ireland132

I've been here in LA a few weeks now working on my H1B Visa. I have my SSN, my bank account, hell, I even have part 1 of my 2 part driving test. Now I want my credit card. I know that credit has regularly been discussed in the forum, but I have am specifically asking about secured credit cards and who obtained a good one. I pay my account off every month.

I am looking at the Bank of America one which has a $29 annual fee.

Anyone else been using one? Any pitfalls to avoid? Other fees?

Also, what store cards were easy/useful to obtain?

Thanks.

ladyofthelake

My husband applied for the Bank of America secured credit card.....and was turned down!!!!!! They said we had to have an account with them for 6 months, then try again. Chuffing hell, do they want a pint of blood aswell? Needless to say, we didn't try again, just waited for the preapproved card invites to start appearing in the mail box. Sorry it's not good news

Yosser

I started a secured card with First Premier Bank $200 down, ok that got the ball rolling slower than a snail, BUT atleast it was moving, wait 6 months pay more than the $20 monthly payment.
It was $60 a year annual fee, but I complained and got it down to $15 a year fee instead.

2. Join a health club like Ballys fitness take out a 2 year contract and direct debit, IT SHOWES on YOUR CREDIT REPORT. Wait a few months.

3. NOW go to Target get the $200 maximum allowance, buy a playstation 2 get 10% knocked off everyones happy, including the kids

You are now free to almost go to any store and continue your build up of credit score. In less than 12 months I had built up a score high enough to get zero down and a house payment of 6%.

Now I can enjoy all those fancy cards that come through the mail, and better still laughing at their interest rates.

Good luck

PrincessofWales

I got turned down by my own US bank for an MBNA credit card also...even though I'd had a UK MBNA card for years.

Best bet I found was AMEX. I know the annual fee is higher, but you now have the option of extended payment and all those points.

Pretty easy to get a store card too ....Sears, Hechts, etc.

Just don't get too many, it always raises questions when you open loan accounts....

NC Penguin

Just because you've moved to a different country doesn't mean that it's possible for you to get all the trappings of your life back in the UK.

You say you want a credit card. However, you've only been in the US a few weeks. You've already realised that you're not eligible for a regular, unsecured credit card.

How much research have you done on secured credit cards, aside from the various charges (application fee, monthly fee, etc)?

Have you checked into how having a secured credit card impacts on your immature credit report? Do you even care?

I'm just being the Devil's Advocate here...




NC Penguin

ireland132

I was wondering if you first sentence meant that

1) I want a credit card to buy stuff on credit i.e. "the trappings"?

or

2) The card was a trapping itself?

Anyway, I would like a US credit card so that

a) I can establish credit, so that in future, should I require a mortgage, it should be easier to obtain one.

b) So that I can buy products in US dollars and not have to lose out when they are converted into pounds on my UK credit card and then lose out again when I convert my earned dollars into UK pounds to pay it.

According to Bank Of America, such a card should help establish my credit rating.

I will however, be prepared to be informed otherwise.

NC Penguin

More 2) than 1). I think I heard (on NPR) that the average American has three credit cards. That's at least one too many in my book.

There's other ways to create/build up one's credit history. You should look into other methods.

How about a debit card? What about payments by check? You'll soon discover that writing out checks is far more popular in the US than in the UK.

True, but getting their secured credit card makes good business for them too!



NC Penguin

ireland132

I am actually very good with my credit cards. Since I got my first one in 1988 as a humble student, the amount of interest I have paid to the credit cards companies is...

nil.

I kid you not (I am a canny Scot after all)

I could use my ATM card and write checks, but if I run my c/card properly (i.e. not the way the companies want you to) then surely it would be a good way to build up credit? What other ways are there?

I was doing c/card research today (either on Motely Fool or MSN money) and the levels of personal debt that each US citizen has is qute staggering.

Credit is, indeed, a hot topic.

ladyofthelake

Watched Dr Phil this afternoon and it was all about HUGE money problems people get themselves into. The first couple had just declared bankruptcy 3 months earlier and had taken on a second mortgage. The wife was complaining that the husband doesn't earn enough money to keep them in the lifstyle that she wants, so it's all his fault that they went bankrupt. Of course it had nothing to do with the fact that she likes spending their money in designer stores, buying $120 jeans and $350 handbags :scared: :scared: :scared: The worst thing is, it doesn't look like she'll be changing her ways anytime soon.

ireland132

Please don't bring Dr Phil into this.

(Unless, of course, he has the best deal on secured credit cards.)