7 ms·

Does anyone know if they cater to the recent immigrant? The USA credit score system is totally broken for people who have come recently to the country.

gst 11y ago
It's not easy without credit score, but there are definitely options. For example if you're in the Bay Area you can get a credit card from Tech CU: https://www.techcu.com/Personal/Global_Members/CreditStart_Credit_Card/ https://www.techcu.com/Personal/Global_Members/CreditStart_C... Also, if you've got an Amex card in your home country it might be possible to use it to get another card in the US: https://www.americanexpress.com/global-card-transfers/united-states.html https://www.americanexpress.com/global-card-transfers/united... In addition, you can also apply for a secured credit card (e.g., from Capital One) which will help you to get a credit score.
- danieltillett 11y ago
  The USA credit score system is completely crazy. When I was in the USA on sabbatical a few years ago even opening a bank account was a nightmare. In the end I was only able to do so because I had a Citibank credit card here in Australia and Citibank USA recognised me. It still took the poor banker a few hours and about a dozen phone calls to various parts of Citibank to open the account.
- pavornyoh 11y ago
  This above... To add to what he/she said, to maximize your scores, you need at least 3 credit cards reporting. For a newbie, you should be able to generate a score within six months. BOA, Capital One and CUs are are good place to start. Also if someone can add you as an authorized user on their cards also helps a lot. Stay way from predatory lenders like First Premier and Credit One. Once you get it, always pay your balance before statement cuts and let only 1%-9% of the balance report to the bureaus. Do this and in six months you will be qualified for unsecured cards...
  - david-given 11y ago
    Leaving aside the fact that as a non-USian this all sounds completely insane... > Once you get it, always pay your balance before statement cuts and let only 1%-9% of the balance report to the bureaus. ...what does this mean?
    - pavornyoh 11y ago
      Once you get it, always pay your balance before statement cuts and let only 1%-9% of the balance report to the bureaus. ...what does this mean? A rule of thumb is to always keep utilization under 30% for a good score. The credit score like all other things are /can be manipulated. So the 1%-9% balance reporting instead of 30% is the best to get the best percentage of the amounts which is factored into getting your overall credit score. This is how scores are calculated - Payment history[35%], amounts owed [30%], length of credit history [15%], new credit [10%] and types of credit used [10%]. The balance owed counts for 30% in calculating the overall score. So the lower the balance, the better.
      - danieltillett 11y ago
        Is there a good resource for learning all this crazy stuff?
        deleted 11y ago
        [deleted]
        pavornyoh 11y ago
        Yes, begin here- http://ficoforums.myfico.com/t5/Understanding-FICO-Scoring/bd-p/ficoscoring http://ficoforums.myfico.com/t5/Understanding-FICO-Scoring/b... It has good info.
        danieltillett 11y ago
        Thanks!
    - 11y ago
jrbancel 11y ago
Try to find out if your employer or your university has a partnership with a local bank. I was able to open an account and get a credit card with a $10k spending limit with only my passport, less than 24h after landing in the U.S. for the first time.
pkaye 11y ago
A secure credit card from your bank is the quickest to bootstrap your credit score. Usually within 3-6 months you will start getting better credit card offers so switch to one of those. Within a year of consistent spending and payment, you will have a decent credit score.

gst 11y ago

It's not easy without credit score, but there are definitely options. For example if you're in the Bay Area you can get a credit card from Tech CU: https://www.techcu.com/Personal/Global_Members/CreditStart_Credit_Card/ https://www.techcu.com/Personal/Global_Members/CreditStart_C... Also, if you've got an Amex card in your home country it might be possible to use it to get another card in the US: https://www.americanexpress.com/global-card-transfers/united-states.html https://www.americanexpress.com/global-card-transfers/united... In addition, you can also apply for a secured credit card (e.g., from Capital One) which will help you to get a credit score.

danieltillett 11y ago
The USA credit score system is completely crazy. When I was in the USA on sabbatical a few years ago even opening a bank account was a nightmare. In the end I was only able to do so because I had a Citibank credit card here in Australia and Citibank USA recognised me. It still took the poor banker a few hours and about a dozen phone calls to various parts of Citibank to open the account.
pavornyoh 11y ago
This above... To add to what he/she said, to maximize your scores, you need at least 3 credit cards reporting. For a newbie, you should be able to generate a score within six months. BOA, Capital One and CUs are are good place to start. Also if someone can add you as an authorized user on their cards also helps a lot. Stay way from predatory lenders like First Premier and Credit One. Once you get it, always pay your balance before statement cuts and let only 1%-9% of the balance report to the bureaus. Do this and in six months you will be qualified for unsecured cards...
- david-given 11y ago
  Leaving aside the fact that as a non-USian this all sounds completely insane... > Once you get it, always pay your balance before statement cuts and let only 1%-9% of the balance report to the bureaus. ...what does this mean?
  - pavornyoh 11y ago
    Once you get it, always pay your balance before statement cuts and let only 1%-9% of the balance report to the bureaus. ...what does this mean? A rule of thumb is to always keep utilization under 30% for a good score. The credit score like all other things are /can be manipulated. So the 1%-9% balance reporting instead of 30% is the best to get the best percentage of the amounts which is factored into getting your overall credit score. This is how scores are calculated - Payment history[35%], amounts owed [30%], length of credit history [15%], new credit [10%] and types of credit used [10%]. The balance owed counts for 30% in calculating the overall score. So the lower the balance, the better.
    - danieltillett 11y ago
      Is there a good resource for learning all this crazy stuff?
      - deleted 11y ago
        [deleted]
      - pavornyoh 11y ago
        Yes, begin here- http://ficoforums.myfico.com/t5/Understanding-FICO-Scoring/bd-p/ficoscoring http://ficoforums.myfico.com/t5/Understanding-FICO-Scoring/b... It has good info.
        danieltillett 11y ago
        Thanks!
  - 11y ago

jrbancel 11y ago

Try to find out if your employer or your university has a partnership with a local bank. I was able to open an account and get a credit card with a $10k spending limit with only my passport, less than 24h after landing in the U.S. for the first time.

pkaye 11y ago

A secure credit card from your bank is the quickest to bootstrap your credit score. Usually within 3-6 months you will start getting better credit card offers so switch to one of those. Within a year of consistent spending and payment, you will have a decent credit score.