Best way to obtain credit

[william_wallace 8]

Hello all.

I recently arrived in the States and was wondering how people obtained credit. I have got my SSN, started work, opended a bank account with First Federal and got a Visa Debit card. I now want to slowly get my credit up as I'm starting afresh. I don't want to go in too heavy and apply for Visa or Mastercards as I will more and likely get refused. Can anyone give me advice on how to build my credit history up as I am considering going onto a phone plan with Altel?

Thanks

Edited January 22, 2009 by william_wallace

[SAT 9,609]

Hello all.

I recently arrived in the States and was wondering how people obtained credit. I have got my SSN, started work, opended a bank account with First Federal and got a Visa Debit card. I now want to slowly get my credit up as I'm starting afresh. I don't want to go in too heavy and apply for Visa or Mastercards as I will more and likely get refused. Can anyone give me advice on how to build my credit history up as I am considering going onto a phone plan with Altel?

Thanks

try going to a dept store, they will always solicit u to get a charge card, such as Macy's. that will be on your credit report. But be careful about "retro-active interest" where they tell u that its 0% for like a year. but if u don't pay off your balance, they tack on the interest from the original full balance.

An alternitive is to get a "Secured" credit card (Visa or Mastercard). where u make a deposit in a bank, this money is your collateral for a credit card. Eventually they will refund u your money.

[Jasman0717 9]

Get a Sears card

Try googling it: http://credit.about.com/od/buildingcredit/a/obtaincredit.htm

[geezer 1]

Hello all.

I recently arrived in the States and was wondering how people obtained credit. I have got my SSN, started work, opended a bank account with First Federal and got a Visa Debit card. I now want to slowly get my credit up as I'm starting afresh. I don't want to go in too heavy and apply for Visa or Mastercards as I will more and likely get refused. Can anyone give me advice on how to build my credit history up as I am considering going onto a phone plan with Altel?

Thanks

Be wary of the large national secured credit card banks. Some charge unbelievable set up fees, $180 on a $300 credit line is not uncommon.

Often local banks and/or credit unions have secured card programs that have low or no fees to set up an account. You might inquire at the bank you have your debit card with if they have a secured card.

[tom&tata 2]

Inquire with the place where you bank.

Other than that, you might try the Bank of America secured card (I personally had credit card with $500 credit limit with $99 deposit) which can be changed to "normal" credit card later on. Other people try with Capital One. Usually small annual fee involved - it was $19 for BoA secured card.

Do not fall into offer of credit cards with a lot of fees tacked on as previous post mentioned.

Good luck!

[Old Dominion 26]

Hello all.

I recently arrived in the States and was wondering how people obtained credit. I have got my SSN, started work, opended a bank account with First Federal and got a Visa Debit card. I now want to slowly get my credit up as I'm starting afresh. I don't want to go in too heavy and apply for Visa or Mastercards as I will more and likely get refused. Can anyone give me advice on how to build my credit history up as I am considering going onto a phone plan with Altel?

Thanks

Alltel will require a deposit (Verizon charges $400, refundable after a year) and so using their phone plan and paying promptly will help you develop a credit rating. Meanwhile, after a few months you can apply for a credit card thru your bank with a very small credit limit ($500 perhaps). In view of the amount of credit fraud in the US, it is not easy for someone from overseas to establish a positive credit rating. A friend, a clergyman, had an excellent record with a Master Card in the Philippines but could not qualify in the U.S.

[Krikit 1,163]

Here's one of many older threads about credit. It's pretty informative. Link

Alltel will require a deposit (Verizon charges $400, refundable after a year) and so using their phone plan and paying promptly will help you develop a credit rating. Meanwhile, after a few months you can apply for a credit card thru your bank with a very small credit limit ($500 perhaps). In view of the amount of credit fraud in the US, it is not easy for someone from overseas to establish a positive credit rating. A friend, a clergyman, had an excellent record with a Master Card in the Philippines but could not qualify in the U.S.

Deposits can be negotiated down. See this link for my story. I found that by going in person to the cellular provider I chose I was not asked to provide a deposit but I'm sure everyone's story is different.

[Mags 112]

I applied for a Capital One credit card. It only has a limit of $500 but as long as you have a balance and make your payments on time, it'll slowly build up your credit.

I don't have to pay a fee and the interest isn't bad at all.

[Damian P 92]

This is more aimed at those who haven't gone over there yet, but relevant nonetheless. I read on here somewhere that if you have an Amex account in the UK, you can transfer it to the U.S. when you go over there. If you have a good credit rating here (like I do) then take advantage of it by applying for an Amex, using it as much as you can, paying it off in full each and every time,. and then giving their global transfer centre a call when you're ready to move.

At least that's how it's supposed to work..........

[MrsCat 6]

I applied for a Capital One credit card. It only has a limit of $500 but as long as you have a balance and make your payments on time, it'll slowly build up your credit.

I don't have to pay a fee and the interest isn't bad at all.

I did the same thing - applied with Capital One. Approved instantly with NO previous credit history. No need for a deposit either. After 3 months they will increase your credit. Slowly but surely.

[Jon&Lindsey 0]

I applied for a Capital One credit card. It only has a limit of $500 but as long as you have a balance and make your payments on time, it'll slowly build up your credit.

I don't have to pay a fee and the interest isn't bad at all.

I did the same thing - applied with Capital One. Approved instantly with NO previous credit history. No need for a deposit either. After 3 months they will increase your credit. Slowly but surely.

I did this too - no previous credit but no fees and a good interest rate. It's really helped

[milimelo 4,412]

2 months after I started working my bank offered me an unsecured credit card (limit was first $500 and then 3 months later it was increased to $1200). AmEx also gave me a medium high credit card (Gold Delta AmEx).

[SAT 9,609]

2 months after I started working my bank offered me an unsecured credit card (limit was first $500 and then 3 months later it was increased to $1200). AmEx also gave me a medium high credit card (Gold Delta AmEx).

you forgot to tell us your card #......

[trailmix 77]

This is more aimed at those who haven't gone over there yet, but relevant nonetheless. I read on here somewhere that if you have an Amex account in the UK, you can transfer it to the U.S. when you go over there. If you have a good credit rating here (like I do) then take advantage of it by applying for an Amex, using it as much as you can, paying it off in full each and every time,. and then giving their global transfer centre a call when you're ready to move.

At least that's how it's supposed to work..........

Yes you can and yes it does work! It isn't actually a transfer, you can keep your UK if you want to (but they will give you a smaller limit on the new U.S. card).

Before you call them to do this you will want to visit their site and pick which U.S. card you want as they will ask you when you call.

http://www.americanexpress.com/globaltrans...ansfer_en.shtml

Edited January 22, 2009 by trailmix

[milimelo 4,412]

2 months after I started working my bank offered me an unsecured credit card (limit was first $500 and then 3 months later it was increased to $1200). AmEx also gave me a medium high credit card (Gold Delta AmEx).

you forgot to tell us your card #......

just enter all 9s and you should be all set...