How long till you have a FICO score available

[Mariana2012 89]

Do you guys know how long it is until you can check your FICO score after you get a greencard/ SSN ?

Also is it true that even when you don't have credit cards yet when your spouse adds you as an authorized user to their credit cards when you get a FICO score it will be the same as your spouse's?

Edited March 16, 2013 by Mariana2012

[Gosia & Tito 199]

Do you guys know how long it is until you can check your FICO score after you get a greencard/ SSN ?

Also is it true that even when you don't have credit cards yet when your spouse adds you as an authorized user to their credit cards when you get a FICO score it will be the same as your spouse's?

Credit history takes time to build. To your questions, at least 1 year, and that is after person opens/has first account that would be reported. Checking scores for the sake of it will actually make it worst because number of checks is taken into account for the score. A new "account" will have no good history and a credit check will affect negatively.

To your second question, not true. Each person has their own score. Nothing stops you adding spouse and spouse will receive a CC (assuming you are in reasonable good standing). My advice, add as authorized user, then wait several months, maybe a year and offers of credit will just start showing up in the mail. Select a low key credit line, such a gas or store card; build credit by actually making purchases and pay them on time.

What we did was that I added my now wife into some of my accounts since the time I filed, and would make purchases with her card now and then. By the time she moved, she already had some history and credit applications just started showing up....

Once job started, she could apply on her own and can build her own credit history.

[Mariana2012 89]

Credit history takes time to build. To your questions, at least 1 year, and that is after person opens/has first account that would be reported. Checking scores for the sake of it will actually make it worst because number of checks is taken into account for the score. A new "account" will have no good history and a credit check will affect negatively.

To your second question, not true. Each person has their own score. Nothing stops you adding spouse and spouse will receive a CC (assuming you are in reasonable good standing). My advice, add as authorized user, then wait several months, maybe a year and offers of credit will just start showing up in the mail. Select a low key credit line, such a gas or store card; build credit by actually making purchases and pay them on time.

What we did was that I added my now wife into some of my accounts since the time I filed, and would make purchases with her card now and then. By the time she moved, she already had some history and credit applications just started showing up....

Once job started, she could apply on her own and can build her own credit history.

Thanks, I wad reading an older money book and it said your credit score will get extra points if you are an authorized user on someone else's card if they have a high FICO score. It looks like that was only true before 2007. Oh well : ) Baby steps I guess

Edited March 16, 2013 by Mariana2012

[Gosia & Tito 199]

Thanks, I wad reading an older money book and it said your credit score will get extra points if you are an authorized user on someone else's card if they have a high FICO score. It looks like that was only true before 2007. Oh well : ) Baby steps I guess

No prob. We are all learning here.

I just thought of another way to get a CC for the new immigrant: go to your bank and see if they would be open to get him/her a secured CC. A secured CC is backed by an account that can be established on his/her name and does not allow withdrawals. Essentially, you are making this account the collateral, so the bank knows there is no way they will be in the hook for an unpaid bill. I'd start with 300-500, after a few months, I'd go to the bank again and see about lifting this secured account. Make sure there are no hidden fees in this arrangement. Be aware that there probably are several sharks out there that offer this 'secured' account but you have to pay high fees and the interest rates could be highway robbery. Your current bank could be the best friend for this.

Make sure your spouse understands well the proper use of CC. My now wife never had one and I needed to explain how it works, the implications of charging and more importantly, the identity theft issues and need to keep it secured. If in doubt, make a low limit (you can ask for a lower limit than what it is originally given for, inclusive to a CC the is your account and you are adding as authorized user (which means your limit is also low on that card, but you can use one of your accounts or open a new one).

Edited March 16, 2013 by Gosia & Tito

[Mariana2012 89]

I am the one who needs to undestand my husband is the American

I will look into the secured CC at some point. I don't need a credit score yet, we are not planning on buying a house for another 2 years and by then I am sure I will be able to have a decent FICO score of my own.

Thank you very much for your input. In Romania we don't use credit so I am fascinated to learn how it can make you or break you

Edited March 16, 2013 by Mariana2012

[kzielu 1,149]

To give you an example - came over in Aug 2011, had work and SSN immediately (came on L-1B and adjusted status), in Dec had first joint credit card, then was added as authorized user on another one. Year later got one on my own (Equifax score was above 750) but we just bought a new car and if we hadn't apply jointly for financing, me alone would not get the 0% we were shooting for since for some reason Trans Union score was below 700.

Of course have completely clean history, all cards always paid in time and full balance. So - for a house load, you need quite a bit of time of actively building your credit history.

[Gosia & Tito 199]

I am the one who needs to undestand my husband is the American

I will look into the secured CC at some point. I don't need a credit score yet, we are not planning on buying a house for another 2 years and by then I am sure I will be able to have a decent FICO score of my own.

Thank you very much for your input. In Romania we don't use credit so I am fascinated to learn how it can make you or break you

Not a prob. My wife best friend is from Rumania -they met here as we live very close to her-; they often go out to this great Bosnian cafe nearby....

Since you mention house, while the loan can be only on your husband name (meaning only his score would be used), both would be in the title. Also, obtaining a loan for a house is easier than for a car (if you skip, you can't take the house with you, while a car sometimes can be harder to find). The important thing about buying a house is to never use a variable rate, unless you absolutely, 500% sure you will be moving out and selling before the rate goes up. But I digress...

The main rule about credit is to always have the money to pay the bill and use the card only as a convenient way to not have to carry too much cash with you, and pay the full balance when the bill comes. If you can't pay the full balance, then you are overextending yourself -very risky-

[Mariana2012 89]

Not a prob. My wife best friend is from Rumania -they met here as we live very close to her-; they often go out to this great Bosnian cafe nearby....

Since you mention house, while the loan can be only on your husband name (meaning only his score would be used), both would be in the title. Also, obtaining a loan for a house is easier than for a car (if you skip, you can't take the house with you, while a car sometimes can be harder to find). The important thing about buying a house is to never use a variable rate, unless you absolutely, 500% sure you will be moving out and selling before the rate goes up. But I digress...

The main rule about credit is to always have the money to pay the bill and use the card only as a convenient way to not have to carry too much cash with you, and pay the full balance when the bill comes. If you can't pay the full balance, then you are overextending yourself -very risky-

Why would the loan be only on my husband name ? We are only buying when we can buy based on both our credit scores. Should 3 years be enough for that ?

Thank you about the " variable rate " tip. I had read about it before. It is good to be reminded

Edited March 17, 2013 by Mariana2012

[Harpa Timsah 13,258]

If you don't take out credit you won't get a FICO score. Authorized user doesn't always report to credit agencies - only joint account owner. It's a good idea to get your own card now. Pay it off every month and you won't pay anything for it. 2 years will come up fast and you will get a better mortgage rate if you have good credit and as long a history as possible.

You will get a score in 6 months.

[Gosia & Tito 199]

Why would the loan be only on my husband name ? We are only buying when we can buy based on both our credit scores. Should 3 years be enough for that ?

Thank you about the " variable rate " tip. I had read about it before. It is good to be reminded

It all depends on the actual scores at the time of getting loan. Say for example that you decide to buy house now, at this point, you don't really have a good credit history nor score. It would make sense to work the loan on your husband scores only, otherwise, your score would pull his down, resulting in not having the best rates/terms for the loan.

There is nothing wrong with that, our current house has the loan in my name only, while title is in both our names. With interest rates as they were, I refinanced as soon as we were married and have now a 3% 15yr loan (which means a savings of 100k+ in interest over the life of loan, and a lower monthly payment); based on my income only; but my wife is on the title. In most states it is required by the way, that if you are married, spouse must be in title.

On a side topic, if the reason of waiting 1-2 years to purchase home is that you want to build your score, there is really no need to, and the mortgage rates are the lowest now that they have been in almost 2 decades...I wouldn't wait.

Credit scores only apply to what kind of terms (meaning interest rates you would get), of course that partially determines the amount of the loan, which in turn determines how much house you can buy. However, you might want to consider that today is a buyers market, rates are the lowest in a long time and 2 years from now that could have changed, no dramatically I'd think, but the recovery of housing market and possible upswing in interest rates could make it less desirable to wait.

Not saying you should buy now, it all depends on your overall financial picture; but consider how much is you rental monthly payment and decide whether you can afford a house payment (all costs considered, including -and a lot of people miss this- the initial move in costs, that could be around 10-15k easily, but as low as 5-8k).

Think of it this way: today your rental payment is making someone else equity, your mortgage payment would be making your equity.

Also, you need to keep in mind that unless both yours and your husband credit scores are about same, the lowest score would diminish the other.

If you would like, send me a PM and I can get you more details, so we don't distract others from the main reason of this forum. For full disclosure, I am NOT a mortgage broker, loan officer, real state agent, financial planner or have any relation to any service or product that even remotely deals with purchasing a home. Anything that I have posted, you absolutely can and I'd even encourage to discuss with others.

Thank you about the " variable rate " tip.

Another tip: a real state agent does not work for you, he/she is just your agent and works for him/herself. Most people make this very costly assumption. To make a parallel, it is not unlike the immigration journey we had: immigration attorneys are needed as much as a real state is needed for a home transaction.

Edited March 17, 2013 by Gosia & Tito

[Mariana2012 89]

Thanks for the tips !