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Establishing Credit

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  • 19-07-2012 4:34pm
    #1
    [-0-]
    Closed Accounts Posts: 3,981 ✭✭✭


    Just a bit of advice for people who have moved to America.

    I moved here last year on an L1-B visa. I had no credit history here when I arrived. In order to get credit, I opened an account with Triangle Credit Union and applied for a loan.

    The only way my loan could be approved was by using a guarantor. Luckily, a friend of mine here agreed to be a guarantor for me. The loan was approved, and I simply let the money sit in the account and pay itself off. I got a 4 grand loan, and it ended up costing me 400 dollars in total.

    After one year, my credit rating was 652. I applied for a credit card with Bank of America, and one with Discover. I just got approved for both, BoA has a limit of 1 grand and Discover has a limit of 5500.

    652 is only an OK credit score, and I plan on buying a house in about 3 or 4 years so I need to get that score up. The plan is the use the cards for every day activities and pay them off constantly so I can build up more credit.

    Just a bit of advice I thought might be helpful for you, as I was frustrated having no line of credit when I moved.


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    #2
    sleepyescapade
    Registered Users Posts: 788 ✭✭✭sleepyescapade


    Thanks!

    This also may be helpful, but I haven't signed up for it yet..

    http://www.capitalone.com/creditcards/newcomer-credit-card/
      
    A card designed to help those new to the U.S. build credit with automatic reporting to three major credit bureaus


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    #3
    [-0-]
    Closed Accounts Posts: 3,981 ✭✭✭[-0-]


    Captial One approved a card for me as well, but the limit was only 350 so I sent it back to them. It may be perfect for getting some bit of credit going, though. Thanks for mentioning it.


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    #4
    avalon68
    Registered Users Posts: 689 ✭✭✭avalon68


    I got a prepay card from the bank....basically lodge 500 and pay back what you use off that for 6months, then it switches to a regular credit card and you get the 500 back....so costs you nothing.


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