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Raziel77 wrote:
Hello, I've been living in USA for 2 years, I have a free checking account in Washington mutual since 2006 and I have their debit card, that's it.
Today I received my social security number, will I have a Fico credit score? or I must wait? or I should apply for a credit card?
can I make use of the checking account? I can call the bank and give them my Social Security number and they can report the account age to the credit score Bureau, giving me a good history?
Congrats on the SSN!
You will not have a score as nothing should be reporting to your CRs. Asking the bank to report won't help any as they don't report checking, savings, or investment accounts.
You'd really need to establish credit before you can get a score. I'd recommend applying for a secured CC somewhere (or try unsecured first). After you receive the card, then wait 6 months, and a new FICO score could report. One of the minimum requirements for a FICO score is to have an open account for at least 6 months.
I was in the same boat when I moved to the US several years ago.
I strongly suggest secured credit-cards and loans. I highly doubt you will be approved for store-cards. I tried it with Sears and got denied.
I started with Plains VISA (I know, high fees but I still got it - it truely helped me) and Auto-Loan from Ford Credit (yes, they approved me WITHOUT credit due to a high down-payment).
You can also try New Millennium Bank (secured card) or your local CUs to get secured loans and CCs.
After 6 months, you will have a score. My first one was a 680 - not too bad for 6 months of history.
Here is one tip:
start small and build..
one website will give anyone credit regardless. You have to buy something small and ask for choose & charge account. if you have no credit or bad they will send a letter asking you to pay 30% or 50% of the total (buy something small at first to pay off) and they will approve you for a 400$ credit limit.
Use you Bank's auto bill payer and make the rest of the payments. Do this for a few month's then go to a larger account.
I first bought something when i was 16 from their catalog and not knowing they give me credit/ never used it either.
The day after i turned 18 i got a department store card with a 3k $ limit.
There website is: www.seventhavenue.com, www.midnightvelvet.com; www.swisscolony.com; www.ginnys.com; www.monroeandmain.com;
Hope this helps someone!