I am not a US citizen; I am a civil engineer from abroad; I have a green card since end of 2005; Accepted my first position in the US last january 2006 with 45K salary. Presently I am in a 60K position. I have a bank account in the US since 2003 and 2 saving accounts since 2006 (totalling more than 15K). My real question is: how can I have a sufficient credit history if all my credit card applications (even from SEARS) are denied for that lack of sufficient credit history?
2007-02-09 11:13:32 · 5 answers · asked by FAYE J 1 in Business & Finance ➔ Credit
well...I know exactly what you're talking about...my husband is a recent immigrant as well. The best way to go about it is by starting with secured credit cards (that's when you put a certain amount of money--go for $1K since you have savings, you can afford it...into a special savings account with the bank you're requesting the credit line from...they'll issue a card based on that money staying there as security...
use that card (better yet, get 2, they're small) for about a year or so, paying off regularly and ontime, then reuse...that will establish your credit. Most banks will have this type of credit card available. In the meantime...you can probably also get a car loan, they're more flexible about tradelines since there's some collateral. Likewise, furniture stores are generous with their approvals.
After a year (maybe sooner) the banks will allow you to change that credit card account from a secured card to a regular account if you've paid on time.
Also, I think the first credit card I got was from Nordstroms...they used to be more accepting of thin ...of course that was a while ago, but they pride themselves in putting the customer first, so you may have more luck with them.
2007-02-09 11:33:01 · answer #1 · answered by singingsoprano 2 · 0⤊ 0⤋
If you will be in this country long enough to establish credit buy a car. Some car companies will sell you a car no matter what your credit history. After a few monthly payments you can try again to get a credit card. You can also get prepaid credit cards to use as a credit reference when you apply for a credit card later. Try a "rent to own" business and rent something you can use like a TV or Fridge to help establish credit.
One negative, credit reporting companies are keeping track of the number of times you apply for credit and are declined. Excessive credit applications are not looked upon favorably.
2007-02-09 11:36:54 · answer #2 · answered by pilot 5 · 0⤊ 0⤋
Use the money you have in the bank to take a "secured loan" of some amount. You could say you need $2000 for something (new widescreen TV - example - you dont need to use the $ its just to get the loan)- Pay that off and that will start you credit. You could get a "secured" credit card even.
Welcome to the american dream.
2007-02-09 11:20:26 · answer #3 · answered by friendly advice from maine 5 · 1⤊ 0⤋
checking and savings accounts do not give u credit history...neither does having a salary. You have to have some sort of debit...mortgage, credit card, car loan in order to obtain credit. You were declined because you have not credit...
2007-02-09 17:38:04 · answer #4 · answered by k_reile 3 · 0⤊ 0⤋
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2007-02-09 19:21:56 · answer #5 · answered by Anonymous · 0⤊ 0⤋