Building my Credit Score

[Suss&Camm 2,213]

1 minute ago, Transborderwife said:

It all comes back to health care ??

lmao "who knew health care was so hard" 

 

1 minute ago, Transborderwife said:

 

when I worked in credit counseling one of the main things we looked at were patterns, for example if there was a sudden credit crash due to a major life event (divorce, death, etc).  Or if someone is just irresponsible with money

Makes total sense

[mallafri76 1,012]

12 hours ago, E and R said:

Can't be on a mortgage with BoA unless you have two years of credit history.

That depends on each individual circumstance. I was able to secure my own auto loan with BOFA after being in the country for a month. I also secured my own mortgage with BOFA after being in the country for nine months. 

 

OP, it'll take roughly six months until you have a credit score. I built mine through;

 

- creditcard with my bank

- auto loan with my bank

- store creditcards

- American Express creditcard

- Paying off my creditcards in full every month

- Not utilizing more than 30% on each credit card 

[Jeniafrench 8]

Here is what worked for me.

 

After I immigrated my husband and I opened a joint bank account (with just debit cards etc). As there were regular deposits, in about 6 months or so I received my first credit card offer in the mail. It was Capital One so a horrible deal but the point is to get started. Then I used it very little and eventually stopped using it all together.

 

That made my credit score excellent.  So after you can get real credit cards with low interest rates, apply for loans etc.

[Roy&Chanel 109]

1 hour ago, Jeniafrench said:

Here is what worked for me.

 

After I immigrated my husband and I opened a joint bank account (with just debit cards etc). As there were regular deposits, in about 6 months or so I received my first credit card offer in the mail. It was Capital One so a horrible deal but the point is to get started. Then I used it very little and eventually stopped using it all together.

 

That made my credit score excellent.  So after you can get real credit cards with low interest rates, apply for loans etc.

I'm currently doing the same thing, joint bank account with my husband's, he made supp credit cards for me. It shows that we have the same credit scores. I'm confused if that is actually my credit score or not since its the same. After months, banks such as Capital One, Citibank etc did offer me credit cards, but I tried to apply and was rejected. Ever since I stopped applying credit cards of my own, I guess this is because I am jobless?(been 8 months since I applied, and cos of it we have inquiries in our records) I even attempted to open my own bank accounts such as Bofa, Chase etc with only my name on it but was rejected too.

So is my credit score actually the same as my husband's or not?  Im so confused lol

Thanks everyone in advanced.

Edited March 27, 2017 by Roy&Chanel

[Jeniafrench 8]

9 minutes ago, Roy&Chanel said:

I'm currently doing the same thing, joint bank account with my husband's, he made supp credit cards for me. In our bank accounts FICO shows that we have the same credit scores. I'm confused if that is actually my credit score or not since its the same. After months, banks such as Capital One, Citibank etc did offer me credit cards, but I tried to apply and was rejected. Ever since I stopped applying credit cards of my own, I guess this is because I am jobless?(been 8 months since I applied, and cos of it we have inquiries in our records) I even attempted to open my own bank accounts such as Bofa, Chase etc with only my name on it but was rejected too.

So is my credit score actually the same as my husband's or not? 

Unfortunately I am not so familiar with this and whether you saw your score or your husband's.

 

When you got the offers, which credit card did you apply for first? Capital One is known for being a bad one. So it probably is easier to get it vs BofA. Also, every time you apply, it affects your score. So if you go and apply to 2-3 cards in a row, that is not going to benefit you. Probably the same applies to bank account. Maybe it is better for you to wait for a little bit.

 

I had a job almost right away after I moved so that could have been a factor but I don't know for sure.

 

 

[IcezMan_IcezLady 582]

15 hours ago, qwoppy said:

Hi,

 

So I've been in the US a few months now, and admittedly I should have perhaps looked into this earlier, but better late than never. My wife has a high credit score, we're fairly sure it's "excellent". As far as I'm aware, I don't have a credit score. I tried to check via credit karma, but I don't think i've been in the country long enough for the database to find me. 

 

So, my wife has a credit card with USBank. Can I get added to this in some way that I can be building my credit score up on the sidelines? 

 

Thanks

Let your wife add you to her account and make you an authorized user. My dad did the same for me and now I have longer credit history thanks to him since of starting low.

Her credit history will give you a boost instead of you starting from a zero.

There's a group on facebook called credit warrior that you can join and learn about building credit and repairing credit history.

[Suss&Camm 2,213]

18 minutes ago, Roy&Chanel said:

I'm currently doing the same thing, joint bank account with my husband's, he made supp credit cards for me. It shows that we have the same credit scores. I'm confused if that is actually my credit score or not since its the same. After months, banks such as Capital One, Citibank etc did offer me credit cards, but I tried to apply and was rejected. Ever since I stopped applying credit cards of my own, I guess this is because I am jobless?(been 8 months since I applied, and cos of it we have inquiries in our records) I even attempted to open my own bank accounts such as Bofa, Chase etc with only my name on it but was rejected too.

So is my credit score actually the same as my husband's or not?  Im so confused lol

Thanks everyone in advanced.

Where does it say that your credit score is the same as your husbands. How long have you been on his account? Are you a joint holder or an authorized user? All pre-approved offers are just preliminary. You will never know if you are approved until they actually do the hard inquiry. Yes, you have to be very careful with applying for credit. It puts hard inquiries on your report every time and this can really hurt you score as they stay on your report for long time. These reasons are why starting with a secured card before doing anything else is the best thing to do.

[IcezMan_IcezLady 582]

21 minutes ago, Roy&Chanel said:

I'm currently doing the same thing, joint bank account with my husband's, he made supp credit cards for me. It shows that we have the same credit scores. I'm confused if that is actually my credit score or not since its the same. After months, banks such as Capital One, Citibank etc did offer me credit cards, but I tried to apply and was rejected. Ever since I stopped applying credit cards of my own, I guess this is because I am jobless?(been 8 months since I applied, and cos of it we have inquiries in our records) I even attempted to open my own bank accounts such as Bofa, Chase etc with only my name on it but was rejected too.

So is my credit score actually the same as my husband's or not?  Im so confused lol

Thanks everyone in advanced.

you are going about it the wrong way. 

You have credit history but creditors especially banks, look at YOUR income also. So get a job first, open a checking account and after 6months or so, you can apply for credit card from that bank.

Also, you probably have added some unnecessary hard inquiries to your credit report.

Apply for credit cards that send you pre-approval in the mail. You have a better chance with them and they have already done a soft pull on your credit so no need for a new hard inquiry.

There are several groups on facebook that educate ppl about things like this. Try credit warrior on facebook, it is a DIY page.

 

[Roy&Chanel 109]

14 minutes ago, Suss&Camm said:

Where does it say that your credit score is the same as your husbands. How long have you been on his account? Are you a joint holder or an authorized user? All pre-approved offers are just preliminary. You will never know if you are approved until they actually do the hard inquiry. Yes, you have to be very careful with applying for credit. It puts hard inquiries on your report every time and this can really hurt you score as they stay on your report for long time. These reasons are why starting with a secured card before doing anything else is the best thing to do.

Thanks guys, yeah after having that hard inquiry, I realized that having a job is important too.

We have our joint bank accounts for a year and half. I'm the joint holder, all his banks have my name included in, both credit karma and FICO in banks showed we have the same scores. 

Up to date, its been almost close to two years, I am not able to open a bank account on my own.

I'll probably look into having secured card.

11 minutes ago, IcezMan_IcezLady said:

you are going about it the wrong way. 

You have credit history but creditors especially banks, look at YOUR income also. So get a job first, open a checking account and after 6months or so, you can apply for credit card from that bank.

Also, you probably have added some unnecessary hard inquiries to your credit report.

Apply for credit cards that send you pre-approval in the mail. You have a better chance with them and they have already done a soft pull on your credit so no need for a new hard inquiry.

There are several groups on facebook that educate ppl about things like this. Try credit warrior on facebook, it is a DIY page.

 

The credit cards that rejected me and I applied for are the ones from the pre-approval mails! I'm not sure why they even sent me those.

Edited March 27, 2017 by Roy&Chanel

[Suss&Camm 2,213]

2 minutes ago, Roy&Chanel said:

Thanks guys, yeah after having that hard inquiry, I realized that having a job is important too.

We have our joint bank accounts for a year and half. I'm the joint holder, all his banks have my name included in, both credit karma and FICO in banks showed we have the same scores. 

Up to date, its been almost close to two years, I am not able to open a bank account on my own.

I'll probably look into having secured card.

The credit cards that rejected me are the ones from the pre-approval mails! I'm not sure why they even sent me those.

First, there are banks that will let you open your own account as soon as you arrive in the US. Second, yes I would recommend getting at least ONE card with your own name only. Having an income naturally matters. I had a decent amount of savings which helped me. From the information you have provided I would also think that not having an income might have been why you were originally denied credit, since some credit providers put high importance on this... the rest could have been a ripple effect, it's hard to say without all and any financial information about both you and your husband. 8 months from your last inquiry is good though and you should be able to get a secured card and build your credit. I haven't looked at the facebook group that was recommended by the previous poster, but that could be a good idea for you, with  many ppl in the same situation helping each other out for that specific purpose.  Good luck

[IcezMan_IcezLady 582]

18 minutes ago, Roy&Chanel said:

Thanks guys, yeah after having that hard inquiry, I realized that having a job is important too.

We have our joint bank accounts for a year and half. I'm the joint holder, all his banks have my name included in, both credit karma and FICO in banks showed we have the same scores. 

Up to date, its been almost close to two years, I am not able to open a bank account on my own.

I'll probably look into having secured card.

The credit cards that rejected me and I applied for are the ones from the pre-approval mails! I'm not sure why they even sent me those.

did you use the confirmation code in the pre-approval letter?

[BenjaminKeating 114]

I'm using a secure card with Wells Fargo.

 

I've had it a month and sadly no credit score yet but I believe it takes 3+ months of usage to show.

 

My wife has a excellent credit score but I'd rather build up my own. 

[Roy&Chanel 109]

2 minutes ago, Suss&Camm said:

First, there are banks that will let you open your own account as soon as you arrive in the US. Second, yes I would recommend getting at least ONE card with your own name only. Having an income naturally matters. I had a decent amount of savings which helped me. From the information you have provided I would also think that not having an income might have been why you were originally denied credit, since some credit providers put high importance on this... the rest could have been a ripple effect, it's hard to say without all and any financial information about both you and your husband. 8 months from your last inquiry is good though and you should be able to get a secured card and build your credit. I haven't looked at the facebook group that was recommended by the previous poster, but that could be a good idea for you, with  many ppl in the same situation helping each other out for that specific purpose.  Good luck

What's a good secured card to recommend? CapitalOne?

 

 

[Roy&Chanel 109]

1 minute ago, IcezMan_IcezLady said:

did you use the confirmation code in the pre-approval letter?

Yes we did

[BenjaminKeating 114]

20 minutes ago, Roy&Chanel said:

 

The credit cards that rejected me and I applied for are the ones from the pre-approval mails! I'm not sure why they even sent me those.

DO NOT USE THESE.

 

Numerous people have actually damaged their credit score by using these and bankers at my bank and my wife's bank have both said these are the worst way possible to build credit.

 

You've also damaged your credit score slightly by applying for numerous cards and getting rejected.

 

I believe it knocks 5 points off your FICO score every time you apply.