Fema Employment
New to credit, i have no credit history!?
Ive just immigrated o the US from the Uk , i had gret Uk credit history, but now have to start from scratch in the US, im 20 years old, not a student and currently waiting for employment authorisation from the US government, i live of my savings and my wifes salary, i applied for small store cards and have been rejected, just tried for chance that i may be accepted for capital one that my wife referred me to and way denied, how else can i start from scratch if they dont let me get any credit, im not looking for high annual fees or security deposits, are pre paid visa/ mastercards helpful when trying to build credit? Any information you can give will be greatful, am i more likely to recieve it from the bank which we have for checking and savings? thanks in advanced!
Public Comments
- you can get a prepaid credit card from bank of america. not only will you have a credit card with them, but it builds up your creit untill you are ready to get a actual credit card, and while you've had it for a few months you'll possibly be approved for one through another bank or place. good luck and welcome to the us ;D
- pre paid will not build your credit history since thee is no risk to the issuer, as the amount loaded is the limit set, it is in effect a secured card so you best option is to go with a secured ( by deposit ) card the only one that is reasonable ( fee wise ) and works ( after 6 months it goes to unsecured once timely payments have been made ) is the one by Bank Of America all other have high upfront fees or charge the first 200 to 250 as you first charge ( this of course is a fee ) and high aprs do not buy one of those free high credit mail order or web order catalog cards those that give you 300 or so of instant credit they do not report payments to any of the 3 credit reporting agencies they do however will report negative information should you miss a payment to them
- The best way to get credit is to get a loan. Have your wife co sign for you. You have to have the loan for at least 6 months before you can get credit for it. Thats what I did and alot of other people I know did. Good luck with it!
- Know yr spending limits
- Go to a credit union and open up a savings account and checking account. You can apply for credit secured by the money in your savings account. 1. Apply for a secured credit card. 2. Apply for a secured installment loan with a 12 month term. You may have a hard time getting unsecured credit with a credit check until you are a permanent resident. I would get the secured accounts right away so at least you build some history. crownjewelers.com if you apply for credit there and buy something (The least expensive thing will run you about $40 after shipping) they will report to the credit reporting agencies. It takes several months for them to report. I would do this in addition to the above suggestions. Good Luck :)
