4 ms·

Being an authorized user on a parent's credit card does build credit history for the child. I did not have that, or any cosigned loan.

ThomPete 10y ago
But you are an american right? You spent your whole life in the US? So you have a history with a bank I am assuming. I don't understand exactly why I am being down-voted. The system is at it is it's not something I made up.
- saryant 10y ago
  Retail banking history is not a factor in credit scores.
  - ThomPete 10y ago
    I am well aware of that and I never claimed it did. I wasn't talking about credit history but about history as in, a customer in a bank for years. These are also factors for how easy/hard things like this is.
    - saryant 10y ago
      Having a history with a bank has no impact whatsoever on your credit report.
      - ThomPete 10y ago
        This has nothing to do with your credit report or your credit history. This has to do with your chance of getting a credit card to begin with. There is a difference between being a US citizen having had bank account most of your life and then being a foreigner who just got yours. Not sure why you keep insisting I am saying something else than I am.
        saryant 10y ago
        Because you're not being at all clear and you're still incorrect.
  - YokoZar 10y ago
    If you have a very long history with a bank, however, that might factor into that bank's decision in giving you a credit card. Nothing stops banks from combining credit score data with other sources. As a personal anecdote, I avoided credit cards until age 31, but had a bank account with Wells Fargo since I was 16. Because I had no history, almost no one wanted to give me a card despite my high provable income. I got my first credit card with capital one (for a hilarious 300 dollar limit). But two months later after I became a known credit card user I started getting credit card offers in the mail from a variety of sources -- Wells Fargo offered me considerably more credit than the others, presumably because some system of theirs thought I was more trustworthy (long-standing account history? Actual visible income in the bank account?) They even offered me a rewards card even though I only had 1 month of history.
- SystemOut 10y ago
  I'd assume you are being downvoted because you are making assertions about the US credit system without actually knowing how it works.
  - ThomPete 10y ago
    I live in the US so yes I have a pretty good idea of how it works. But please point to where I am wrong about the credit score system.
- nommm-nommm 10y ago
  You are being downvoted because you are spouting falsehoods about the US credit/financial system.
  - ThomPete 10y ago
    Which falsehood exactly?
    - nommm-nommm 10y ago
      Where to start? > You are american you have a history and your parents have a history. Parents have nothing to do with anything unless your parents cosign or add you as an authorized user on their cards. Being American has nothing to do with anything other than some cards require you to be a US citizen for some reason, my BVAA card does for example. My parents are scumbags and their scummy-iness doesn't effect my ability to build credit. The trick is to apply for the right card, different lenders/products target different populations. A store card or a secured card is a good start in building credit, that's what I did when I was young and had practically zero income. My limit was like $300 but it was enough to get me on the map. I didn't have to deal with being rejected because I applied for the product that fits my life situation. If you just apply for the heavily advertised cards you are not going to get a good result. After that I applied for a crappy card I was "pre-approved" for that came in the mail. Once you have a credit history you're going to get offers in the mail unless you opt-out. Getting a charge card (which is not the same as a credit card) may be an option too, not sure on that one. >The question is not about your credit score but about getting the credit card to begin with. Once you get the card they assign you a credit score but in order to get it you have to start building debt (and as a foreigner I had to do that with my own money) False, you don't have to have any debt to get a credit score. Having credit available to you you don't use is enough. First you say >You are asked about assets, income etc. but those things have very little effect on whether you get a credit card or not. Then you say: >I wasn't talking about credit history but about history as in, a customer in a bank for years. These are also factors for how easy/hard things like this is.... There is a difference between being a US citizen having had bank account most of your life and then being a foreigner who just got yours. Those things are mutually exclusive and both can't be correct. >There are plenty of other ways to credit companies could gauge inside your economic maturity as much of your financial history have been done via debit card for more or less the same transactions that you are going to use your credit card for... You are not suddenly going to become financially irresponsible just because you get credit This is beyond false and laughable. Nobody gives two craps about "economic maturity" they want to know "is this person likely to pay back the loan?" >Second it's a fairly know issue that the way creditscore is established is pretty flawed. It has its limits but are you questioning actuaries that crunch these numbers for a living? I mean, I'm assuming they have a reason and numbers and there's data to back it up and they just didn't say "lol, lets make up some shit." If they were getting bad results and losing money they'd change the algorithm. > I live in the US so yes I have a pretty good idea of how it works. Almost no Americans have any idea how "the system" works, its very specificity knowledge and there's tons of myths. You know how many times I've heard people say "my credit is terrible, its around 750?" 750 is an excellent score. People get credit reports confused with credit scores and all kinds of "I heard," "I assume," etc.
scdoshi 10y ago
But it's also true that if you come to the US during or after college, banks will not issue you a credit card. Instead, they will issue you a 'secured' credit card, where you get a $300-500 limit on a card against the same amount paid to the bank as security. Only after a year or 2 of this, will the bank actually issue credit. Maybe you had an account/history with the bank for a while, and that made a difference?
- Broken_Hippo 10y ago
  That isn't just immigrants: Plenty of young, non-college bound students have only access to such cards. Americans also use them after bankruptcy to try to help strengthen their credit scores.

ThomPete 10y ago

But you are an american right? You spent your whole life in the US? So you have a history with a bank I am assuming. I don't understand exactly why I am being down-voted. The system is at it is it's not something I made up.

saryant 10y ago
Retail banking history is not a factor in credit scores.
- ThomPete 10y ago
  I am well aware of that and I never claimed it did. I wasn't talking about credit history but about history as in, a customer in a bank for years. These are also factors for how easy/hard things like this is.
  - saryant 10y ago
    Having a history with a bank has no impact whatsoever on your credit report.
    - ThomPete 10y ago
      This has nothing to do with your credit report or your credit history. This has to do with your chance of getting a credit card to begin with. There is a difference between being a US citizen having had bank account most of your life and then being a foreigner who just got yours. Not sure why you keep insisting I am saying something else than I am.
      - saryant 10y ago
        Because you're not being at all clear and you're still incorrect.
- YokoZar 10y ago
  If you have a very long history with a bank, however, that might factor into that bank's decision in giving you a credit card. Nothing stops banks from combining credit score data with other sources. As a personal anecdote, I avoided credit cards until age 31, but had a bank account with Wells Fargo since I was 16. Because I had no history, almost no one wanted to give me a card despite my high provable income. I got my first credit card with capital one (for a hilarious 300 dollar limit). But two months later after I became a known credit card user I started getting credit card offers in the mail from a variety of sources -- Wells Fargo offered me considerably more credit than the others, presumably because some system of theirs thought I was more trustworthy (long-standing account history? Actual visible income in the bank account?) They even offered me a rewards card even though I only had 1 month of history.
SystemOut 10y ago
I'd assume you are being downvoted because you are making assertions about the US credit system without actually knowing how it works.
- ThomPete 10y ago
  I live in the US so yes I have a pretty good idea of how it works. But please point to where I am wrong about the credit score system.
nommm-nommm 10y ago
You are being downvoted because you are spouting falsehoods about the US credit/financial system.
- ThomPete 10y ago
  Which falsehood exactly?
  - nommm-nommm 10y ago
    Where to start? > You are american you have a history and your parents have a history. Parents have nothing to do with anything unless your parents cosign or add you as an authorized user on their cards. Being American has nothing to do with anything other than some cards require you to be a US citizen for some reason, my BVAA card does for example. My parents are scumbags and their scummy-iness doesn't effect my ability to build credit. The trick is to apply for the right card, different lenders/products target different populations. A store card or a secured card is a good start in building credit, that's what I did when I was young and had practically zero income. My limit was like $300 but it was enough to get me on the map. I didn't have to deal with being rejected because I applied for the product that fits my life situation. If you just apply for the heavily advertised cards you are not going to get a good result. After that I applied for a crappy card I was "pre-approved" for that came in the mail. Once you have a credit history you're going to get offers in the mail unless you opt-out. Getting a charge card (which is not the same as a credit card) may be an option too, not sure on that one. >The question is not about your credit score but about getting the credit card to begin with. Once you get the card they assign you a credit score but in order to get it you have to start building debt (and as a foreigner I had to do that with my own money) False, you don't have to have any debt to get a credit score. Having credit available to you you don't use is enough. First you say >You are asked about assets, income etc. but those things have very little effect on whether you get a credit card or not. Then you say: >I wasn't talking about credit history but about history as in, a customer in a bank for years. These are also factors for how easy/hard things like this is.... There is a difference between being a US citizen having had bank account most of your life and then being a foreigner who just got yours. Those things are mutually exclusive and both can't be correct. >There are plenty of other ways to credit companies could gauge inside your economic maturity as much of your financial history have been done via debit card for more or less the same transactions that you are going to use your credit card for... You are not suddenly going to become financially irresponsible just because you get credit This is beyond false and laughable. Nobody gives two craps about "economic maturity" they want to know "is this person likely to pay back the loan?" >Second it's a fairly know issue that the way creditscore is established is pretty flawed. It has its limits but are you questioning actuaries that crunch these numbers for a living? I mean, I'm assuming they have a reason and numbers and there's data to back it up and they just didn't say "lol, lets make up some shit." If they were getting bad results and losing money they'd change the algorithm. > I live in the US so yes I have a pretty good idea of how it works. Almost no Americans have any idea how "the system" works, its very specificity knowledge and there's tons of myths. You know how many times I've heard people say "my credit is terrible, its around 750?" 750 is an excellent score. People get credit reports confused with credit scores and all kinds of "I heard," "I assume," etc.

scdoshi 10y ago

But it's also true that if you come to the US during or after college, banks will not issue you a credit card. Instead, they will issue you a 'secured' credit card, where you get a $300-500 limit on a card against the same amount paid to the bank as security. Only after a year or 2 of this, will the bank actually issue credit. Maybe you had an account/history with the bank for a while, and that made a difference?

Broken_Hippo 10y ago
That isn't just immigrants: Plenty of young, non-college bound students have only access to such cards. Americans also use them after bankruptcy to try to help strengthen their credit scores.