Just moved to US: How can I build up credit from scratch?

[StageLeft]

I was just checking the gomeze site and nextcard and citibank score the highest overall and also under the "credit seeker" - is there a reason why I should check capitol one when gomez says these are good overall and also the two best for somebody looking to establish credit?

 

[Emulex]

You can pull your scorepower fico score at equifax for like $12.95.

citibank requires about 630-640 fico which is considered lightly established credit for their cards (non student).

Nextcard requires a higher score for the same level of card. A friend who was just starting credit, was offered a $79/year fee secured nextcard with 120% deposit credit line ($100 deposit = $120 credit line).

Capitalone's secured card does NOT report as secured. Capitalone also has a very nice platinum card which very few get under a 720 fico.

 

[RossMAN]

Your first and foremost concern should be to find a credit card issuer who will approve you, not might approve you with a decent rate. Although First USA sucks they are one of the largest credit card issuers in the USA, makes no sense if you ask me if they have such poor customer service. So I would concentrate on credit cards you KNOW that you have a decent chance at getting approved. Wouldn't it be better to apply for 1 cc and get approved rather than trying 3 different cc's not getting approved then applying for the first cc ah fsck I gotta get some sleep, tired.

 

[StageLeft]

Thanks for all opinions.

Emulex: Are you sure then, that if I get a secured capital one (this MUST be easy to get approved for), then in my credit report it will show up only as a normal card?

Rossman: High interest rates on some of these cards suck but since I already have a high limit Canadian card I'm only going to use this for credit and since interest takes till your first bill to kick in anyway I only intend on using whatever card I get for basic bills, groceries, etc. and then paying it right off instantly!

 

[Emulex]

Yes let me tell you why, my gf who was 18 was turned down for everything.

i made her get the secured capitalone. $99 for $500 limit. Next month she got a macy's. 6 months later, citibank AAdvantage approved her for $1000 card.(switch to platinum select product), 3 months later rooms-to-go $2500, VW credit (first time car buyers $31000 financed loan 10%apr), 2 months later citibank platinum select dividend $1800. 2 months later, MBNA got her name from VW credit and gave her a VW $5500 limit 12% apr.

Do the math. It works... I promise you.

 

[StageLeft]

Well damn, I can't say you didn't provide me with the numbers

$99 down for $500 isn't bad at all. I have a friend who filed bankruptcy 3 years back and can't even get a secured $500 card in which he agrees to pay in $500. I don't understand why, because they already have the money! I guess bankruptcy = go away to most people. Anyway though thanks again everyone.

 

[Emulex]

i strongly suggest going to board.creditnet.com its a message forum where you can ask about credit issues and folks will tell you the EXACT same thing i just did. Trust me it work. Cap 1 will give anyone a secured card. Btw, she just closed that card because she has much better offers. Don't mess up your credit report with a ton of wasted online inquiries, it will slow your progress i guarantee you.

 

[StageLeft]

Just checked and capital one on their site says their secured card does not look like a secured one to equifax!

Now I have a question though: I shoved in all my stuff, income, no credit, no credit card, etc. and they said if you make less than $20k/year get their secured one otherwise their "cardquest" recommended I apply for their bottom of the line gold card with no deposit required and only $1000 max balance - should I still go for the secured just to be safe?

 

[Emulex]

go for it. I think if it denies you it will offer you a secure card. If nothing else apply for the secured right afterwards.. Cap 1 either gives your the card instantly or declines you for their non secured product.

Drop me an email rigor@mediaone.net and i'll tell you how to get the inquiries removed..

 

[StageLeft]

I applied for the bottom of the line non-secured one then.

They said it would require further processing and I'll know in a week. Probably the same reason I can't get a phone. Apparently since my SSN is so new Equifax doesn't have it yet and nobody can check my farkin credit. What a major hassel. There is no way they can speed the process along either. I checked I guess I can end up waiting 6-8 months for it to kick in although nobody else I know has had this problem.

 

[Michael]

When I moved to the US <from Canada>, I was able to use my Canadian credit history. I simply explained my situation to the bank I was using (a large bank, now is the Bank of NY but was a NJ bank then) and they had a credit officer look up my Canadian credit history. I was also able to get an American Express card without any problems - they also could look up my Canadian credit history.

MrsSkoorb - Kate (my wife) and I didn't live together for 2 years after we got married. She was finishing med school in Rochester, NY and I got transfered to LA after having a 100% travel job when we first got married. It worked out ok and at least you guys are close in time zones.

Michael

 

[StageLeft]

That could work but I'm not sure if my bank cares enough. I applied for a $5k loan for sh*ts and giggles last week a day after opening the account and was rejected and I know that applying for it in canada I would have gotten it because my credit history is great with high income. Dunno though, they might put me through a different process for a credit card - checking canadian history is exactly how I was able to approved for a car loan I don't want though, so I know it works

2 years is a long time. We're hoping to have this sorted out in 8 months!

 

[Michael]

You need to talk to someone in person in advance and get them to pull your Canadian records as part of the initial application.

Amex works as well.

Michael