Recommendations for new to US new/thin file?

[CJ7]

A friend recently moved here to the US, so there was no file prior to a month ago on any of the 3.

I gave him a jump start by adding as an authorized user to one of my accounts.  Score is 750.

Chase and Barclays both said no, Cap1 went pending.  Surely he shouldn't need to open up

secured accounts or useless store cards to get the ball rolling?

[Anonymous]

Chase and Barlcays like history, it was a complete waste to apply there with only one month as an AU. Capital One might be a good choice. I'd say 50/50 odds. It's surely possible that with only one month as an AU it will be necessary for your friend to get a secured card. If Capital One is a no go I'd look for a secured card. I wouldn't want to risk any more hard pulls. But you can try to get the Bank of America Cash Rewards or Discover IT or similar card if Capital One says no. 

[Anonymous]

Cap One would be ideal, no foreigner transaction fee.

[Anonymous]

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@Anonymous wrote:

Cap One would be ideal, no foreigner transaction fee.

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No one charges a foreigner transaction fee, believe that would be discrimination. When I was an authorized user on a Chase card I got very good approvals from them with no other info on my CBR.

[Anonymous]

What country did they move from? Sometimes banks exist in multiple countries and allow you to transfer limits like Royal Bank/TD or some credit card companies.

[newhis]

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@CJ7 wrote:

A friend recently moved here to the US, so there was no file prior to a month ago on any of the 3.

I gave him a jump start by adding as an authorized user to one of my accounts.  Score is 750.

Chase and Barclays both said no, Cap1 went pending.  Surely he shouldn't need to open up

secured accounts or useless store cards to get the ball rolling?

---

I think the first step is try to get your friend reports from all 3. Sometimes AU cards take time to report to the bureaus. Wait until it reports to all bureaus. If the SSN is new, your friend may have trouble getting cards. You can follow the SSL technique to make the profile thicker and have something on his name.

One solid way to get credit in the USA is to open BofA secured (even without SSN) and Discover (need SSN) secured. Some people with money could put $5,000 or more with BofA and $2,500 (max?) with Discover. Both cards will unsecure in less than 1 year.

After 3 months, do the SSL technique ($500 secured loan and pay most of it only $44 balance). 

After 6 statements try to unsecure both cards and get a CLI. Start visiting pre-qual sites (Amex, Citi, Cap1) to see what they offer and the APR. When the APR start to go down you can start getting more cards. Remember Chase 5/24 rule.

You can reach 800 FICO from a clean/new file in 2 years.

[CJ7]

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@newhis wrote:

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@CJ7 wrote:

A friend recently moved here to the US, so there was no file prior to a month ago on any of the 3.

I gave him a jump start by adding as an authorized user to one of my accounts.  Score is 750.

Chase and Barclays both said no, Cap1 went pending.  Surely he shouldn't need to open up

secured accounts or useless store cards to get the ball rolling?

---

I think the first step is try to get your friend reports from all 3. Sometimes AU cards take time to report to the bureaus. Wait until it reports to all bureaus. If the SSN is new, your friend may have trouble getting cards. You can follow the SSL technique to make the profile thicker and have something on his name.

One solid way to get credit in the USA is to open BofA secured (even without SSN) and Discover (need SSN) secured. Some people with money could put $5,000 or more with BofA and $2,500 (max?) with Discover. Both cards will unsecure in less than 1 year.

After 3 months, do the SSL technique ($500 secured loan and pay most of it only $44 balance). 

After 6 statements try to unsecure both cards and get a CLI. Start visiting pre-qual sites (Amex, Citi, Cap1) to see what they offer and the APR. When the APR start to go down you can start getting more cards. Remember Chase 5/24 rule.

You can reach 800 FICO from a clean/new file in 2 years.

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It's reporting to all 3 bureaus.  The SSN is new.  BofA may be the route to take, and also possibly Discover.

[newhis]

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@CJ7 wrote:

It's reporting to all 3 bureaus.  The SSN is new.  BofA may be the route to take, and also possibly Discover.

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Do you know the open date that it is reported?

The 750 is a FICO score?

[CJ7]

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@newhis wrote:

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@CJ7 wrote:

It's reporting to all 3 bureaus.  The SSN is new.  BofA may be the route to take, and also possibly Discover.

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Do you know the open date that it is reported?

The 750 is a FICO score?

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Open date of 9/15 for the 1 AU that's reporting.  Fico score.

He opened a checking at BofA this morning, they didn't even offer the 99/500 I hear so much about -

only the regular secured.

[Anonymous]

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@CJ7 wrote:

A friend recently moved here to the US, so there was no file prior to a month ago on any of the 3.

I gave him a jump start by adding as an authorized user to one of my accounts.  Score is 750.

Chase and Barclays both said no, Cap1 went pending.  Surely he shouldn't need to open up

secured accounts or useless store cards to get the ball rolling?

---

I moved with my family to the US two years ago. As someone mentioned, if you had/have a bank account in your previous country with a bank which has operations in the US, they might help you to create credit history. I used my relationship with HSBC in Brazil to open a bank account/credit card here in the US. It made things much easier. My wife started her credit history from scratch, as an AU in my account. Six months later she got approved by Discover and Amex. I heard both like thin files. She got a CL of $23K with Amex (BCE).

Two years later: Chase (FU, CSP, Freedom), Amex BCE and Discover. FICO scores ranging from 770 to 806.

Joster