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Parents Moving to the US

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Contributor

Parents Moving to the US

Basically what I said in the title, my parents are coming to the US without any credit (They have in their country but as far as I have read is not going to be useful at all) and they don't want to put a secured deposit, I have put them already as authorized users on my TD Bank Cash Card though, so they should have a FICO score. Any recommendations? The only offer they have received so far is a pre qualification for the Capital One Platinum and they don't want it neither ad they love rewards (I don't really know how Capital One got their names, I just have the Quicksilver with them but I never provided any information about them and they are still not even in the country) Thank you for your time replying
Message 1 of 8
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Frequent Contributor

Re: Parents Moving to the US

Siri or Alexa or both are listening to you. LOL!

 

Not knowing where they are coming from or much about Global Transfers. Is there something like Global Transfer of credit on a credit card they may carry? If not they most likely will have to start with a secured card. They eventually will get their deposits back as their credit grows. Not sure how they could get a premium rewards card right off the bat without some kind of credit building time. The experts will probably chime in soon.

 

Good Luck!





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Message 2 of 8
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Moderator

Re: Parents Moving to the US


@Dracomael wrote:
Basically what I said in the title, my parents are coming to the US without any credit (They have in their country but as far as I have read is not going to be useful at all) and they don't want to put a secured deposit, I have put them already as authorized users on my TD Bank Cash Card though, so they should have a FICO score. Any recommendations? The only offer they have received so far is a pre qualification for the Capital One Platinum and they don't want it neither ad they love rewards (I don't really know how Capital One got their names, I just have the Quicksilver with them but I never provided any information about them and they are still not even in the country) Thank you for your time replying

 

 

If they have no history here, they will need to adjust their expectations accordingly. 

Cap1 Platinum is certainly not a bad starter card and it can be PC'ed to QS after a few months. 

 

 

You might be sleep deprived if you try opening car door with Samsung Pay
Message 3 of 8
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Contributor

Re: Parents Moving to the US

I was thinking about that too. And basically I see it as the only option, at least until they establish credit. Now the hard part will be try to convince them to "downgrade" to such card
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Moderator

Re: Parents Moving to the US


@Dracomael wrote:
I was thinking about that too. And basically I see it as the only option, at least until they establish credit. Now the hard part will be try to convince them to "downgrade" to such card

It's not a downgrade, it's a future step up 

You might be sleep deprived if you try opening car door with Samsung Pay
Message 5 of 8
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Community Leader
Mega Contributor

Re: Parents Moving to the US

If one has to establish credit again or just new to credit here, one has to start with what they are able to get. I wouldnt recommend a Credit One route but Capitol One is actually a good place to start. Maybe even check out Amex.
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Valued Contributor

Re: Parents Moving to the US

Well, it is not easy to start the "credit card game" in a new country. Do they have ITIN or SSN? 

 

I started with $1,000 BofA secured card and $1,000 Discover card with ITIN (they now ask for SSN), without any credit history. After a couple of years those cards are above 10k and I have a few more.

Message 7 of 8
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Contributor

Re: Parents Moving to the US


@newhis wrote:

Well, it is not easy to start the "credit card game" in a new country. Do they have ITIN or SSN? 

 

I started with $1,000 BofA secured card and $1,000 Discover card with ITIN (they now ask for SSN), without any credit history. After a couple of years those cards are above 10k and I have a few more.


They will have a SSN mostly sooner than later, I was thinking about trying with Discover eventually, or even Deserve (I have myself a Deserve Pro)

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