How to build credit as a new immigrant?

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How to build credit as a new immigrant?

Postby Elia » Wed Aug 22, 2012 11:16 am

Hello Everyone.

I'm very new to these forums and this will be my 1st post, however I need some help/advice!

I'm a recent immigrant to the USA from Australia. My husband is a US Citizen with an excellent credit score and great credit history, however I have no credit history here in the USA at all.

Of course I'd like to start building my credit here, but I have no idea how I would go about this? If I applied for a credit card am I likely to be declined, seeing as I've never had any credit in the USA? What can I do to start building good credit? Are there any tips or tricks you have for someone in my situation?

Thanks so much for your help!

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Postby Grupet » Wed Aug 22, 2012 1:51 pm

American Express Platinum
HSBC Platinum Master Card
Citi Diamond Preferred Master Card

Money card
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Postby Money card » Sat Aug 25, 2012 11:00 pm

1 place would be the same bank that you have a checking account with. so if you have a key bank checking account, talk to the branch employee see what he/she has to say. if they say your credit history is too short because you are a new immigrant, I would recommend an orchard visa. granted this card has low limits, but it's for people who are starting out like you, you will probably be given a limit around 500.

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Postby Elia » Mon Aug 27, 2012 11:05 am

Thanks everyone for the advice!
I really appreciate it!

Just 1 more question;
Does it help at all if I am an authorized user on my husband's credit cards? Or does that not factor into my credit score?

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Postby t528491 » Mon Aug 27, 2012 1:28 pm

Yes, being an authorized user will definitely help your credit score - I believe the three major bureaus treat being an AU just like being a cardholder.
02/12 Authorized user on Chase Freedom ($5000)
08/12 Discover It ($1500)
08/12 American Express Zync (NPSL)
12/12 NFL Visa ($500)[/size]

[size=60]Future cards:
Citi Forward for Students 6/13
American Express Blue Cash Everyday 1/14
Sallie Mae World Mastercard 2014
Chase Freedom 2014
Penfed Platinum Rewards Card 2015[/size]

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Postby Crashem » Mon Aug 27, 2012 2:05 pm

Being AU will help on right cards. However, newest FICO scoring model and some card issuers discount/ignore AU accounts. But it won't hurt so do so. Okay here is my advice:

Get added as AU of 3 cards. If there is an AMEX charge card, get added to that as they will ask for your SSN so it will definitely show up on credit report and since AMEX charge card, utilization will not hurt your FICO score. For other 2-3 cards, you want to pick cards with the following: As perfect history as possible, as old as possible, as high limit as possible, and as low utilization as possible. If you post his cards with what card, card limit, open date, and usual reported utilization, we can guide you on which ones to add.
Amex Centurion, Amex Platinum, Amex BCP 8k->24k (5/23/12), Amex TE 15k, Cap One 1.5% 15k->20k (8/7/13), CSP 25k, Chase Palladium 100k, Citibank AA 35k (AU), Firestone 1.8k->2.2k->2.4k (8/20/12), JFCU Jloc 30k, PenFed Plat Rewards 30k, SF Fire 30k, US Bank Cash+ 25k

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