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New Member
Posts: 2
Registered: ‎04-14-2013
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Moving back to the US .... What to do?

[ Edited ]

Hello

Im new to these forums and looking forward to becoming an active member.

 

When I was a teen, my family moved overseas, now im 22 and moving back to the US alone..

Im coming with some cash and I won't be working for at least a couple of months.

 

Since im going to be with no credit history at first, are there any specific credit cards i should apply for (ive looked up those secured cards and newcomer cards as well) Also, how many credit cards should i start out with to build credit fast.

 

I plan on paying for most of my living/daily expenses using credit, and paying all the bills before the balance due date.

My main goal is just to build my credit as fast as possible and getting the highest score in the shortest amount of time.

 

Your help is much appreciated!

 

 

 

 

Valued Contributor
Posts: 1,453
Registered: ‎04-14-2012
0

Re: Moving back to the US .... What to do?

Join a credit union to do your banking with, build a relationship with them.

Get yourself a secured card...check out Bank of America. 2 of them if you can.

Work your plan, charge it, pay it off and start over again.

 

And, WELCOME to the forums!!

*8/10/13
Epic Contributor
Posts: 21,606
Registered: ‎03-19-2007
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Re: Moving back to the US .... What to do?

+1

Another helpful tactic is to get yourself added as an authorized user (AU) on one or more solid accounts of another, such as a family member.

 

AU status can show an instant credit history, and is often helpful for new consumers, since the added account history is included in your FICO scoring just the same as if the account had been yours fron the git-go.

 

While AU status is not usually something you want to hold onto as your own credit score improves and you begin to app for higher levels and better types of credit, it is very helpful for those building.  Having an AU reporting to your CR makes it impossible for creditors to view your score without the added account, so could lead to issues when you app for credit where the creditor does a manual review of your CR, and sees that score is based in part on credit history that is not yours.

However, many lower-end types of starter credit base their determinations primarily if not exclusively on your FICO score, and thus spare the time and expense of a more thorough manual review.  Thus, a solid AU account can be golden.

 

It's a good way to get your foot in the scoring door.

New Member
Posts: 2
Registered: ‎04-14-2013
0

Re: Moving back to the US .... What to do?

[ Edited ]

Thanks for the replies guys

 

I considered joining a credit union but it seems it's gonna be too much of a hassle at first, to find one close to me, getting accepted etc..  maybe ill join one later on.

Im gonna start with Chase or TD bank i think.

 

What about going for 2 cards at first, the BofA Americard Secured, as I dont have a problem with depositing a few hundred bucks, and one for limited history not secured such as the Capital One Cash Rewards for Newcomers ?..

 

And as for the post above this, i dont want to get involved in family members or friends credit etc.. so i dont think AU status is something for me...

 

More suggestions would be great!

 

Community Leader
Senior Contributor
Posts: 27,607
Registered: ‎02-07-2013
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Re: Moving back to the US .... What to do?


YuvNYC wrote:

Thanks for the replies guys

 

I considered joining a credit union but it seems it's gonna be too much of a hassle at first, to find one close to me, getting accepted etc..  maybe ill join one later on.

Im gonna start with Chase or TD bank i think.

 

What about going for 2 cards at first, the BofA Americard Secured, as I dont have a problem with depositing a few hundred bucks, and one for limited history not secured such as the Capital One Cash Rewards for Newcomers ?..

 

And as for the post above this, i dont want to get involved in family members or friends credit etc.. so i dont think AU status is something for me...

 

More suggestions would be great!

 


BofA is a good choice as it will graduate to an unsecured card use it for 6 months then apply for something else. As of right now you have no file or scores so don't try to start out to fast and accumulate a bunch of INQ's (bad)  Credit is not a sprint but a marathon...it takes time

 

After 6 months you should have a file and have generated scores by that time. BTW just to make sure you know any Capital one you apply for will result in 3 HP's so consider that into your planning should you at some point decide to apply. 

At that point reevaluate your needs if your in school look at all student cards if not look into cards that fit your spending habits.

 

As far as CU you can find them any and everywhere so start building a relationship with them and banks..

 

Good luck best wishes and welcome to the USA

+ Chase ink =




Established Contributor
Posts: 635
Registered: ‎02-10-2013
0

Re: Moving back to the US .... What to do?

[ Edited ]

Your best bet is joining a good CU and getting a secured card from them.

 

I'm not sure how joining a CU is more difficult than going to a bank branch and signing up. Plus, you're going to pay less in bank fees and most CU CCs have no AF. Why ask the questions if you're going to ignore the answers? Smiley Wink

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