07-29-2013 09:51 PM
As I have said elsewhere, a fantastic writeup that really deserves to be stickied.
In the new to the US section I would consider adding a line about establishing a bank relationship (this worked for a friend of mine who deposited a large amount (>10k) with a bank, and appears to have worked for me), something to the effect of:
- Try establishing a relationship with a local bank or credit union that you would like a card with. While not as instaneous as some of the options, if you open a checking account with one of the banks or a credit union and make a large deposit or regularly input your salary into it, it may assist in getting a card. The limit may be small, but its a foot in the door.
Thanks, tornadoguy! Will definitely add that to the post, as it is an excellent way to build credit especially while new to the US!
@sergi; feel free to post and/or message any recommendations you have! I'll be sure to credit you and tornadoguy on the sticky, as well as a general "thank-you" to the forum, since some of the advice has been picked up from the threads!
thanks again for the recommendations! I have off from work on wednesday, and I typically get very bored when I get through multiple pages of the threads, so this will be the perfect day for me to edit!
11-18-2013 11:31 PM
This is a hard one to sticky as there's multiple different paths: it's not one size fits all even when it comes to building out of no-file status which this post appears mostly geared to. Speaking as a forum member I think it's a great start, and I do like the: "No File? No Score? No Problem!" approach.
I'd suggest fleshing out some of the options as right now it sort of struck me as advertising for Citi and Cap One. . Wasn't your intention to be sure, but there's give or take 5 very good secured cards that have varying strengths and weakenesses as an example, of which Cap One is only one. There's likewise a number of respectable student cards as well. This is a post which requires non-trivial care and feeding I suspect as lender offerings change all the time.
There's some information lacking on what one should be shooting for in initial building (2-3 tradelines, may have missed that statement); also as an example it varies substantially if one does need the secured route if one only has $100, or one has $10000 that can be tied up for a year. Bonus points for establishing secured installment loans as well for those which don't have them on their reports.
Finally it's probably best served off in Gen Credit or similar; not particularly intrinsic to CC forum. That's easy to move later.
My thoughts anyway.
11-21-2013 01:38 AM
Great post! Even though I'm not completely starting from scratch, I'm still new to the whole world of credit in general and am slowly working on improving my credit so I can get some good loans in the next few years. I could have used a good tutorial or just general education back when I was totally brand new and, overwhelmed by the idea of credit scores and cards and rates, I just took a shot in the dark. As it happens, I have been extremely lucky so far.
I guess I'd like to add my own bit of personal experience here: The summer after I graduate college and heading to grad school I decided that having a credit card was part of being an adult but knew nothing about credit cards or what an APR was or how they even worked, really. I had absolutely no credit history to speak of whatsoever. I saw the Citi Forward for Students card on a recommended cards page and applied and, after sending them proof of enrollment, lo and behold I was approved! Worst APR, but got a generous $3k credit limit (and this was using my measly grad stipend as a salary)! Later, it was auto-increased to $5k. I didn't even truly appreciate or use the rewards system properly until recently, and I let some pretty high balances report (paid in full each time, but didn't know anything about utilization) - I want to kick myself a little when I think about this and wish I had read a guide like this. But anyway, I wanted to provide a little optimism for people who are starting out and clueless - I have noticed that this card seems to be regarded as somewhat difficult to obtain on these forums, but I wanted to add my piece as someone who was, as far as anyone might think, the target applicant for a student credit card designed for college students with presumably little to no credit. I understand that these things vary wildly and somewhat inexplicably but with some luck, starting your credit history will not necessarily be as daunting a task as you might think.
I've had my Citi Forward card for just over two years now and only just recently opened a second CL (Amex BCP), so I'm still on the first part of the road and eager to proceed with the wisdom and advice I've picked up on this forum