Fastest Way To Establish Credit For Non-Citizens

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Fastest Way To Establish Credit For Non-Citizens

Postby fbe1998 » Sat Aug 06, 2011 3:23 pm

I'm a real estate agent who has regular dealings with foreign residents who come to take tenure-track university jobs. Most recently, as mortgage standards have over-tightened, I've not been able to get newly-arrived professors into houses unless they can pay cash. Most recently, also, I was surprised to learn that a 6-month employee on his first job couldn't get a credit card from the bank where he maintained a checking account with debit card.

Since he doesn't need it for a mortgage, I did advise him it would be good just for, say, an emergency purchase of an international air ticket, and because his credit score might affect the cost of his homeowner's and future car insurance, to continue to pursue getting credit cards. I had thought perhaps a Target card, since he could shop there and would never carry a balance, and a bank card, since they should be willing to give him one eventually, and possibly a rewards card for air travel.

Would there be any reason to pick different cards for him now?

Would there be any reason to pick different cards for someone whose goal was to get a credit score ASAP to qualify for a mortgage?

Is there anything someone in this position could do before arriving to jump-start the credit score process?

While you may wonder why the hurry to buy, we are a market where renting costs are relatively high compared to buying. And some people just want to own a home. Typically, the buyers I am talking about have paid for everything with cash, checks, or debit cards, are buying below they could afford, and have other "bad habits," from a credit score point of view, like not owning cars.

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Postby Money card » Sat Aug 06, 2011 9:50 pm

hmmm. your clients are having trouble buying houses except for cash. they have a checking account and a debit card, but the bank wont give them a credit card.

A target charge card or target visa credit card makes very good sense. you might want to suggest to them a home depot or sears charge as good to start out, as well as a orchard bank card these cards. these have very high interest, low credit limits, but this is a visa or master card which they can use all over. the bank card makes very good sense, you did the right thing.

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Postby ooxs » Thu Aug 18, 2011 2:23 pm

I will add to above reply that your ASAP request will not feasible. My experience with scores is it is slow and takes time to build (Six months minimum). I agree Orchard bank is a good start but you must also make sure his social security card indicate it is valid for employment.
That is a requirement in today's lending.
Hope this helps.

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Postby HipHopSays » Fri Aug 19, 2011 8:31 pm

cap one offers a card for internationals in the US...i heard of it through a fellow (international) grad student. but of course there's the tried and true form of a secured credit card which would establish credit quickly and can be bridged to an unsecured card.

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