New immigrant building credit score

[Anonymous]

Hello!

I'm reading this forum for a while, and I want to thank to everybody for sharing the expierience and help. Such a great community!

I'm a new immigrant recently moved from Europe to US 3 month ago. Of course no credit history at all.

I opend a bank account in Wells Fargo and I was able to get Secured credit card with $500 limit. I have a job and I make $90k per year.

For now this is my only credit line and its 3 month old. I know that my FICO score can be calculated after 6 months of credit line.

I'm using only 3% of my credit limit and pays it off full.

I'm looking for a car loan and yesterday I went to the one of the credit union in my city. Right now I'm renting a car and I need to pay every month $800

Lady in credit union told me that in my circumstances I can get a car loan with 20% down payment and 18% interest.

I asked her if I wait another 3 months and finally get my credit score could I get better rate. She told me that even if I wait another 3 months this does not change anything and I will be still consider like a completly "fresh". She told me that no body will give me a better rates even after my score will be calculated. Is this is realy true?

I was thinkin that If my credit history hit 6 month then I can get better rate from lender.

Do you know any lender that can give me a better rate? I was trying pre qual for Capital One auto navigator but I was refused.

Some one use them with little credit history?

Thank you!

[Anonymous]

Luka117, 

You may want to take a look at this:

https://www.vw.com/content/dam/vwcom/brochures/2017/VWC_Foreign_Business_Professionals.pdf

Other brands may have something similar, and this may still be subject to job time and other factors, but I have seen this work well in these type of situations.

[Anonymous]

Thank you for a link. I will definitely check this out. I only want to add that I'm a permanent us resident and not on the work visa. I think this is important too.

[Anonymous]

You may also want to check if there is anything International Auto Source can do for you at this point. Personally, until your credit gets to at least a year old, I would either make do with what you have or pay cash for a beater that will last you for a year. Otherwise the interest will be painful as you have discovered.

The fact that you are a PR versus a work visa makes zero differance to your credit score. Although if you are a PR already that implies it may well have been marriage that got you here, unless it was the diversity visa. Do you have anyone (spouse) that could co-sign with you?

Dual US/UK Citizen, in the US for 6 years. I've been where you are.

[Anonymous]

I can't personally vouch for them, but I've seen some PR for Lendbuzz: https://lendbuzz.com/. They focus on helping new immigrants get car loans.

[Anonymous]

Thank you. I sent my application for preapproval and see what's happen.
I move to the US thru employment based green card sponsoring. I'm married but she is not employed as she is looking for job right now

[Emyshor]

@Luka117, I was in your shoes long time ago, but I've start the same like you.

My first card was WF secured with $300 limit. I've bought a used car for $2000 and after 10 months I went and bought a brand new Toyota Corolla. The intereset was high at the time (9%), but I've paid that car sooner than 5 years loan.

My second car was after 2 more years, this time Honda Accord with better interest (6%) - those rates are from 2005-2007.

Right now after many years, my Fico "car" score is over 820 and every time I get the best rate when I shop for a car loan.

I'll says, if you have some money saved, get a cheap car and use it for 1-2 years and after that you can get better deals.