Getting a Credit Rating in the US

Abbey Lass

Howdy folks,

Ok been here since November 2005, decided the other night to finally get TV Channel's connected. Could not believe the trouble I had because I did not have any credit rating, after speaking with about 10 CSR's and 3 Supervisor's, they finally set up my account.
If anyone is having the same trouble, this is what I did. After the CSR takes your information and come's back saying you do not qualify because you have no credit rating, ask to speak with a supervisor, they have the power to override the system. Do not be roped into paying $200, after I spoke with a supervisor and explained why I didnt have a credit rating they set up my account and there was no charge, they even set up a service call for me because we had all the equipment already (thanks to my mother in law) but we still could not get a signal, again they did not charge me for the service call.
Could anyone help in telling me how to get a credit rating if noone will give you credit in the 1st place, it's very frustrating.

Ruu_Old

Indeed I can help you with that as I have been through it before. I had a thread here but it must have got lost, so I'll repost it from the one I have on boards.us. Right now we have a secured credit card (limit of $500) and are paying off a tiny loan for a year and its going very well. We were having so much difficulty getting started. We have a large amount of money in savings (spread across a few accounts now and invested) but people don't care how much you have, so you have to spend some to get it sorted out. I had to pay a deposit for my power bill at the start because I didn't have any credit rating but I will get it back at the end of the year and with interest.

This applies mainly to America but can be applied to any country really. Since I had troubles when moving to America and establishing myself heres a few pointers for you all. Credit is very important, you wont get a mortage or a loan without something on your report.

1. Open up a checking and savings account and keep at least $100 in both accounts, lenders will see that you are at least putting money away for the future.

2. You wont get a credit card unless you have something on your report therefor you have to apply for a special type of credit card. This card is called the "secure credit card", probably offered by your local bank. It works where you deposit an amount (normally $500 min.) and it acts as your spending limit. This money is used by the bank should you fail to make payments but it gains interest and if you close the account, you get the money back. Its basically a security deposit for them.
Every month, make at least the minimum payment and the company will report to the credit companies that you have a good payment history. After a few months you will notice that card companies will start coming to you offering their cards. Dont get carried away!

3. Consider taking out a small loan from your local bank and pay it back over time but make sure to ask the bank of this loan will be reported to the credit bureaus otherwise it will be for nothing and not much use to you.

4. Pay your electrics, rent, etc on time. Alot of the things I mentioned wont go on your credit report. HOWEVER, it will go on your credit report if you fail to pay on time, so keep paying on time.

galwaydude

That information was very usefull ruu. I also need to improve my credit rating here if we want to buy an apartment here sometime in the next 6 months.

Would it help if i get my name on my wifes credit card or would it be better if i have my own.

I havent really done much about increasing my credit rating as i havent got my EAD yet.

Abbey lass nice to see another irish person in the states. Hope your settling in well over here.

Ruu_Old

galwaydude, you can always get a joint credit card because its basically the same as you both have responsibility for paying the credit card and are both authorized as holders. Your wife might have a credit rating there so that will help and also try your local bank, they normally have an international department that will help you out. we are slowly building things up here but doing great I must say. You know that having no rating at all is better than a bad one, thats what our apartment manager told us when we got ours and he had no problem with us (my wife had little credit rating). Any more questions, free free to ask.

greenteaicedtea

A woman should have her own bank account & credit card, so she has her own credit rating, in case something happens to her husband and she needs to get a loan.

also if she has her own bank account, she can have immediate access to it if god forbid something happened to the husband

Ruu_Old

greenteaicedtea wrote:

A woman should have her own bank account & credit card, so she has her own credit rating, in case something happens to her husband and she needs to get a loan.

also if she has her own bank account, she can have immediate access to it if god forbid something happened to the husband

Theres where joint accounts are good as each of the two owners are equally responsible and authorized. When you have a joint credit card the case is the same.