Moved from England to US, trying to establish my credit here

For just about anything you want to get off your chest about credit cards.
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English
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Moved from England to US, trying to establish my credit here

Postby English » Fri Aug 30, 2013 1:38 am

Hey guys,

I'm Matt from Atlanta, GA. I moved to USA from England last year and I'm trying to establish credit here. I currently only have a Bank of America secured credit card $99 deposit with a $500 limit. I'm currently in my 3rd statement month and have paid on time the past 2 months carrying under 30% balance each time. Credit Karma give me a credit score of 725 and Experian gives me 736 but i understand that is not all that is looked at when applying for credit. My average credit age is only 0.17 years and only the 1 line of credit with a $500 limit.

I found my way here looking for advice on which direction to go now? What should i apply for, what am i likely to get accepted for? I'm 29 years old and have an annual income on $30,000.

Any advice will be greatly appreciated

Matt
Discover It - $3000
Chase Freedom - $2000
Bank of America Cash Rewards - $2000
Capital One QuicksilverOne - $2500
Capital One Classic - $500


Robrus1
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Postby Robrus1 » Fri Aug 30, 2013 3:32 pm

My advice would be to wait until you've had that secured card for 12 months and make sure you never make a late payment. At 12 months, they will unsecure it for you. At that point, you should be able to get just about any card(s) you want. As far as what kind of cards to go for at that point, it just depends on what you spend your money on and what sort of rewards you're interested in.
Amex Platinum
Amex BCP 21K
Amex SPG 5K
Barclaycard Arrival Plus WEMC 5K
Chase Sapphire Preferred 23.5K
Credit Union 10K
Discover IT 7.75K

DavidNY
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Postby DavidNY » Fri Aug 30, 2013 6:04 pm

+1 what Robrus1 said.

English
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Postby English » Fri Aug 30, 2013 6:18 pm

Thanks for the information, I applied for the Capital One QuicksilverOne & Barlcaycard Rewards for Average credit today after reading the credit cards for fair credit and got approved for the Capital One with a $500 limit but denied for the Barclaycard. So now I have 2 cards so I think I'll just work with them for the next 12 months.

Matt
Discover It - $3000
Chase Freedom - $2000
Bank of America Cash Rewards - $2000
Capital One QuicksilverOne - $2500
Capital One Classic - $500

flan
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Postby flan » Sat Aug 31, 2013 1:22 pm

DavidNY wrote:+1 what Robrus1 said.


Did you have an Amex in England? They have a program where they'll use that history to give you card in the US (and vice versa.). Otherwise, the advice to wait is about right.

flipnsf
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establishing credit with credit union

Postby flipnsf » Sat Aug 31, 2013 2:26 pm

i recently needed to build up my credit and found the easiest way to do it is by opening 2 credit cards and an installment loan. first open a credit union account where you live. tell them you want a 1 year secured loan which means that you deposit an amount of money say 1000 to your account and you will pay it monthly thru auto deductions. you deposit your money but the loan gives you the 1k back which then you will use to open a secured visa card... this means you deposit the 1k in your account and you get a visa credit line with them... if you want you can split the 1k and open a 500 credit line and go to another bank or another credit union to open a 2nd secure line of credit... visa or personal loan... either one.... the advantage with credit unions is the low fees... they wont charge you an arm and a leg in interest rates and annual fees so you can build up credit easily.

like i said i did this about a year ago and my credit score shot up within 6 months. don't charge more than 30% of the credit line on the visa card and pay it off monthly and don't miss any payments on the personal loan. btw my interest rate on the loan is less than 5% and the visa is 7.5%.... (wont matter since you pay this off every month) good luck to you.

randeman
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Postby randeman » Sun Sep 01, 2013 2:39 pm

You DEFINITELY want installment credit on your report, as flipnsf pointed out. He (she?) also provided you with the best possible way to get an installment loan which is to find a bank or credit union that will loan you money on a collateral savings account. If you can't get into a credit union, some community banks or savings and loans banks offer secured loans via savings accounts. The interest you'll pay will most likely be fairly low. Creditors like to see installment experience (loans) and revolving experience (most commonly credit cards).
Cards and Credit lines Acquired:

Escape by Discover (7.75K), Barclay Holland America Visa (7K), Macy's store card (7K), Bloomingdale's store card (2.6K), Citi Custom Credit Line (3.5K), PayPal Smart Connect credit line (2.7K), Chase Freedom Visa (5K), Chase United MileagePlus Visa (5K), Chase Sapphire Preferred Visa (6K), Amazon store card (2.2K), Lord & Taylor store card (550), Nordstrom store card (1500), Gold Delta SkyMiles from American Express (3K), Discover It (6.5K), PayPal Credit Line (1K).

English
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Location: Atlanta, GA

Postby English » Sat Mar 15, 2014 9:51 pm

I thought i'd give a little update as it's been over 6 months since i created this thread.

I have 3 Credit Card's,

Secured Bank of Americard with $500 limit.
Capital One Quicksilver Rewards which was $500 limit but last month was auto increased to $2500 last month.
Capital One Platinum with a $500 limit.

So in total $3500 credit line.

Currently i'm using 8% of my credit and paying on time every month and i have 5 hard inquires.

Credit Sesame currently give me an Experian Score of 705
Credit Karma currently give me a Trans Union Score of 686

I'm not sure where to go next, like i want to get some better cards but i'm concerned of the amount of hard inquiries i have. I know more lines of credit are good for me though. I've heard people being successful with early graduation with the secured bank of america card if you request.

I would love the AMEX Blue Cash Card, what do you think my chances would be?

Thanks Matt
Discover It - $3000
Chase Freedom - $2000
Bank of America Cash Rewards - $2000
Capital One QuicksilverOne - $2500
Capital One Classic - $500

linuxmachine
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Postby linuxmachine » Mon Mar 17, 2014 12:29 pm

Probably too early for the Amex, but you could probably get the discover IT. 5% categories and they provide you a monthly snapshot of your TransUnion FICO score (this is the real FICO score for one credit bureau, which is what is used to determine credit of a bank pulls from that bureau).

You are always free to try for the Amex first, and then the Discover. Worst case you get neither and you sit tight for another few months. Just a fair warning though.. even though the ding in your score may mostly go away after 6 months or so, the inquiry on your report stays for about 2 years. If you get a little too impatient and just keep getting pulls for better cards, you will ultimately get denied for having too many inquiries on your report.



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