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many thanks to this forum to let me know the importance of getting a credit profile. I'll soon fly to america as a new immigrant and i'd like to build my credit from scratch. Do you guys think i can get a secured card from large banks like BOA, CITI, WF with blank credit history and no income in the first place? I learnt that those banks will hard pull and often deny those with bad or no credit history even for their secured credit cards. What other options do i have just to establish my credit profile?
@myflame wrote:many thanks to this forum to let me know the importance of getting a credit profile. I'll soon fly to america as a new immigrant and i'd like to build my credit from scratch. Do you guys think i can get a secured card from large banks like BOA, CITI, WF with blank credit history and no income in the first place? I learnt that those banks will hard pull and often deny those with bad or no credit history even for their secured credit cards. What other options do i have just to establish my credit profile?
Welcome to the forum
Check out local credit unions in your area when you arrive and see if they offer secured cards and if so join one. Keep the card in good standing for a year then look into major banks.
Another option is opening a savings or CD and getting an secured card which is secured by the deposit.
Other than that it will truly be hard to obtain a card from the banks you listed with no credit file.
Also don't make the mistake of creating a file by applying for cards and getting HP's for denials because it will just set your future attempts at obtaining credit just that much further back.
Good luck and best wishes
Thanks for the advice. It's very helpful to avoid any stupid attempt in my arrival.
@myflame wrote:Thanks for the advice. It's very helpful to avoid any stupid attempt in my arrival.
Check out the Capital One Cash Rewards for Newcomers. APR is high at 24.9% and no annual fee but I would guess you qualify. Hope this helps.
I guess Capital One Cash Rewards for Newcomers is not a guaranteed approval. I leanrt some newcomers are turned down anyway coupled with 3 HPs. Maybe it's just a matter of luck.
I'll be a permanet resident with SSN staying in Chicago and i'll probably not make a decent deposit in my arrival because of the low interest rate here. In my current country you can expect a annual interest rate at 4% through CD. I think i'll go with the safe and conservative way by getting a secured card from small bank or local CU first.
Assuming that i'll get a secured card, graduating in one year and put the graduated unsecured card in good standing for another year, is it possibly for me to get a 0% APR in a AUTO loan?
SDFCU has one of the better secured cards which is good for starter. But how can u pay off the monthly balance in a area without its branches? Through other's banks ATM?
Also, does it report to 3 CBs as unsecured? I heard some said reporting as secured while others unsecured. Rather confusing.....