How do we get credit? Now we have EAD. Now we are here what should we do???

L

little_britain

Registered Users (C)
Hi there,

Little Britain here.

I'm just wondering whats the best way to get credit?
Can all those who have managed to get credit e.g. credit cards, loans, cell phones can you please reply to this post and keep us new guys with recent EAD in the light. I dont have a clue where to start? Im thinking of joining my wifes bank a/c do a joint one.

Can you guys provide details. I would like credit card company names, cell phone company names, websites anything that would help me establish credit asap.

I have a job I start in the next few days and I will make a middle class salary. So If you guys can help please post. I want to keep this thread going. I KNOW ALL YOU GUYS want to get credit, because establishing EXCELLENT is SO SO important :)

Please post with companies who are friendly to us new guys. Also post companies that will reject us!!!

Thanks Guys,

Little Britain

P.S. lets keep this thread going

Timeline:

Sent to Chicago lockbox
Then onto MSC
Day 01 Recv date 31st march 06
ND 5th april 06
Biometrics 4/19/06
RFE (1-485) letter dated 5/10/06 (I693 required)
RFE arrives at USCIS/NBC 5/25/06
RFE (I485) received (processed) by USCIS 5/26/06
LUD I-765 5/18/06 - no status yet
LUD I-485 6/03/06 – informed that I’m now waiting to receive their decision in the mail.
LUD I-130 5/18/06 – no status yet
Day 063 Infopass - 31st May 06 (Informed FBI background check fine!!)
June 20th D-Day EAD Approval email
LUD I765 6/23/06 Approval notice sent
 
little_britain said:
Hi there,

Little Britain here.

I'm just wondering whats the best way to get credit?
Can all those who have managed to get credit e.g. credit cards, loans, cell phones can you please reply to this post and keep us new guys with recent EAD in the light. I dont have a clue where to start? Im thinking of joining my wifes bank a/c do a joint one.

Can you guys provide details. I would like credit card company names, cell phone company names, websites anything that would help me establish credit asap.

I have a job I start in the next few days and I will make a middle class salary. So If you guys can help please post. I want to keep this thread going. I KNOW ALL YOU GUYS want to get credit, because establishing EXCELLENT is SO SO important :)

Please post with companies who are friendly to us new guys. Also post companies that will reject us!!!

Thanks Guys,

Little Britain

P.S. lets keep this thread going

Timeline:

Sent to Chicago lockbox
Then onto MSC
Day 01 Recv date 31st march 06
ND 5th april 06
Biometrics 4/19/06
RFE (1-485) letter dated 5/10/06 (I693 required)
RFE arrives at USCIS/NBC 5/25/06
RFE (I485) received (processed) by USCIS 5/26/06
LUD I-765 5/18/06 - no status yet
LUD I-485 6/03/06 – informed that I’m now waiting to receive their decision in the mail.
LUD I-130 5/18/06 – no status yet
Day 063 Infopass - 31st May 06 (Informed FBI background check fine!!)
June 20th D-Day EAD Approval email
LUD I765 6/23/06 Approval notice sent
Click to expand...

Though this thread has nothing to do with immigration, i will answer it in short.

Getting a credit card when you have no credit is like catch-22. As of now, your credit rating is nil and any lender/ credit card company will consider you a risk and deny your application for credit card or a loan. This is what you can do to boost up your credit.
1. Get a joint credit card with your wife. This way you can use her credit rating to get loans and apply for a new credit card
2. Once you get a job, ask HR if the company you work for is a member of any credit union. It is very easy to get a credit card from such credit unions.
3. Consider buying a vehicle. The auto dealer would give you a hard time because you dont have a credit history and will ultimately come up with a solution because he needs to sell the car to you. You might end up with a high interest loan, and paying the installment every month will boost up your credit rating. Once you build your credit history a bit, you can refinance to get a lower interest rate.
4. If available and possible, try using the store credit program for buying furniture or appliance. This will help too.
5. If you can wait for a couple of months after you get your job, use the paystub to prove your income and it will make the process of getting a credit card a bit easier.
6. You could ask your bank for a secure credit card where you deposit money in your account and that becomes the credit limit for your card. It is a small risk for the bank and a slow way for you to build credit.
7. If you manage to get a card on your own, the first credit card will have a very small credit limit ~500-1500. As you keep paying your balances promptly every month, the bank will consider increasing your credit limit.


Good luck~!
 
Thanks

Hi Ari4u,

I understand your point of view. But this issue does affect ALL of us new immigrants. So I think it is relevant. I see people selling cell phones on this site and in this forum. So... I will continue to post. However you are intitled your own views. I do appreciate your answers.... Did you use any of those methods your self? Do you rate Orchard secured credit card? I'm thinking of this and joining my wife's Bank of America.

I used your posts quite often, you are very knowledgeable and I appreciate your time!!

Regards

Little Britain.

P.S. (To all Readers) If you have any sites/banks/companies you think of please post them in this thread. This thread is for HELPING new immigrants to share knowledge to obtain credit. :D
 
whoa.. whoa.. dont get all defensive up there :) I only told you that this thread is not immigration related but i will still answer it ;) Anyways...

Yes, i started out applying for a card from the credit union. Got approved right away with a credit limit of 1500. Used that card for 6 months, built my credit a teeny weeny bit and bought a car. After a 3 hr negotiation with the dealer, managed to knock off $4k off price of the used car i wanted to buy and the dealer threw in a special 5.9% APR loan just because he thought i was on a H1 and was earning enough to pay the loan. The loan payments boosted my credit rating after a couple of months and i started getting credit card offers in mail. Boy, what a spam.. im tired of the junk mail. It keeps multiplying like rabbits!

I dont know about orchard secure credit card as i never used a secure credit card myself. I was unmarried when i started out my credit history, so i had no co-signer to help me build my credit history. Yes, i used store credit to buy furniture from Levitz.
 
Thanks

Hi Ari4u,

Little Britain here.

Rough day :mad: Sorry for being a little defensive. :) Your
answers are very useful. I know this thread will be useful to a few of us trying to get started on the credit ladder. I'm not sure if my new job offers a credit union. I dont think it does... I reckon I will join my wife's bank.

To the rest of you guys, I mite get an orchard credit card as this company reports every month to three main credit agencies. This company helps build credit for those with no history. I will order one, the cards are secured so you will have to make a deposit. But remember every month your credit will improve if you are using and paying on time. (check out on www.orchardbank.com)

If anyone has any methods of improving and obtaining credit post up on this thread. Any information or advice will be greatly appreciated.

Thanks
 
Little Britain,

Credit cards are not the only thing that can help you build good credit. Paying utility bills (electricity and gas) on time can help a lot too.

I would not suggest getting a car loan right away. While it can help you build credit, it can actually be a burden on your credit at first. In addition, the poor rate you most likely get with no credit history makes it a bad deal.

I think the best way to boost your credit is to get just one or two credit cards. Get a credit card with no annual fee. There is really no reason to pay for one. Use the cards moderately (your balance should stay well below the credit limit on each card) and pay the balance in full every month. In addition, get your name on one or more utility bills and make sure they are paid on time every month. Your credit rating will go up as your accounts get older and you show a history of timely payments. The reason you should not keep applying for credit cards is that it will lower the average age of your credit accounts. Check your credit score yearly. You can get your credit reports for free once a year at www.annualcreditreport.com, and it cost less than $10 (for each of the three reports) to add your credit score. The score reports give you helpful hints on how to improve your score.

Try getting a cedit card from the bank where you have your pay check deposited. After a couple of pay checks, they may be willing to give you a pretty good cedit card. Try the big credit card companies too, like citi and chase. They may give you one too. I got my first credit card from my bank about a year after I got here, but I do not think that I would have had to wait for that long. Just talk with them.
 
little_britain said:
Hi Ari4u,

I understand your point of view. But this issue does affect ALL of us new immigrants. So I think it is relevant. I see people selling cell phones on this site and in this forum. So... I will continue to post. However you are intitled your own views. I do appreciate your answers.... Did you use any of those methods your self? Do you rate Orchard secured credit card? I'm thinking of this and joining my wife's Bank of America.

I used your posts quite often, you are very knowledgeable and I appreciate your time!!

Regards

Little Britain.
Click to expand...

BUILDING A CREDIT IN AMERICA IS A BIT OF A HASSLE,WITHOUT PROPER GUIDANCE U R SURE TO GET NOTHING....



I WOULD SAY HOLD ON FOR SOMETIME ....RIGHT NOW
1) GET A BANK ACCOUNT AND TALK TO UR BANKER TO OPEN A SECURED CREDIT CARD ACCOUNT.
2)TRY TO APPLY FOR CARDS LIKE WALMART/DIAMONDSHAMROCK(VALERO)/SHELL.
THE CHANCES OF U GETTING A CREDIT CARD HERE IS HIGH BUT AGAIN APR IS HIGH...
3)WE ALL KNOW U ARE RICH..BUT BE WISE WHEN U R BUYING THAT CAR DONT PAY CASH...SAY PAY LIKE 70% DOWN AND TRY TO GET THE 30% FINANCED....TRUST ME IT HELPS A LOT...TRY TO GET UR CAR FINANCED THROUGH UR BANK...

THE NEXT PHASE,AFTER SAY 6 MONTHS APPLY FOR CARDS HERE I AM SURE U WILL GET IT>>>

GO TO
ORCHARDBANK.COM
CREDITONEBANK.COM

THE ABOVE TWO IS AT YOUR OWN CHOICE.....THESE 2 FINANCIAL INSTITUTIONS HELP OUT PPL BUILD CREDIT...BUT THE CATCH IS THE APR IS FREEKING HIGH....



MAKE SURE U
P.S. (To all Readers) If you have any sites/banks/companies you think of please post them in this thread. This thread is for HELPING new immigrants to share knowledge to obtain credit. :D

HOPE THIS HLPS...
 
Orchard Is Good...my Cousin Is Here On Student Visa And Orchard Is Really Good..she Has Been Having It Since Like 8 Months..but Good Guys...

After Seeing Her I Got One...hahhaha...
 
query11 said:
THE CHANCES OF U GETTING A CREDIT CARD HERE IS HIGH BUT AGAIN APR IS HIGH...
Click to expand...
More the reason to pay balance in full. :D Then APR does not matter. Just be sure to get a card without an annual fee.
query11 said:
P.S. (To all Readers) If you have any sites/banks/companies you think of please post them in this thread. This thread is for HELPING new immigrants to share knowledge to obtain credit. :D
Click to expand...
I got a card from www.universalcard.com back when I had poor credit (yes, I actually had bad credit because of a mixup with a medical bill during a previous stay in the U.S.). I know other people with short history who got a card from them too. I still think your bank is a good bet too after a few months of steady income. Unless you are in dire need of credit right now, I would suggest that you wait a while so that you can get a good card that does not require a deposit. If you plan on paying the balance in full every month, then get a card that offers cash back. Most banks offer such cards, and you can get up to 5% back of what you spend. These cards have higher APR, so they only make sense if you can pay the balance in full.
 
Just thought Id add something, if you don't have any credit, Orchard Bank will ask for some security. In my case it was $200, which is then the credit limit of the credit card. You get the $200 back 18 months after you've had the card, or so I was told by customer service. That's only if you have always made the monthly payment on time of course.
 
thanks

Hi Swede, Jax, and Query,

all good advice. I would pay the balance off every month as Swede mentioned. I wouldnt want the interest rate to affect my borrowing. :)
Me and the wife will have a good/v.comfortably joint income so I hope this mite help my rating. We already bought a new SUV in May. So a car loan isnt option.

However we will do the joint bills at somepoint soon. Also I will open an orchard credit card and probably one with my wifes bank where my wages will be paid in every 2wks. Im off to social security to apply for a number. I will post my experience in that thread. Washington DC area.

Any reader who has any good advice on how, where and when to get credit please post in this thread. Any advice will be greatly appreciated by us who dont know as much as u ;)

Thanks guys

Keep posting any good or bad credit experiences....!!!!
 
Lil brit, get a GAS CARD.

They will approve you instantly and use at a minimum once a month to keep it current. You can do the same with a store card such as Sears or Wallmart.

Using them once a month and paying them off each month builds credit quickly until you have enough established to do whatever it is you have in mind :)

T
 
some more info

Secuared creadit card sounds like the right thing. What I did I bought a car
( shocking 16.9 % iterest rate), it worked like a magic eversince. Even if you get a bad interest rate you can refinance in about 6 month. I would not aply for a creadit card in bigger department stores to start, they most likely will deny you. Try to get a cell phone, sometimes it works for people too.
Good luck!
 
Thanks

Hi guys,

thanks for your responses.

Everyone out there seems to have alot of ideas on how to start getting credit.
I should have my social # early next week. So I will join my wifes bank (joint account) I reckon I will get an Orchard secured credit card. I also think I will join a credit scoring website to track my score (FICO). This is a good thing to do. Try fico.com

Good luck to all those who are trying to get credit .... I will keep you guys posted as and when things develop :)
 
thanks everyone

Hi guys,

Little Britain here. I get my social security number next week. :)

I going to apply for an Orchard credit card (Secured). Join my wifes bank a/c make it a joint account. Apply for a gas card probably an Exxon one immediately and also join a credit reference agency.

Any one have any positive or negative credit experiences. Please post on this thread. Any really good companies or any really poor companies.

So... I will let you guys know when I get my things applied for.

Good luck everyone
 
What in the world

Hi Guys

Little Brit here.

I went to My wifes bank with my EAD, Social no., passport. They let me join her. Im now joint on her a/c. HOWEVER my social no. would not process as it was too new.... So they managed to sort.... I will have a Bank visa debit card and a check book in about 7 days. Which is great!!!

I plan to get a BANK of America Secured credit card and then a Orchard credit card.

I would not reccomend using google to find a credit card. BE CAREFUL.

Anyone got any good ideas or any bad places/experiences please post here.

Thanks guys
 
running_swede said:
I think the best way to boost your credit is to get just one or two credit cards. Get a credit card with no annual fee. There is really no reason to pay for one. Use the cards moderately (your balance should stay well below the credit limit on each card) and pay the balance in full every month. In addition, get your name on one or more utility bills and make sure they are paid on time every month. .
Click to expand...


I don't know if utility bills have any impact on your credit score. Only debt shows up there. The only way utilities impact your credit is if you don't pay, then it gets reported and kills your score.

Get a credit card, even if the APR is 29% or something ridiculous like that. Use it sparingly, but pay it off at the end of the month. Department stores will issue their in-house credit card to a lamp post, so start there. Do keep in mind though that each time you apply for credit (whether you are approved or not), your credit score is checked. The credit checks stay on file for 2 years and the more you have the worse your score. So don't go too crazy applying, because that will come back to haunt you down the road.

Also, when you apply for a card or any loan, there may be a question that asks are you a US citizen. If you say yes but aren't, nobody will ever check. I got my mortgage while I was on a TN visa. I told them I was a citizen. Same with my car lease and 2 other mortgages I got for investment homes. Nobody checked, nobody cared.

I know at first it's frustrating, but leep your chin up, in a few months all this will be behind you.
 
Sounds Good

Hi there

Thanks guys for the advice.

I will avoid the card you mentioned. I intend to apply for Bank of America (SECURED) this coming saturday. Day after pay day. I also plan on applying for an Orchard credit card two weeks after that!! The following pay check.

I will try and get a store card. which one should I go for? Walmart, JC penney? Let me know, which one is easier to get! Thanks guys....

Should I register for credit scoring or reporting. Would this help.... Please advise.
 
eddie_d said:
I don't know if utility bills have any impact on your credit score. Only debt shows up there. The only way utilities impact your credit is if you don't pay, then it gets reported and kills your score.
Click to expand...
Not true. Gas and Electric show up on my credit reports. Paying utility bills on time will help your credit score.

Factors that impact your credit score include:
* average age of accounts (opening new accounts can have a negative impact because it lowers the average age; utility accounts can improve your credit score if you keep them for a long time)
* credit-to-debt ratio (maxing out on your credit cards is definitely bad)
* late payments (definitely brings down your score)

So you can improve your credit score slowly by paying your bills on time. You do not want to get too many credit cards because if you keep opening new credit accounts you lower the averae age of your accounts.

Whichever card you get, watch out for sneaky deals where you get automatically signed up for "credit watch" programs. You should not have to pay anything to have a credit card these days. In fact, you can even get paid yourself if you get a rewards card, but it is only a good deal if you always pay the balance in full each month. Rewards cards have higher interest rate.
 
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