- Posts: 1
- Joined: Sat Aug 06, 2011 1:21 pm
- Location: Pittsburgh, PA
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.