topic Re: New to the US - what would you do next? in Credit Cards

New to the US - what would you do next?

Anonymous — Mon, 04 Dec 2017 01:37:16 GMT

Hi all,

This summer, I moved to the US for a tech company. And I've been trying to get used to this "credit score" thingy.

I travel quite a lot, both for work (to Europe or Australia) and personnally (inside the US or to Asia).

The idea of getting some nice rewards by money I would have been spending anyway is quite appealing! And perks like lounge access are pretty nice as I started from scratch with my status here in the US.
The ultimate goal will be able to get a chase sapphire reserver and/or an amex platinum.

I've been lurking a lot over all the forums to glance some info, and now I'd like to get some ideas from you guys.

Thanks to some agreements from my company and my salari (150k$), I managed to get a CC from a credit union (which is also my bank) with a 15k$ credit limit on Aug 1st, and have been using it daily since. I use around 3k$ every month - or 20% (should I use it less?)
I always pay it fully as soon as I get the bill.

That is currently my only card - and my only hard pull.

In January, I'll get 6 months of credit history, which should start generating a credit score right?

For now, there's nothing showing up on any website I try to use, Experian, CreditKarma, Mint... but I can get the credit report from Experian for example.

However, will this be enough to start applying to some nice rewards cards?

I guess there's unfortunately no point to even try to apply to CSR or Amex Plat straight? Will any of those issuers take into account my salary to help out here?

If not, any ideas on where should I start then?

Now, also, waiting for those two months, I was wondering if there was any point of applying to a secure credit card - like one of those not requiring any hard pull - to start reporting 2 accounts instead of 1?

Or, should I try to ask my credit union for another credit card (they have one above the current one I have, no fees the first year) to get another credit line reporting + likely an interesting limit on it, which would bring my utilization even lower? Even if that would mean a new hard pull?

Or neither of them?

Thanks for your thoughts, and to everyone contributing on other topics as those have been of great help !

Re: New to the US - what would you do next?

Anonymous — Mon, 04 Dec 2017 01:46:19 GMT

Here's what I would do if I were you. You mention wanting rewards so I'm assuming you don't get any on your credit card right now. Wait til you have 6 months of history and then apply for some basic rewards cards such as the Quicksilver from Capital One or the Discover IT. Then once you have a year of history you should be able to get the CSR or Amex Platinum you mentioned. Also, you can check the preapproval pages on sites like Chase and see if anything pops up on there.

Re: New to the US - what would you do next?

Anonymous — Mon, 04 Dec 2017 01:56:45 GMT

So, with no credit, your CU gave you a $15,000 credit line? Proof that money talks in this country....smh.

I believe you will need to wait a while for either Chase or Amex; however, once your CU card begins reporting and you have a score, you should be fine to get an Amex charge card. The underwriting for the charge cards are fairly easy-I got one at age 20 and only a year of credit. Of course that was 18 years ago.

Once you have a score in January, you could always try both Chase and Amex's pre-approval sites to see what happens; but I would guess that you are at least 9-12 months away from being able to get a CSP. Amex in January/February, but that should tide you over.

If you have a $15,000 CU card and a good chance at an Amex charge card, I wouldn't waste your time with a secured card to be honest. You may also want to look into getting an installment loan (unless you already have a car loan. Check out some of the threads here about the Alliant Credit Union secured personal loan-its a great trick and will help with your FICO score. Again, if you have a car loan already then don't bother with this.

Re: New to the US - what would you do next?

SBR249 — Mon, 04 Dec 2017 02:30:40 GMT

If you still have ties with your home country and AmEx has a presence there, you can look into their Global Transfer Program. In essence, if you hold an AmEx (almost) anywhere in the world, AmEx will (with very few country-specific exceptions) open a new card for you in a new country you are moving to based on your history with them in the previous country. For moving to the US, AmEx requires that you have a 3-month history with them in your old country. Now if you still maintain some sort of presence in your old country and you can obtain a reasonably prime credit line with AmEx there, it may be worth it to open a new CC in your home country, put some spend on it, wait at least 3 months, then apply for an AmEx card in the US using the Global Transfer Program. Then they will look at both your US credit report and your history with them in your home country when deciding your application.

This is by no means guaranteed to work and the big caveats are that you need to still have substantial ties in your home country (financial, physical address, residency, etc.) and your credit profile there should be stronger than your credit profile in the US. If those conditions don't apply then this method is not worth it. If you think you can give this a try, it may be a shortcut to getting your foot in the door with AmEx and depending on your credit status in your home country, you may be able to apply for the AmEx Plat straightaway.

Re: New to the US - what would you do next?

Anonymous — Mon, 04 Dec 2017 03:14:14 GMT

Wow. Thanks all, that's awesome and helpful info !!

Bottomline seems like wait 'til a credit score shows, have a look at the pre-approved offers and report back here

CO_NATIVE - Looks like the Alliant Secured Credit is exactly the kind of thing I was looking for !
I'll extensively read the thread and do that
I don't have a car loan or anything, and didn't plan on getting any in the next couple year anyway.

"So, with no credit, your CU gave you a $15,000 credit line? Proof that money talks in this country....smh. "

=> Yeah, it's a CU really close to my company (big tech company) and everyone moving for the company gets referred really nicely. Account opened before getting to the US etc...

ALK11 - I do get some basic rewards, but not any perk, which is the main thing I am looking right now.
Sorry for the wording, was mainly saying that coming from Europe, getting rewards for money I'd be spending anyway is awesome.

SBR249 - Hah. I never thought of that one, I guess it's the kind of thing I could have done couple of months back, but too late now, no tie anymore in Ireland...

THANKS !

Re: New to the US - what would you do next?

Anonymous — Mon, 04 Dec 2017 03:26:00 GMT

Good luck. Please stop by and let us know how things go.

Re: New to the US - what would you do next?

Anonymous — Sat, 20 Jan 2018 18:24:23 GMT

Stopping by to update here

Today, my CC reported for the sixth time. I had hoped for that to start showing a score.

Unfortunately, my account still shows 5 months old - I guess that given it was opened on Aug 1st, I need to wait for Feb 1st for it to actually show 6 months, and get a credit score...

I did open an SSL with Alliant just before the technique was shut down, and it will also report for first time this month with a <9% util.

Still no other website giving free credit checks (Mint, CreditKarma etc...) is able to find me.

I am using Experian's trial - which at least the fact I see all my stuff there but no credit score comforts me in the fact that I "exist" in the credit world.

Re: New to the US - what would you do next?

Anonymous — Sat, 20 Jan 2018 22:39:25 GMT

Your "name" caught my eyes...I'm guessing not many people here will know what it means

Things have really changed but you'll be just fine with a bit more patience. When I moved to the US in the mid-80s to work for the U.N., banks like Chemical Bank, Manufacturers Hanover, Chase, etc were literally throwing credit at me.

As an aside, my identical twin brother lives in Dublin. He's been there since the early 80s when he attended Trinity College Dublin. Now his son is a student there and represents Trinity in rowing.

Re: New to the US - what would you do next?

Anonymous — Thu, 01 Feb 2018 08:22:05 GMT

Yay ! As expected, first credit score showed up today ! Exactly 6 months after of the date opened of the card from the credit reports

A nice EX 750

With a reaaaaally thin credit file, sure.

I am waiting for the loan to show - which should be within the next couple of days, as Alliant reports on the last day of the month - and then I'll burn a 3-bureau pull and see how it looks like on the others.

I double checked some tools like Amex pre-qualified, no charge card anywhere... Sad times I guess

MaizeandBlue: Nice! I actually started rowing when I moved here, never in Dublin.

Re: New to the US - what would you do next?

Anonymous — Thu, 01 Feb 2018 11:48:46 GMT

Congratulations on your progress so far; it wouldn't be much longer before you start getting prequalifications and offers. It just depends on how aggressive the banks/lenders are in scanning the files from the credit reporting agencies for prospective customers.

Alliant reports on the last day of the month so its just a matter of waiting for the CRAs to update their records. If your Experian trial has expired I would suggest getting the $1 trial from CreditCheckTotal.com. Just make sure you call in and cancel the trial in the first 7 days. I'm guessing that by Saturday (Feb 3) the CRAs should all have updated to reflect the Alliant SSL so you should see approx. a 30 points increase in your scores to about 780. Just make sure to time the start of the trial correctly since you can't pull scores everyday as you would with Experian. You can only do updates from all three credit bureaus on the first and seventh day of the CCT trial.

If I were in your position I would concentrate on credit cards from the large national lenders like Citi, Chase, Bank of America, American Express and Discover first. Since it seems you want travel rewards primarily, I would apply to Amex and Chase for their travel related cards. I'm surprised that your employer hasn't gotten an Amex corporate card for you since you travel for work. Anyway, I see no reason why you wouldn't qualify for the Premium Rewards Gold with your potential FICO scores and income. If no prequalification shows up; do a cold application anyway. It will be a soft pull if you are turned down so there would be no harm done.

Then I would go after the Chase Sapphire Preferred and one of the Freedom cards. Chase allows you to make two applications on the same day and they will use the same credit pull so it will only be one hard pull against your credit. The CapitalOne Venture card would also be a viable option and CapitalOne tends to approve thin credit files more frequently than the other major lenders.

Keep us updated and good luck.

Re: New to the US - what would you do next?

Anonymous — Thu, 01 Feb 2018 20:35:01 GMT

Thanks for the tips regarding CreditCheckTotal.com, will check it out.

Regarding the AmEx PRG, I heard that the underwritings for all the charge cargs were the same. If that's the case, what's the reasoning behind applying for PRG? The Platinum would be something giving me more benefits with the travel I do.

I was also asking myself if I should apply to the PRG now, and wait for one of those 100k sign-up offers to come up for the Plat (I can wait couple of months still without the perks of the Plat, as still have a status with BA giving me similar perks such as lounge etc...).

Tho, first time I hear about a soft-pull only if I don't get approved? I thought that was only for people already having accounts with them?

Chase is definitely the next step, but I'll wait at least 'til next summer, when I have an older credit report.

Cheers !

Re: New to the US - what would you do next?

Anonymous — Sun, 04 Feb 2018 20:18:10 GMT

Because I am really new to all these bonuses - is there any drawback into applying for PRG to get the 50k, and then waiting for a nice offer for the Plat (as a new application, not as an upgrade from the card)

I would get both sign-up bonuses in the same account right?

From what I can read, the only problem would be managing to "see" the offers for the plat if I already have an account with AmEx, with possibly needing to do some "typos" on my name in the pre-approval tool right?

Re: New to the US - what would you do next?

Anonymous — Sun, 04 Feb 2018 21:48:12 GMT

I've also seen it repeatedly stated that underwriting for all Amex charge cards is the same but not so in my experience. I have the PRG...I was pre-approved for the PRG but to date I'm still not pre-approved for the Platinum card. My recommendation for the PRG was premised on the fact that you can use it to begin accumulating Membership Rewards points while you figure out if you really want the Platinum. And you're correct, the Platinum is the more travel oriented card. So if you're in no rush you can get something like the Amex Everyday Card or the PRG to get your foot in the door, then pursue the Platinum card; especially if you want to wait until one of the special bonus offers show up. The last one I am aware of was in Nov/Dec 2017 through CardMatch.com.

Regarding soft/hard pulls...sorry that was my mistake. I forgot that you are not yet an Amex member. Amex will hard pull Experian for new applicants. And good strategy regarding Chase...they are a harder nut to crack and like to see a payment history before granting credit.

wrote:
Thanks for the tips regarding CreditCheckTotal.com, will check it out.

Regarding the AmEx PRG, I heard that the underwritings for all the charge cargs were the same. If that's the case, what's the reasoning behind applying for PRG? The Platinum would be something giving me more benefits with the travel I do.
I was also asking myself if I should apply to the PRG now, and wait for one of those 100k sign-up offers to come up for the Plat (I can wait couple of months still without the perks of the Plat, as still have a status with BA giving me similar perks such as lounge etc...).
Tho, first time I hear about a soft-pull only if I don't get approved? I thought that was only for people already having accounts with them?

Chase is definitely the next step, but I'll wait at least 'til next summer, when I have an older credit report.

Cheers !

Re: New to the US - what would you do next?

Anonymous — Sun, 04 Feb 2018 21:53:55 GMT

No there's no drawback. The $195 fee for the PRG is waived for the first year so its really a no-cost way to explore what Amex offers. You will get the Membership Rewards bonus for both cards as long as you don't upgrade the PRG to the Platinum.

Seeing if you're preapproved for the Platinum after you're an Amex member is quite straightforward so I don't suggest using any tricks. I described how to check for preapprovals in this thread: Amex hard / soft pulls

@Anonymous wrote:
Because I am really new to all these bonuses - is there any drawback into applying for PRG to get the 50k, and then waiting for a nice offer for the Plat (as a new application, not as an upgrade from the card)

I would get both sign-up bonuses in the same account right?

From what I can read, the only problem would be managing to "see" the offers for the plat if I already have an account with AmEx, with possibly needing to do some "typos" on my name in the pre-approval tool right?

Re: New to the US - what would you do next?

Anonymous — Sat, 10 Feb 2018 16:47:29 GMT

The loan appeared on my credit report, and my credit score... dropped 3 points

It correctly shows under 9%...

Cold-applied for the PRG, instantly approved, and my score dropped another 8 points (expected).

Not at a 738, which makes me drop to Good from Very Good on the rating... I guess I'll just have to wait now...

Thanks all !

Re: New to the US - what would you do next?

Anonymous — Sun, 11 Feb 2018 19:17:03 GMT

Congrats on your PRG approval and welcome to the world of Amex. Your credit file is obviously thin so it is sensitive to any changes and an inquiry - in this case Amex would have pulled Experian - will cause you to lose a few points. You will also lose additional points when the account is actually reported to the credit bureaus in two months time but the good news is that your scores will recover quite quickly as long as you continue to make on-time payments.

Re: New to the US - what would you do next?

Anonymous — Tue, 20 Feb 2018 14:02:53 GMT

I guess I did good by not waiting for the Plat, as there now is the 100 000 offer back with CardMatch, but obviously it doesn't show for me - as in the Platinum doesn't even show in the list

Thanks all !

Re: New to the US - what would you do next?

RicHowe — Tue, 20 Feb 2018 15:37:28 GMT

You definitely qualify for the Plat. You could have just apped for that instead of PRG but I understand you wanting to get 100k SUB.

Welcome to the AMEX family.

Re: New to the US - what would you do next?

Anonymous — Wed, 21 Feb 2018 05:47:37 GMT

Yep - looks like am never gonna see that bonus appear tho, at least for some time

Re: New to the US - what would you do next?

Jeffhacker — Mon, 26 Feb 2018 00:36:48 GMT

There may be another option. If a bank here has an operation (either direct or through a sister operation (think Barclays, Citibank in particular), they may issue a credit card here based on your credit in your home country.