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Regular Contributor
mazinaige
Posts: 129
Registered: ‎10-22-2008

Should I apply for card now or after graduation and employment?

[ Edited ]

I am planning to graduate with a doctoral degree from a Canadian university in June 2009. Upon coming to Canada eight years ago I cancelled my US credit cards however I still see the accounts on my US credit report. As of October 2008, it reports 16 years 7 months clean history. No lates or baddies. The only negative remark made was that I do not have any current revolving accounts. Should I apply for a credit card now while I am an unemployed graduate student in Canada or should I wait until I find employment?

 

My second question is: What would be the best card for me? I read on another thread called OLD AMEX GOLD that 'Ohboy' was able to apply for a new Amex card and have it backdated to 1984. My old AMEX is still showing on my report as a member since 1991 so I am wondering if AMEX would be the best place to start my new card search?

Message Edited by mazinaige on 11-08-2008 09:26 PM

FICO® TU: 773 4/09/2012, EQ: 772 2/27/2012, EX: 762 1/3/2009, EX: PLUS Score® 776 11/07/10, Canadian FICO® EQ: 792 7/16/2010, TU FAKO: 834 12/1/2010.
Valued Contributor
stef37
Posts: 2,205
Registered: ‎12-06-2007

Re: Should I apply for card now or after graduation and employment?

I am not certain on the issues of applying for credit while in another country. (Still US citizen, but wouldn't you need to be residing here with a US address in which to apply?)

 

Amex has been backdating accounts for those who they can find in the system via their social security numbers or the account number if you have it.

 

Congrats on your upcoming graduation!

Regular Contributor
mazinaige
Posts: 129
Registered: ‎10-22-2008

Re: Should I apply for card now or after graduation and employment?

[ Edited ]

 

 

I am from the Upper Peninsula of Michigan located along the US/Canadian border. I maintain a US mailing address where my subsidized and unsubsidized US Stafford loans from SallieMae are sent. My Michigan drivers licence also matches this address. During Thanksgiving vacation I will reopen a Wells Fargo checking account in my hometown for my Michigan address that I can access online while in Canada.

 

 

I have to tell ya, I learned a lot more about cross boarder financial transactions than I bargained for. It has been a very costly education with all the exchange fees, US dollar dropping and Loonie rising and then falling again as my students loans got converted. Ouch!

 

In the coming years, I expect to secure research and teaching employment around the Great Lakes in Michigan, Wisconsin, Minnesota, Ontario perhaps even in Manitoba. I have residences in both countries (thanks to my falling in love with a resident here). The US and Canadian credit bureaus do not share information so I need to maintain separate credit histories in both countries.

 

I hope that helps to clarify my unusual circumstances. My original question still stands. Should I get a card now or wait until I graduate and secure employment? Should I apply for a student visa since I am unemployed or a regular visa since I already have 16 years 7 months credit history?

 

Map of Upper Peninsula

 

Map of Great Lakes

Map of Great Lakes

Message Edited by mazinaige on 10-31-2008 07:26 PM

FICO® TU: 773 4/09/2012, EQ: 772 2/27/2012, EX: 762 1/3/2009, EX: PLUS Score® 776 11/07/10, Canadian FICO® EQ: 792 7/16/2010, TU FAKO: 834 12/1/2010.
Valued Contributor
stef37
Posts: 2,205
Registered: ‎12-06-2007

Re: Should I apply for card now or after graduation and employment?

I have a friend in Sarnia, ON and she is like a step away from the US.

 

You've got great history but may run into some problems getting re-established since nothing is open right now. Unless the student loans report to the US bureau's?

 

If you are interested in Amex, then it would be a good choice due to the backdating. There is a link to the pre-selector to see if they may have any offer's for you. I'm not sure how reliable it is, but I recently had some pop up and was instantly approved when I did apply.

 

It's in this thread:

 

http://ficoforums.myfico.com/fico/board/message?board.id=creditcard&thread.id=40344

Valued Contributor
stef37
Posts: 2,205
Registered: ‎12-06-2007

Re: Should I apply for card now or after graduation and employment?

Oh and I would like to add a suggestion for Bank of America. They are usually generous and nice to those with no/short/lacking in history. :smileyhappy:

 

They too have a section on their website to input your information to see if you have any offers. I don't think it's always accurate either, but interesting to try.

Regular Contributor
mazinaige
Posts: 129
Registered: ‎10-22-2008

Re: Should I apply for card now or after graduation and employment?


stef37 wrote:

Amex has been backdating accounts for those who they can find in the system via their social security numbers or the account number if you have it.


I called Amex customer service to ask about backdating my account and was told that while they do recognize members by their original membership date, it is just a 'vanity plate' on the card but it does not impact the length of history reported to credit agencies. How disappointing! :smileysad:  I'm going to ask 'OhBoy' what happened with his credit report after Amex accepted his OLD AMEX GOLD

 


FICO® TU: 773 4/09/2012, EQ: 772 2/27/2012, EX: 762 1/3/2009, EX: PLUS Score® 776 11/07/10, Canadian FICO® EQ: 792 7/16/2010, TU FAKO: 834 12/1/2010.
Valued Contributor
stef37
Posts: 2,205
Registered: ‎12-06-2007

Re: Should I apply for card now or after graduation and employment?

You may need to call Amex's credit reporting department. I wouldn't rely on frontline CSR.

 

800-874-2717

Regular Contributor
mazinaige
Posts: 129
Registered: ‎10-22-2008

Re: Should I apply for card now or after graduation and employment?

Thanks for the number. I will call them during regular business hours and ask about it. I would certainly like to save that history before it falls off my report. Had I known better I would not have closed my accounts, but perhaps it saved me from a rocky period of life. Who can say? At least I didn't acquire any negative marks. They should teach high schools students all about credit card history management. All I knew was don't pay late.

FICO® TU: 773 4/09/2012, EQ: 772 2/27/2012, EX: 762 1/3/2009, EX: PLUS Score® 776 11/07/10, Canadian FICO® EQ: 792 7/16/2010, TU FAKO: 834 12/1/2010.
Established Contributor
SonorityGenius
Posts: 729
Registered: ‎10-21-2007

Re: Should I apply for card now or after graduation and employment?

Congrats on your upcoming graduation!

Follow the back-date Amex thread-trick first, before you pile on any inquires.


I would suggest you go the BofA secured route first 99/500 and than build up your history with 'activity'  = scores increasing, esp with Amex age if you're able to pull it off would do wonders to your score!

Regular Contributor
mazinaige
Posts: 129
Registered: ‎10-22-2008

Re: Should I apply for card now or after graduation and employment?


stef37 wrote:

You've got great history but may run into some problems getting re-established since nothing is open right now. Unless the student loans report to the US bureau's?

 

If you are interested in Amex, then it would be a good choice due to the backdating. There is a link to the pre-selector to see if they may have any offer's for you. I'm not sure how reliable it is, but I recently had some pop up and was instantly approved when I did apply.

 

It's in this thread:

 

http://ficoforums.myfico.com/fico/board/message?board.id=creditcard&thread.id=40344


 

When I tried the pre-selector this is what it said:

We are not able to provide you with any pre-selected Card offers at this time.

If you're already a Cardmember, Click here to view exclusive Cardmember offers.
If you are not a Cardmember, it is possible that:

* We were unable to locate your credit history.
* Our system may be down.
* You may have attempted to qualify for special Card offers within the last 30 days

You may still apply for other Cards. View our most popular Cards below.

Blue from American Express
Hilton HHonors Platinum Credit Cards
Rewards Plus Gold

I think I tried the pre-selector too soon. There are different addresses on each of my CBR because as a student I have moved around a lot over the last 8 years. For a while, I had my SallieMae student loans mailed to Canada and within the last month I have requested that they be mailed to my home in Michigan. I am in the process of updating my US address on each CBR. I will try the pre-selector in another month or two once my reports have updated. Thanks for your help. :smileyhappy:

 

 


FICO® TU: 773 4/09/2012, EQ: 772 2/27/2012, EX: 762 1/3/2009, EX: PLUS Score® 776 11/07/10, Canadian FICO® EQ: 792 7/16/2010, TU FAKO: 834 12/1/2010.

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