Build credit score as an expatriate working in the US

[Anonymous]

Hi everyone! I'm a french national living and working in NYC. Since I don't have any credit score and I couldn't get a credit card from my local Chase, I got a secured card from Discover, with a deposit of $800, which gives me $800 of credit line.

I keep on reading that I shouldn't max out the credit line in order to get a good credit score and that I should try to keep my spendings at around 9% of the credit line to get an optimal report of my credit to the bureaus. The only issue is that 9% of $800 is $72 and I intended on using this card on a daily basis. Right now, I spend around 3k a month on my debit so I would need to max out and pay my cc multiple times a months with such a small credit line.

My question are:

- How should I be using this card? Is it okay to max it out several times a month as long as I pay on time? Should I reimburse it a few days before each new statements and keep my debt around the 9% ($72) in order to get optimal results? Do you have any recommandations ? (My only goal is to build my credit score as quickly as possible)

- I previously had a credit card in Canada. Can I get my credit score transferred from there somehow?

- Also, if you know of any other interesting credit cards that would give me higher limits, that would be great.

Thanks.

[xaximus]

Hi, welcome to the forums!

You can always add another secured card from another lender (BoA, OpenSky, Cap1, etc).

As far as using the card, as long as you make multiple payments, you should be fine. Just make sure that you have your balance under 9% before the statement cuts, and then pay in full on or before your due date.

As far as the CC in Canada goes - what lender is this? If it's a lender that's based in the US as well, you may have a credit score there but I'm not sure of this. Someone else with more experience in this can chime in.

Since you have a thin profile - I'm guessing you have an SS? If so, AmEx is well-known to work with thin files. I would definitely see what you prequalify with them.

[Anonymous]

If you have an American Express card issued in either France or Canada you should be able to have it transferred to the U.S. via the Amex Global Transfer program.

Since you now have a Discover card presumably you already have a Social Security number and not an ITIN.  There are several lenders like American Express who will be willing to work with you while you establish a credit history.

[Anonymous]

Thanks for you answers!

Unfortunatly I've never had an Amex before. I just applied for the Amex cash magnet online following your advice! When applying it asked me if I had a credit score in Canada, but they weren't able to find my credit history there. They are still processing my request though, so we'll see if it works

I'm actually wondering if I could get an Amex in France, and as soon as I get it, transfer it to the US. I might try that as well.

And yes I have an SSN.

Thanks for your help, I'll keep you posted!

[HeavenOhio]

Welcome, @Anonymous.

Go ahead and use the card as much as you'd like, and look forward to your cashback match.

Aim to keep your statement balance at 28.9% of your limit or below, although that's not critical until a second lender is looking at your report. Actually, 8.9% or below is even better, but that's not going to matter much until you're able to generate a score.

According to another member, one caveat is that Discover will wait eight days to restore available credit if you make two payments within the space of three days. Otherwise, multiple payments each month should be fine.