New resident in the USA

[Anonymous]

Hi there,

I am a new resident to the USA and being 42 and a family of 4, I find this whole credit score issue very frustrating, however I do understand the need for it.

Having an excellent credit rating from the country I moved from to having to put large deposits down for cell phone accounts and dish network accounts, is frustrating and expensive. What is the best way to increase your credit score? Is credit history always going to be an issue for me? Am I going to be 55 before I can buy a car at a reasonable interest rate?

What don't these credit companies give every new person a average starting credit score i.e. people arriving in the country or even students graduating that need to start their lives. Then monitor their performance and adjust their score accordingly?

I have another question about stolen identities but I will use another subject.

Thanks

Tony

[MidnightVoice]

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Tony4x4 wrote:

Hi there,

I am a new resident to the USA and being 42 and a family of 4, I find this whole credit score issue very frustrating, however I do understand the need for it.

Having an excellent credit rating from the country I moved from to having to put large deposits down for cell phone accounts and dish network accounts, is frustrating and expensive. What is the best way to increase your credit score? Is credit history always going to be an issue for me? Am I going to be 55 before I can buy a car at a reasonable interest rate?

What don't these credit companies give every new person a average starting credit score i.e. people arriving in the country or even students graduating that need to start their lives. Then monitor their performance and adjust their score accordingly?

I have another question about stolen identities but I will use another subject.

Thanks

Tony

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I have asked the powers that be if they have any info on this.

Suggestions from my personal experience:

Have you pay check check deposited in a local bank, or preferably a local Credit Union.  Go and talk to them and explain your sitution and see if they will give you a credit card.

If not, get a secured card as soon as possible and use it very wisely.

If you had a Barclays card anywhere else, see if they will convert it to a US Juniper card.

[wmarat]

Hi Tony!

I am pretty much new here too, 18 month and understand you very well. Unfortunately, America is very arrogant and does not want to accept past experience from other countries. I had to put high deposits for almost every service. The good thing is these money has been returned to me after 1 year. Regarding credit cards I did as follow:

1. 06/2006  Secured credit card from BOFA, CL 1000, converted to unsecured 03/2007 CL 1500, CLI 08/07 3000,  wife was AU now she is co signer

2. 12/06 Wawa Chase card, CL 1500, CLI IN 05/2007 TO 4000, S[ouse is AU, converted to co singer 11.2007

3 12/06 Macy's store card for me and spouse CL400, my cl is 1500 now( without asking for) and wife's is 2000, wife's card now converted to Macy's Visa.

4. 03/2007 JCP store card cl 150, cli 11/2007 1800, wife is AU

5. 05/2007 MC BOFA cl 3000, cli 08/2007 10000, wife was AU now cosigner

6. 08/07  Walmart store card cl 600, wife is AU

7 09/07 Chase Hess and Shoprite cards cl 1500 and 2000, wife is cosinger

8.11/07 Citi CashReturn card for wife, I am AU CL3900

9. 11/07 Amex Clear for wife CL 2400

10. 11/07 Visa Signature BOFA for wifen CL 1000 increased upon activation to 5000. I am co signer

08/07 Auto loan given by nissan , 9000 USD, 1.9% for 25 month.

11/2007 FACO's TU 664, EX 641, EQ 675

11/2007 FICO's   Tu 683, EX 688, EQ 693

Good luck

Marat

PS America is still great country

Message Edited by wmarat on 11-15-2007 09:08 AM

[haulingthescoreup]

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@Anonymous wrote:
What don't these credit companies give every new person a average starting credit score i.e. people arriving in the country or even students graduating that need to start their lives. Then monitor their performance and adjust their score accordingly?

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Welcome!

I don't know if it's different for adults new in the country, but in fact, that's kind of what happens with students. They still have to have 6 months of some sort of credit history, but I found with my adult kids that they had around a 700 score after that first 6 months. At that point, you can get some quality cards and your scores should take off. By the way, anything above 720-760 is all you need.

So hang in there, get some sort of card from someone--the Barclay's/ Juniper idea is great, and so is the credit union. In the US, credit unions are an alternative to commercial banks, and a lot less venal. They are generally more ready to give credit that the usual major banks, especially if you have direct deposit for your paycheck, and their cards work exactly the same as those from banks.

Message Edited by haulingthescoreup on 11-15-2007 04:22 PM

[Anonymous]

Hi there,

Many thanks for your replies and advise. I appreciate it.

Well I took the 1st step by getting a credit card and my score dropped 17 points :-(

http://ficoforums.myfico.com/fico/board/message?board.id=ficoscoring&thread.id=12007

Chat soon.

Tony

PS What product do I need to purchase to get all 3 scores?

[haulingthescoreup]

Ouch! Yep, welcome to credit score land. I saw your other post, and it will help once it starts reporting and showing that you're using it. There might also be the slightest hiccup of improvement at 3 months (can't remember off the top of my head.) Once the lender sees that you (1) use the card and (2) remember to pay it off, your score will go back up and pass where you started.

Anyway, to pull all three FICO scores, it's FICO Credit Complete. This just gives you a one-time set of scores; the next time you want to check them, you have to pay all over again, I'm afraid.

When you're ordering, there's a spot for a discount code, and FICO has this on the home page now: HOLIDAY25, which will give you 25% off. I think it's on the second screen, after you enter your personal info and your all-important credit card number.

[Barry]

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Tony4x4 wrote:

Hi there,

Many thanks for your replies and advise. I appreciate it.

Well I took the 1st step by getting a credit card and my score dropped 17 points :-(

http://ficoforums.myfico.com/fico/board/message?board.id=ficoscoring&thread.id=12007

Chat soon.

Tony

PS What product do I need to purchase to get all 3 scores?

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Tony,

Don't worry about the score dropping 17 points.  All you probably need to do now is: 1) don't be late on anything; 2) keep your credit card balances as low as possible but higher than zero; 3) don't apply for or open any new accounts for awhile.   If you can continue to do this you'll regain those points and much more.

Good luck and welcome to the wonderful world of FICO scoring!

Barry

[Anonymous]

Hello!!! I'm a new resident in the US too, and started to have credit only last April. I was stupid at first and tried to open up unsecured card 2x. More inquiries came when I applied for auto loan in April. So right now, I'm figuring in a low score of 638 TU, 651 Equifax. After that, I never attempted to apply for credit card. When I used the simulator on how to raise my scores, it said that I need to pay my bills on time for 24 months(mind you score would only rise up to 650 for TU and 671 for equifax)!!! That's really unfair. It's like saying that I can't apply for credit card for 2 years without lowering my score. I'm afraid to open a gas card or secured card because it may lower my score. What shall I do?

[fused]

Hi and welcome! I recommend you begin by reading the credit scoring 101 thread below. Paying down most of your CC debt quickly (not over the course of 24 months, disregard this part of the score simulator) is the fastest way to improve your FICO scores. In any event your scores aren't bad at all.

http://ficoforums.myfico.com/fico/board/message?board.id=ficoscoring&thread.id=2654