to be a definitive answer on this one...apart from don't have a huge balance and forget to ever pay it off!
At work I buy services from Experian (UK) so asked them how it works here. A balance on the statement date, paid off before the due date, is the way to increase the score. Otherwise you run the risk of looking like you have a card but never use it, as your statement balance would always be close to zero if you pay it off too early (i.e. just before statement day).
That makes sense to me but things could be (and usually are) different in the US. Doesn't seem to be a definitive answer on this one...apart from don't have a huge balance and forget to ever pay it off!
Payment History - it is really important to not miss a payment. So long as you pay at least the minimum required by the due date you are fine.
Card Utilization - this is where paying off much of the debt before the statement date can help, because it decreases the proportion of credit reported as used. General advice seems to be to keep utilization overall under 10%
Sep 21st 2016, 1:29 am
#120
Firetrak
Joined: Mar 2004
Posts: 577
Re: Upping my credit score
This is a really helpful thread, thanks all. I understand that only using a small % of your credit card limit is good for your score but I'm still struggling to understand the issue of when to pay the balance.
At work I buy services from Experian (UK) so asked them how it works here. A balance on the statement date, paid off before the due date, is the way to increase the score. Otherwise you run the risk of looking like you have a card but never use it, as your statement balance would always be close to zero if you pay it off too early (i.e. just before statement day).
That makes sense to me but things could be (and usually are) different in the US. Doesn't seem to be a definitive answer on this one...apart from don't have a huge balance and forget to ever pay it off!
At work I buy services from Experian (UK) so asked them how it works here. A balance on the statement date, paid off before the due date, is the way to increase the score. Otherwise you run the risk of looking like you have a card but never use it, as your statement balance would always be close to zero if you pay it off too early (i.e. just before statement day).
That makes sense to me but things could be (and usually are) different in the US. Doesn't seem to be a definitive answer on this one...apart from don't have a huge balance and forget to ever pay it off!
Basically when it comes to paying, obviously pay before your balance is due.
But one thing you'll find is if you pay after the credit card company reports your balance your credit will dip.
So find out when they report, so if you are in a situation where you need to apply for credit, make sure you either pay your credit card in full before the reporting date or apply for credit before the reporting date.
The amount it dips entirely depends on the credit:debt ratio that balance causes on your account and bear in mind that ratio will affect your credit until your credit card company reports your payment again.
So as an example, if you pay your bill on the 10th of the month, its not due till the 15th of the month, BUT your credit card company reports on the 9th of the month, your report will still be dinged, but only temporarily.
As you can see its not straight forward at all. Just how they like it I imagine.