Building History - New to the USA

[Anonymous]

I am new to the US, and got my first full time job in May 2014. I applied for SSN in April 2014.

My wife is a US citizen, and has been in her job for the past 8 years.

Before I got my SSN, I was on my wife's joint account and added as an authorised user on her credit cards.

End of May 2014, I went to the bank, and I was told that I qualify for a pre-approved Chase Freedom card.

Applied for it, and got the card, with a limit of $4k.

I always pay off my balance in full, usually before the due date, and always use the credit card to make purchases where I can.

Now I read, that I should apply for more credit cards, to build up my history.

If this is correct, is now the right time to apply for another Credit Card, or wait another month or so?

If I should apply for another credit card, which one should it be?

P.S. We are also looking at buying a house next year, so I would like my credit score in a decent range.

My wife's credit score is in the 500's, she is also working on getting her credit score high.

Please suggest.

Thanks

[longtimelurker]

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@Anonymous wrote:

I am new to the US, and got my first full time job in May 2014. I applied for SSN in April 2014.

My wife is a US citizen, and has been in her job for the past 8 years.

Before I got my SSN, I was on my wife's joint account and added as an authorised user on her credit cards.

End of May 2014, I went to the bank, and I was told that I qualify for a pre-approved Chase Freedom card.

Applied for it, and got the card, with a limit of $4k.

I always pay off my balance in full, usually before the due date, and always use the credit card to make purchases where I can.

Now I read, that I should apply for more credit cards, to build up my history.

If this is correct, is now the right time to apply for another Credit Card, or wait another month or so?

If I should apply for another credit card, which one should it be?

P.S. We are also looking at buying a house next year, so I would like my credit score in a decent range.

My wife's credit score is in the 500's, she is also working on getting her credit score high.

Please suggest.

Thanks

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Is your wife's 500s FICO score?   If so, and you want to buy a house based on joint income, I would worry more about that!  What is causing it to be that low?

For your card, try the preapproval sites (Chase and Citi for example) and see if they suggest anything.  Waiting a while might be better to get 6 months of history on your card.

Did you have an Amex in your previous country?  If so, you can use Global Transfer to get one here.

[Anonymous]

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@longtimelurker wrote:

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@Anonymous wrote:

I am new to the US, and got my first full time job in May 2014. I applied for SSN in April 2014.

My wife is a US citizen, and has been in her job for the past 8 years.

Before I got my SSN, I was on my wife's joint account and added as an authorised user on her credit cards.

End of May 2014, I went to the bank, and I was told that I qualify for a pre-approved Chase Freedom card.

Applied for it, and got the card, with a limit of $4k.

I always pay off my balance in full, usually before the due date, and always use the credit card to make purchases where I can.

Now I read, that I should apply for more credit cards, to build up my history.

If this is correct, is now the right time to apply for another Credit Card, or wait another month or so?

If I should apply for another credit card, which one should it be?

P.S. We are also looking at buying a house next year, so I would like my credit score in a decent range.

My wife's credit score is in the 500's, she is also working on getting her credit score high.

Please suggest.

Thanks

---

Is your wife's 500s FICO score?   If so, and you want to buy a house based on joint income, I would worry more about that!  What is causing it to be that low?

For your card, try the preapproval sites (Chase and Citi for example) and see if they suggest anything.  Waiting a while might be better to get 6 months of history on your card.

Did you have an Amex in your previous country?  If so, you can use Global Transfer to get one here.

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I dunno if her FICO score, that her credit score, she says :/

Just bad decisions with her credit cards management, paying minimum $$ off every month etc.

But she has paid off all her credit cards debts, and she is wotrking on paying off her $6k loan.

She also has her students loans. I have asked her to start using her credit cards for small purchases that she can afford to pay off in full, so that should help with her score.

I didnt have Amex in Australia, but I do have a citibank credit card in Australia.

So you suggest, waiting until November 2014, and then applying for another one?

[longtimelurker]

I would look at the preapproval sites now, and I guess if something reasonable comes up, you can get it now.  But otherwise getting 6 months history might help get better rates and higher limits.

Citi does do something like Global Transfer but on a much more limited basis, see https://online.citibank.com/US/JRS/pands/detail.do?ID=MovingtoUS

[Anonymous]

If you're planning on buying a house, I'm not sure that applying for more cards would be beneficial. Or, at least, I wouldn't wait. Apply now and get it over with, then manage your credit well for the next year or so before applying for a mortgage.

[Anonymous]

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@Anonymous wrote:

If you're planning on buying a house, I'm not sure that applying for more cards would be beneficial. Or, at least, I wouldn't wait. Apply now and get it over with, then manage your credit well for the next year or so before applying for a mortgage.

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I have limited credit history here in USA, and my wife's score isnt too great, but she is working on it.

My thinking is, if I can get a better score than my wife, then I alone could apply for the home loan and get better rates.

Hence, I am in this situation, if I do plan to buy a house early next year, would adding another credit card help my file?

Thanks

[HiLine]

Yes you want to have another credit card. 1 card is too few for a mortgage application.
But I would focus on resolving your wife's credit problems first. Pull her credit report and find out what's wrong.