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Established Member
Posts: 15
Registered: ‎05-15-2009
0

New to this country....need credit

I just got married a couple months ago and recently received my work permit and social security number. My next step is to get a job and build my credit. She has excellent credit, not sure of the score but close to 800 I believe.  My plan was to become an authorized user on her credit card.  After doing some research I have found that this is a very successful strategy.

 

Does anyone know how much and how fast this can improve my score? Also, since I have no credit what would my score be right now? Her cards have been open for over 10 years. Will I receive the same benefits as her as to the length of the accounts being open or will my report just show the beginning date as when I signed up to be an authorized user. One last question. Should I sign up to be an authorized user on all her cards or start slow? She has one with a $20,000 limit and a 0 balance...........wow, I am lucky!

 

Thanks 

Established Contributor
Posts: 790
Registered: ‎09-09-2008

Re: New to this country....need credit

[ Edited ]
At the moment, you don't have a score. Any credit inquiries would come back blank. No cable TV for you :smileyvery-happy:. That should change immediately as soon as your AU account reports. If I see this correctly, the account should report with its correct age, and it should help your score immensely. Beware: Some CU's don't report AU's. Some banks have started with this behavior, too.

 

Your work permit is the temporary green card? That should help. I haven't seen that one, so if your SSN card contains any additional condition than just a plain number, some banks will make trouble, but you can usually fix this with some persistence.

 

If you are not in a terrible hurry, you can just use your debit card from your main bank or CU for about 6 months, which is usually sufficient for them to give you your own card. Or you ask for a secured card. It will be interesting to see how they judge the AU card. It might lead to a smooth entry into the credit world. Good luck!

Message Edited by Ulan on 05-15-2009 06:39 AM
Established Member
Posts: 15
Registered: ‎05-15-2009
0

Re: New to this country....need credit

How long would an AU account normally take?
Established Contributor
Posts: 790
Registered: ‎09-09-2008
0

Re: New to this country....need credit


p350z wrote:
How long would an AU account normally take?

With reporting? Depends on the lender and differs a lot. If you tell us which card it is, someone might know something more specific.

 

You would get a score 6 months after it starts reporting

Established Member
Posts: 15
Registered: ‎05-15-2009
0

Re: New to this country....need credit

It is a United Airlines Visa. Also, my plan obviously is to get my own credit card after becoming an AU. Is it possible to get a card before the waiting period of 6 months for a score because I will already have at least something established.....just not a score.

 

Thanks for all your help Ulan...glad I discovered this forum. 

Valued Member
Posts: 42
Registered: ‎02-28-2008

Re: New to this country....need credit

I was in the same position 2 years ago.

 

What I did:

 

I opened a checking account with Chase (since you are going to work you wanna use direct deposit anyways and you get $125 this way from Chase.

They saw the direct deposit and I offered me  a CC, which started with $300.

Now, 2 years later I am up to $6200 only with Chase.

 

Fortunately you are already married, so yes, being an AU will rock the house pretty fast.

You will have it easier than me...

 

Regarding my credit score I went from 0 to around an average of 740 in 2 years.

And I just bought a house :smileywink:

 

 

FICOs April'09 : TU 743, EQ 725, EX:733
FICOs March'09: TU 694, EQ 725, EX 733
Valued Contributor
Posts: 1,754
Registered: ‎11-03-2007

Re: New to this country....need credit

I was in  the almost same position 2 years and 11 months ago. The difference is that my DW did not have any credit.

I started with BOA secured card on 06/2006, 3 years later I have plenty of credit, approved morgage at 5.125% and my scores are from 725 to 760.

Being an AU on your wife's card/s will boost your score nicely.

 

Good Luck.

IN VINO VERITAS.
Established Member
Posts: 15
Registered: ‎05-15-2009
0

Re: New to this country....need credit

Here's another one about AU's. Say a year down the line my credit scores are established and looking good. I have 3 cards on my own now. Do I stay as an AU on the wife's account or should I take my name off her accounts because too many accounts will be established?
Valued Member
Posts: 42
Registered: ‎02-28-2008
0

Re: New to this country....need credit

p350z,

 

since you are married it doesn't matter if you are an AU or not, AFAIK.

You are liable either way for your wife's accounts, at least where Iive (in Cheeseland)

 .

 

FICOs April'09 : TU 743, EQ 725, EX:733
FICOs March'09: TU 694, EQ 725, EX 733
New Contributor
Posts: 73
Registered: ‎01-16-2009

Re: New to this country....need credit

My hubby just got his SSN and PR card in September '08 and his FICO is currently 750!  Here is what we did...added to him my checking account which had a $1,000 line of credit on it, dating back to April '08.  In December '09 he applied for and received a Capital One Card in his name with $300 limit.  He used the card and paid off the bills on time for 3 months.  By April of '09 (one year anniversary of the oldest item on his credit report), his FICO was 750.  I am amazed it was that easy!
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