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

Little Britain, I am not sure it will help you that much to have so many cards. In the short term, it will hurt your credit score if you open a lot of cedit accounts in a short period of time. If you can get one card, that should be enough to build a credit history. Usually you will know right away if you get approved, so I would not bother with the other cards if I got the first one. Once you have some history, you will be able to get the really good cards (0% APR for a year, which is great if you plan a major purchase). I cannot tell you how long it takes to get a decent credit score because I actually some bad stuff on my history for a while (stupid hospital failed to locate my insurance carrier and sent the bills to collection), but you have a clean slate so it should not take too long.
 
Hi Brit,

Check these sites out. At this point, don't worry too much about opening new credit lines like even store credit cards. Once you maintain it for a while, you can close the ones you don't strictly need and just maintain the ones you want. Remember, even after 3 or 4 years, you may not have a great credit score just because the length of your credit history is short. So if you plan to purchase a home and your wife has great credit, you may not want to put your name on the mortgage to get a better rate.

Good luck!

http://www.mortgage101.com/Articles/Credit.asp?ArticleID=1320&p=mtg101
http://www.myfico.com/CreditEducation/?fire=1
 
running_swede said:
Not true. Gas and Electric show up on my credit reports. Paying utility bills on time will help your credit score.
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Wrong.

You must have access to the super secret credit reports. On the standard 3 - Equifax, Experian and TransUnion - utility bills do not appear anywhere.

It's called a CREDIT score, why do you think that is? Maybe cuz it is based on CREDIT. Utilities don't extend credit to you and hence do not appear on a CREDIT report.

This is From the NY State Web Site at http://www.banking.state.ny.us/brcrcs.htm

What FICO Scores Do Not Look At:
Support obligations, rental agreements or utility payments.
 
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If you like electronics like I like them :) you should check out a good store card. We have Bestbuy $1500 limit (www.bestbuy.com) a Visa $5000 limit, I bought a car for $15000. We will be looking into buying a house in Feb. 07. Can't wait to get out of this paying rent crap.

It really does not matter how much money you make per year. They look strongly at how long you have been on your job (most places do). A friend of mine got a $5000 visa, and a $1500 master card and she makes like $8 hr. But she has been on her job for 3yrs.

Stay away from credit cards that say they will give you a card for like $80 or something like that and then they charge all of the rest to your card. They give you a visa with like a $300 limit and then you have to pay it down, and they charge you like $6 a month plus payment, and like $50 a year for other charges. You start in a pit and you stay in a pit.


When you do get a credit card, make sure you pay more than the min. That makes your credit score higher. Also when I bought my car I only put $1000 down and they gave me $4000 for my trade in. When they hit me with the taxes it was like I didn't put anything down.
Join a bank and get bill pay and have them make your payments on everything, credit cards, car loans, and anything else. You can set your payments up like 3 days before they are due. So if your payment is due on the 12th of every month you have your billpay set up for the 9th. That way your payment is early every month and your bank is taking the money right out of your account so you don't have to worry about it.

I am with usbank and they have free billpay, and free checking. Most banks do, but they also give you .025% back on everything that you charge on your debit card (check card) :eek: . So I make sure I pay everything with my card, that way I have christmas money at the end of the year, from everything I have been buying.
Also do Direct Deposit with your bank and job. Banks tend to give you a chance sence you are putting your money idirectly in their bank.


But the things that make your credit go up is:

1. Pay on time, or early.
2. Pay more than you owe (credit cards)
3. Stay on your job for a long time.
4. Don't be late with anything (rent, gas bill, car payment, credit cards, etc.)


If you bounce checks go to your bank and talk with them, most every time they will take it off, and return your bounced check fee. You can call them on the phone and they will give you one back per year, but if you walk into the bank, most of the time they will take them off. As long as you are not bouncing checks all the time.


Well that is all I can think of for now.
 
eddie_d said:
Wrong.

You must have access to the super secret credit reports. On the standard 3 - Equifax, Experian and TransUnion - utility bills do not appear anywhere.

It's called a CREDIT score, why do you think that is? Maybe cuz it is based on CREDIT. Utilities don't extend credit to you and hence do not appear on a CREDIT report.

This is From the NY State Web Site at http://www.banking.state.ny.us/brcrcs.htm

What FICO Scores Do Not Look At:
Support obligations, rental agreements or utility payments.
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No, you are wrong. :rolleyes:

All my cedit reports from Equifax, Experian, and TransUnion (no I do not have access to any "super secret credit reports") include my past and present accounts with Duquesnes Light (electricity). My wife's reports from Equifax and Experian (I do not have her TransUnion report) includes her account with Equitable Gas, and her Equifax report even includes her account with Verizon (telephone).

Instead of relying on thrid-party information, why do you not consult the primary source? If you check out http://www.myfico.com/CreditEducation/WhatsNotInYourScore.aspx, then you will notice that nothing is said about utility payments not being included. Also, have a look at this article: http://biz.yahoo.com/usat/060516/13555433.html?.v=1

If your utility companies do not report your accounts to the credit report agencies, then those accounts will obviously not be included, but that does not mean that no utility companies submit information to cerdit report agencies. Please do not misinform the readers on this board just based on your personal experience. :cool:

Besides, you do actually have credit with utility companies since you pay after you use their services. So your semantic argument is pure nonsense. :p
 
The easiest way is to get a spouse card from your wife's credit card. Why bother going out and get rejected? Each application inqury will be recorded. You're in a much better position than those single people with no credit history.

Actually you should have got it before you get GC. From first time you use the card, you are building your credit, even if you don't have a ssn at the time. A friend of my mine, F2(wife of student, so no ssn), started her credit history this way. Later she changed to F1 and got ssn, when she applied a credit card on her own, she already had some her credit history.
 
running_swede said:
No, you are wrong. :rolleyes:

All my cedit reports from Equifax, Experian, and TransUnion (no I do not have access to any "super secret credit reports") include my past and present accounts with Duquesnes Light (electricity). My wife's reports from Equifax and Experian (I do not have her TransUnion report) includes her account with Equitable Gas, and her Equifax report even includes her account with Verizon (telephone).

Instead of relying on thrid-party information, why do you not consult the primary source? If you check out http://www.myfico.com/CreditEducation/WhatsNotInYourScore.aspx, then you will notice that nothing is said about utility payments not being included. Also, have a look at this article: http://biz.yahoo.com/usat/060516/13555433.html?.v=1

If your utility companies do not report your accounts to the credit report agencies, then those accounts will obviously not be included, but that does not mean that no utility companies submit information to cerdit report agencies. Please do not misinform the readers on this board just based on your personal experience. :cool:
Click to expand...

Like I said you have access to a super secret credit reporting measure that nobody else seems to have. I have never seen any utility on any of my reports and I've lived in 5 states with probably 30 separate utilies.

As for your source, notice it says "Alertantive" credit reports. This was started because utilities are NOT on standard credit reports and people with no credit history but a good history of paying their bills were penalized.
 
eddie_d said:
Like I said you have access to a super secret credit reporting measure that nobody else seems to have. I have never seen any utility on any of my reports and I've lived in 5 states with probably 30 separate utilies.
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Have you lived in Pennsylvania? Have you had an account with Duquesnes Light, Equitable Gas, or Verizon? As I said before, just because you have not had any utility accounts show up on your credit reports it does not mean that utility accounts cannot be factored into credit scores. Capice!
eddie_d said:
As for your source, notice it says "Alertantive" credit reports. This was started because utilities are NOT on standard credit reports and people with no credit history but a good history of paying their bills were penalized.
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Convenietly you fail to address the information on the FICO Web site that I referred you to as well. It is interesting to note that on the third-party Web site it says "Support obligations, rental agreements or utility payments," while FICO's own Web site says "Any items reported as child/family support obligations or rental agreements." As you can see, nothing about utility payments not being considered if you go to the original source instead of a third-party Web site. Besides, I was talking about credit scores in general, while you were the one talking specifically about FICO scores. The article I quoted shows that utility accounts most certainly can be a factor in credit scores, which was exactly the point I was making initially. The FICO score is just one of many credit scores. My bank got at least four different credit scores for me when they evaluated my mortgage application recently.

Anyway, if your utility accounts are not on your credit report in the first place, then obviously they cannot be a factor in your credit score. Perhaps you should call your utility companies and complain. Ask them why they are not reporting your accounts to the credit reporting agencies. If you make timely payments, then it is in your own interest to have that information in the credit reports.
 
TheInquisitor said:
so do you guys a need a social security number? or is a enough? thank tyou.
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Credit card companies will ask for your social security number when you apply for a card. I think you will have a hard time getting credit without a social security number, since they use it to check your credit history. If your question is whether the A# is enough, then the answer is most definitely "no." The A# does not mean much outside of the USCIS.
 
Hi guys

Hi little Brit here,

I joined my wifes Bank of America. Joint a/c. Shouyld recieve the card in the next few days. The A# like Swede said will not help u get credit u would need a social. Even when u have a social # it takes a week or 2. For creditors to find you so u can get credit.

I am applying for a Orchard credit card this Friday. I will let u guys know how it goes.

Keep posting anything to do with obtaining credit.

Thanks guys
 
Talked to a freind who applied to a number of places and finally got card from Bank of America at 8 % apr.Hope this helps.
Yes payment of utility bills do effect ur credit scores.

juno
 
Hey little brit,

You should try Target store credit card, I got my first credit card from there credit limit was minimal, but it has served the purpose. It builds you credit, that was 4 years ago.. after couple years you are able to get any credit card, car loan etc. you want, requiring of course that you make payments on time :)
 
Getting credit might be the easier part compared to managing your credit. Once you get SSN, there will be people dying to advertise credit cards and other misc. consumer loans. Just be careful about managing your credit, for more information you can visit websites set up by the Federal government that educates people about credits, www.consumer.gov under the "Money" section and www.mymoney.gov under the "Credit" section.

Good luck,
Jimmy C.
 
Hi

Hi guys,

Little Britain here.

I applied and got accepted for a Secured credit card with Orchard bank.

I tried to sign up for a fair issac credit monitor pack. It wouldnt let me so I have to contact them and get a little interview by them.

Good luck guys.

Anyone want a card get an orchard card.

See u
 
jimmyc said:
Getting credit might be the easier part compared to managing your credit. Once you get SSN, there will be people dying to advertise credit cards and other misc. consumer loans. Just be careful about managing your credit, for more information you can visit websites set up by the Federal government that educates people about credits, www.consumer.gov under the "Money" section and www.mymoney.gov under the "Credit" section.

Good luck,
Jimmy C.
Click to expand...

Good on Ye Jimmy! Excellent info.
I was thinking that new immigrants may be eager to get credit will not be surprised at how many credit companies are more than willing to extend them generous lines of credit only to get you locked into obligation of having to pay on a high interest cc for years,
The same things happen to University Students.
My advice is get 1 and use it to establish/ build credit & for emergencies for things like Hotel , Airline, & car resevations where a credit card is required. And then get an ATM/ Visa Debit card from your bank. and like people already mentioned Pay it off in full every month. once you build a decent credit score you can apply for an auto loan pay it off early and before you know it you will have excellent credit score. As Running swede mentioned applying and ghaving too many lines of credit actually puts you at a higher risk therefore lowering your score.
 
HAHAHA Addie_Goodvibes,
Let's just say that I was once a college student who went out every night of the week, and I had to make the ends meet by dipping into credit card. I'm still paying back my outrageous amount of debt. :)
 
any other companies worth applying to???

Hi guys,

Little Brit here..

Lets keep this popular thread.... Going.


I dont have any news yet. I still havent recvd the card I applied for but Im sure it will be soon. The company was orchard bank.

A secured credit card. I think this is a good place to get your first credit card. They report to three major credit agencies here in the U.S. so this card will definitely help you get a good or a fair credit score quickly....

Keep us all post of any GOOD OR BAD EXPERIENCES

Thanks everyone in advance...


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
Day 063 Infopass - 31st May 06 (Informed FBI background check fine!!)
June 20th D-Day EAD Approval email
6/24 EAD Received!!!
LUD I-485 7/21/06 – informed that I’m now waiting to receive their decision in the mail.
LUD I-130 7/13/06 – no status yet
LUD I765 7/21/06

Got social security number within about a week after applying for it.
 
Hey

Hi

I havent posted in a while.

I now have the following lines of credit. Orchard credit card (www.orchardbank.com)

I also have a cell phone Verizon. I got two phones and two 2year contracts (family package)

I would reccomend either of these companies. I also have a checking account with Bank of America. Which has helped me to get credit!!!!

Anyone need advice or have good advice on getting credit once you have your EAD or social security no. Please post it here!!!

Capital one... Wouldnt approve me.... Dont try them.... untill you have a least 2-3 lines of established credit (3 months - good payments)

Hope all is well.
 
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