What to expect when moving to the US?

[Chr15 0]

Hi everyone, finally we have had our green cards approved and will be moving to the US in July!  

 

I am starting to get a little nervous as is to be expected and probably overthinking most things! 

 

Has anyone got any tips or advice on what to expect when we arrive? 

 

Are we going to have difficulty with bank accounts and things like that? How about driving and being able to purchase a vehicle? We have found a couple of properties for rent which we like but reading the terms of application I'm not sure we can meet all of the requirements especially the credit history! Would a larger deposit help us secure the property? Is looking for a mortgage straight away a complete no go?

 

Any advice on the best way to get our credit history built up and quickly?

 

Thanks for reading and any help or advice would be greatly appreciated!

 

 

[givionte 138]

I recommend the Reddit PersonalFinance subreddit to get a ton of advice about credit and purchasing decisions.  The guides alone have loads of valuable information to get you started.

 

I would recommend opening a secured credit card to build credit.  Capital One is easily obtainable, and has no annual fees.  After a few months of use, you'll start getting offers left and right, can pick and choose a second card,and start establishing credit.

 

Once you have a green card in hand, establishing accounts won't be an issue,and once you get your driver's license even more easier.

[Chr15 0]

Hi givionte,

 

Thanks for the quick reply and information! 

 

I will have a look into the capital one credit card option and see what the requirements are.

 

How about with bank accounts do you build credit with your checkings account? Say for direct debits such as phone or utility bills? 

 

Thanks

[Crazy Cat 41,981]

From what country are you moving?

[Chr15 0]

Myself from the UK and my wife the Philippines! 

 

Haha oops I forgot about that need to update the information

[givionte 138]

1 hour ago, Chr15 said:

Hi givionte,

 

Thanks for the quick reply and information! 

 

I will have a look into the capital one credit card option and see what the requirements are.

 

How about with bank accounts do you build credit with your checkings account? Say for direct debits such as phone or utility bills? 

 

Thanks

Checking and savings won't improve your credit, but they are easily obtainable.  Credit Union banks are the most friendly and offer the best services and loan offers, but aren't as conveniently located as the big banks which are spread all around like McDonalds.  Still, a good credit union will treat you much better than the McBanks like BoA and Wells Fargo.  Some utilities you may need to pay a deposit if you have no credit, but it's generally refundable after so many months of use.

 

The best way to establish credit is to get a couple credit cards (start with one unsecured, after 8 to 12 months perhaps get a 2nd secured (Discover It is a good one) or basic unsecured card (never get one with annual fees), let them age, and keep the actual utilization as low as possible.  A car loan will be a good mix of a credit to help bump up your score (expect really high APR though, so don't buy anything too expensive), but beyond that, there isn't much else you can do except wait as your score rises due to establishing good credit and aged accounts.

Edited June 17, 2019 by givionte
Added second paragraph

[arken 4,197]

Checking or saving account doesn’t help build credit history. 

 

Best is to get a secured card, may be just for $1,000 and use it (under 30%) to start building good credit history. In a year or so go for unsecured credit card.

[Chr15 0]

3 minutes ago, givionte said:

Checking and savings won't improve your credit, but they are easily obtainable.  Credit Union banks are the most friendly and offer the best services and loan offers, but aren't as conveniently located as the big banks which are spread all around like McDonalds.  Still, a good credit union will treat you much better than the McBanks like BoA and Wells Fargo.  Some utilities you may need to pay a deposit if you have no credit, but it's generally refundable after so many months of use.

That's good to know I already checked and there is one close by to where we will be staying! Will have a look at what banking options are available too. 

Would that apply to mobile phone contracts too? How strict are they with giving contracts? 

[givionte 138]

I edited my last post to add in more info about credit card, s orefresh if you didn't see it.

 

As far as mobile phone contracts, the bad/no credit deposits vary from $250 to $500 generally, and returned after one year.  All of them do refund after  Sprint is usually the cheapest, Verizon and AT&T more.  Of course it'll be important to know the signal strength of the area you live in before choosing, and whether your current phone works.

Edited June 17, 2019 by givionte

[Chr15 0]

6 minutes ago, arken said:

Checking or saving account doesn’t help build credit history. 

 

Best is to get a secured card, may be just for $1,000 and use it (under 30%) to start building good credit history. In a year or so go for unsecured credit card.

Hi arken,

 

Thanks for the info! Is there anyone you would recommend? 

 

Do you not get any credit history for paying bills each month?

 

Or is it only applicable to things like credit cards, car finance and mortgages?

[Cathi 5,771]

Just now, Chr15 said:

Hi arken,

 

Thanks for the info! Is there anyone you would recommend? 

 

Do you not get any credit history for paying bills each month?

 

Or is it only applicable to things like credit cards, car finance and mortgages?

Capitol One is a good secured CC.

 

No, you don't get credit history for paying bills each month such as rent and utilities.

 

You only build credit with credit cards, mortgages, loans ect...

[Chr15 0]

2 minutes ago, givionte said:

I edited my last post to add in more info about credit card, s orefresh if you didn't see it.

 

As far as mobile phone contracts, the bad/no credit deposits vary from $250 to $500 generally, and returned after one year.  All of them do refund after  Sprint is usually the cheapest, Verizon and AT&T more.  Of course it'll be important to know the signal strength of the area you live in before choosing, and whether your current phone works.

Yes I just refreshed now, thank you! That sounds like the best options and will check those cards out! 

 

We are thinking to just get a cheaper 2nd hand car at first and were hoping we could pay a bigger deposit and have a small amount of finance so that would be a great idea too. 

 

One of my friends who lives in Minnesota close to where we will be advised Verison as he said the coverage is better there so need to check that out too! 

 

I expect we will have to pay a little more upfront for things which I don't mind I just hope we can get all the things we need that's my main concern.

[Chr15 0]

5 minutes ago, Cathi said:

Capitol One is a good secured CC.

 

No, you don't get credit history for paying bills each month such as rent and utilities.

 

You only build credit with credit cards, mortgages, loans ect...

Hi Cathi,

 

Thanks for the input! Will give Capitol One a try as others have recommended them too. 

 

Ah ok I thought you might get something for paying on time each month and not missing payments etc. 

 

[arken 4,197]

32 minutes ago, Chr15 said:

 

Ah ok I thought you might get something for paying on time each month and not missing payments etc. 

 

That too is applicable on credit card and/or loan payments.  

 

Good thing with utility or cell phone bills is that even if you miss a payment, your credit history won’t get affected, they will just bill you the rest next month.

[Chr15 0]

1 minute ago, arken said:

That too is applicable on credit card and/or loan payments.  

 

Good thing with utility or cell phone bills is that even if you miss a payment, your credit history won’t get affected, they will just bill you the rest next month.

Thanks arken! 

 

Yes very true and suppose that is a huge benefit of it not affecting your credit history!