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Thread: Migrated to the US! Establishing credit (advice needed)

  1. #1
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    Default Migrated to the US! Establishing credit (advice needed)

    Hi guys!



    I have just received my US Green Card and SS number and would like to start building my credit. I have read the majority of posts in the DD regarding this matter however the information and advice that I found was mainly directed towards those with damaged credit. Obviously my credit is non-existent so what would be the best way to go about establishing good credit?

    Cheers

    Seraya


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    Banned Melonie's Avatar
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    Default Re: Migrated to the US! Establishing credit (advice needed)

    the 'tried and true' classic method is to 'start small' ... with a department store credit card, maybe a gas credit card etc. Use them regularly, but don't ever run up a balance that exceeds 50% of the credit limit and don't pay them down totally at the end of the month. It also helps to have utility bill accounts listed in your name which are being paid regularly. Before you know it, you'll have unsolicited 'sub-prime' big name credit card offers appearing in your mailbox.

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    Default Re: Migrated to the US! Establishing credit (advice needed)

    ^^^Yes that is what I was planning on doing starting out small (maybe a macy's card) but I was wondering that if I was to apply for a department store card etc. is there a possibility of being declined because I don't have a credit history? I don't want to apply for too many different lines of credit.

    Also how long do you think that it will take for me to boost up my credit score? You can gain good credit in as little as 6 months back in UK would you the say the same applies here?

    Thanx in advance

    Seraya.


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    Banned Melonie's Avatar
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    Default Re: Migrated to the US! Establishing credit (advice needed)

    well, after a six month period of responsible financial history, it certainly 'improves' your credit rating compared to what it is now. As to the 'absolute value' of your credit rating 6 months down the road versus the arbitrary thresholds which get you a 'platinum' visa card or a new car loan without a co-signer, there are way too many variables for me to guess.

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    Default Re: Migrated to the US! Establishing credit (advice needed)

    ^ It's very possible that your "new" status would prevent you from getting a credit card. You may even have to start out with a "secured" card (where you put down, say $300 and that would be your credit limit). The banks are tightening up on their lines, now. It would take 6 months to a year to build a good credit history start. Building good credit could actually take 2-3 years where you have a long enough history to establish a pattern. Do not make more than a couple of inquiries in a 3 month period. Meaning, apply only to 1-2 credit cards every month. That's it. Usually the utilities that report are gas, long-distance phone and sometimes electric.

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    Default Re: Migrated to the US! Establishing credit (advice needed)

    Quote Originally Posted by seraya
    Hi guys!



    I have just received my US Green Card and SS number and would like to start building my credit. I have read the majority of posts in the DD regarding this matter however the information and advice that I found was mainly directed towards those with damaged credit. Obviously my credit is non-existent so what would be the best way to go about establishing good credit?

    Cheers

    Seraya
    Do you have a bank here that you're using! Many banks offer very basic starter cards for people who bank with them already. I got my first credit card that way (I think it started with a $750 limit, back when i was 19)

  7. #7
    AudreyLeigh
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    Default Re: Migrated to the US! Establishing credit (advice needed)

    Best thing would be to get a secured CC - best place is - they may even offer you a non-secured.... they are MSBC so your chances are good. Follow Mels info about 50% and always leave a small balance. After 6 months apply for the Macys card. And go from there... I would MUCH rather be starting with no credit than my bk. Should take you no time to get your credit standing to be good!

    Same with the bank. My bro banked with USBank for 3 years. Had 0 credit and applied. Got a $3000 limit card..... if you dont bank at the bank or havent been there long your chances are slim tho... best bet is the site I advised.

    Another girl sent me to - its a forum and VERY informative (this is where i got the info for orchard)

    I banked with my bank for 3 years... never a bounced check, overdraw, deposit around $4k monthly and was declined for a SECURED card... but Orchard gave me one.

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    Default Re: Migrated to the US! Establishing credit (advice needed)

    Thank you so much guys!

    I was wondering that if my husband was to add my name to the utilities and his car loan if that would also help me out.

    Audrey i have only been with my bank for a week lol so i doubt that i would accepted for a CC from the bank, so i am going to go for the secured card.

    Again thanks peeps

    Seraya.


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    Default Re: Migrated to the US! Establishing credit (advice needed)

    I've been in the US my whole life, but I also have no credit. I'm 27 years old, been on my own for 10 years, and still can't get a credit card! They keep telling me I have no credit. I've tried for all the store CCs, they all reject me. I finally started getting offers in the mail, but when I apply they reject me too! I've had all the utilities in my name for 10 years, that hasn't helped. I did finally suck it up and pay a $500 deposit to get a cell phone in my name, and that better get me some credit! But that was six months ago, and I still got rejected for a store CC last week. I wonder how long it'll take? It's really frustrating.

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    Default Re: Migrated to the US! Establishing credit (advice needed)

    Well, i don't have any credit either. I was married for a while, my husband didn't have great credit, but when I had my credit checked last year, they said it wasn't bad, i just didn't have any credit.

    One other option, would be to go to a Rent to Own store. Like Aarons Sales and Lease or Rent a Center or some place like that. Portland has Tom and Glorias, I'm sure other places have their own too. Or, buy a piece or jewelry that you can make payments on at a jewelry store. Those were all ways that I have been told can build my credit, because I can't get a credit card because I have no credit, good or bad.

    Good luck!

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    Default Re: Migrated to the US! Establishing credit (advice needed)

    I would point out that a basic principle of developing credit doesn't actually relate to paying bills on time or putting down deposits to obtain a secured credit card or a secured cell phone. The essence of developing credit is to foster a belief with would-be lenders that if they lend you money the odds of them being paid back on time and in full are far higher than the odds that some 'unforeseen event' in your personal finances could cause the would-be lender to be paid back late or not at all.

    A major component of this is having a 'dependable income' ... typically a 'job' as in a weekly employee paycheck, with health and unemployment and disability insurance coverage. This allows would-be lenders to develop some confidence that a would-be borrower will have a future income stream which is capable of affording the would-be lender to be paid back on time if they approve a loan, even if something unforseen should happen to the borrower.

    As self-employed independent contractors, dancers don't have the stability or credibility of a regular weekly paycheck. They also don't typically have health or unemployment or disability insurance coverage. To the would-be lender, this means that such a would-be borrower is very vulnerable to a club business slowdown or a twisted ankle or a club bust causing the dancer to quickly fall behind in loan payments should she be approved.

    Thus dancers really need some alternate but 'official' means of demonstrating to lenders that they also have a reasonably dependable future income stream plus a financial 'cushion' to carry them through a twisted ankle or a club bust. Such alternate but 'official' means can be two or more years worth of tax returns showing a significant amount of reported income, or bank statements showing sizeable regular deposits plus a respectable balance. Without such 'official' proof of income, all the lender has to go on is the would-be borrower's 'stated' financial situation. In an environment where interest rates and bankruptcies are rising, would-be lenders are cutting way back on approving credit based on 'stated' but otherwise 'officially' unconfirmable income.

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    Default Re: Migrated to the US! Establishing credit (advice needed)

    Have a look at this site. He explains it all (again) in details for Brit expats who need advice.
    http://groups.msn.com/UKUSAExPats/creditcontinued.msnw

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