New to US Credit Score System

[HiLine]

---

@Anonymous wrote:

Thanks for the advice, I will go to Capital One tomorrow. If I have the option between the Newcomer and the Secured Mastercard, should I apply for the Newcomer or both?

---

If you have decided on Capital One, I suggest you go with the card that gives you the highest credit limit. I know that Capital One reports their secured cards as regular credit cards, so for credit history purposes, the higher limit the better.

[myjourney]

Just to make sure you understand secured cards require a deposit and the newcomer does not...good luck

[longtermgardener]

I too have a short credit history like you. I came to this country 11 months ago. You could have approached Bank of America or Wells Fargo. They usually will give secured credit card for newbies to this country. Once you make atleast 6 payments using your secured credit card, you will get your credit score. You have already wasted 8 months without any credit card or loan. I would suggest you to apply for any store card managed by GE like Walmart or Amazon as they are easy to get. Also try and get unsecured card from Cap one. For me Bank of America gave me unsecured credit card with limit of 9.5k. They were giving it away for every new Qualcomm employee in San Diego.

[Anonymous]

Thanks HiLine, I appreciate the help. I am already checking your post and trying to get a better understanding of this.

[Anonymous]

Hi myjourney, yes i do understand. I will keep you guys updated about the result.

[Anonymous]

When I first build my credit I opened a secured credit card with bofa and they changed to unsecured credit card after a year..

[HiLine]

---

@Anonymous wrote:

When I first build my credit I opened a secured credit card with bofa and they changed to unsecured credit card after a year..

---

That is a great card, but you typically don't have to wait for a whole year to get your first regular credit card.

---

@longtermgardener wrote:

I too have a short credit history like you. I came to this country 11 months ago. You could have approached Bank of America or Wells Fargo. They usually will give secured credit card for newbies to this country. Once you make atleast 6 payments using your secured credit card, you will get your credit score. You have already wasted 8 months without any credit card or loan. I would suggest you to apply for any store card managed by GE like Walmart or Amazon as they are easy to get. Also try and get unsecured card from Cap one. For me Bank of America gave me unsecured credit card with limit of 9.5k. They were giving it away for every new Qualcomm employee in San Diego.

---

 9.5k limit for the first non-secured credit card? That's really impressive!!!

[Anonymous]

Believe me I regret not doing proper research 8 months ago. I have been trying to setup here in Texas and been dooing some traveling in South America due to work but I am definetely going to take action this time. Is it ok to have many credit cards? I have always used only one in my country and that is kind of a huge change for me.

[HiLine]

---

@Anonymous wrote:

Believe me I regret not doing proper research 8 months ago. I have been trying to setup here in Texas and been dooing some traveling in South America due to work but I am definetely going to take action this time. Is it ok to have many credit cards? I have always used only one in my country and that is kind of a huge change for me.

---

Yes you'll eventually want to have multiple cards, but for now, one or two is good enough.

[Anonymous]

Thanks all for your input, I was approved for the CAP1 Secured Mastercard. I have made my deposit and its my start towards building my credit. I will read more on this forums and also will try to get a Walmart Store card next. I have read this post http://ficoforums.myfico.com/t5/Credit-Cards/Veni-Vidi-Vinci-Visa-or-How-to-Master-Your-MasterCard/m... and this caught my eye: 4) Here's how to manage CCs: Keep your balance above zero, but less than 10% of your credit limit. There. That's all there is to it.

I will try to follow this advice and maybe in 90 days I could apply for the Newcomer card for CAP1 if all goes ok.

What would you suggest as next step?