# How can I build credit as quickly and efficiently as possible in the US?



## rtho100 (Oct 21, 2009)

I have looked at some of the posts already and just wanted a brief summary of the best and most efficient ways to build credit after receiving my GC. Essentially I'm looking to buy a family house for my US wife and my step-chldren and have been told that regardless of the deposit, we still really need 2 years credit. My wife's credit is still affected by her ex-husband!

Even after getting my GC I'll be working offshore, so no income statements, pay-stubs, and I guess will have to wait 6 months to year of so before filing tax returns.

Have heard about secured credit cards, AMEX etc. Is one better than the other? Would it be better to get added to my wife's credit card through a joint account with our bank if that is an option? Given that the economy is in a very different place, and given the USA's credit rating being reduced, I'm assuming that this must be getting passed down to joe bloggs on the street? I have an AMEX card in the UK, will it carry any weight on me getting one in the US? 

I have also been looking at the posts re leasing a car through Auto-Source and thought that that might be an option if I was approved. 

Also, Is it possible to buy a car from a dealer, pay almost all of it in cash, but then say to the dealer how about I pay you $100 a month for the next 2 years as part of a"finance deal"? 

Any information or experience getting credit "straight off the boat" in current economic conditions would be most appreciated. After all it was too much credit in the first place that got the world into this mess!

Thanks in advance.


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## Bevdeforges (Nov 16, 2007)

It's tough to get around the one or two year credit history requirement - but there are some things that might help speed up the process a bit.

As you mentioned in another post, it certainly wouldn't hurt to have your offshore income deposited directly into the bank where you are planning to apply for a mortgage. They really don't need payslips if they have your money coming in consistently every month and they can see your spending habits up front and personal. Having a large down payment can also overcome the lack of a US credit history.

And while it doesn't always work, I think it's worth considering using a smaller, regional or local bank rather than one of the national giants. I have my US bank accounts in a local bank in the area where my parents used to live. Have had occasion to talk to the bank officials and they are generally far more willing to work with someone - a foreigner, for instance - than the big banks with centrally issued policies and rules. I know they've been very accommodating with me - in matters of adjusting their online banking system and helping me get both my own and my father's accounts sorted out. 
Cheers,
Bev


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## Pinkjellybean (Aug 5, 2011)

Hi,

Ok, so this is just what I have read on another forum and other research, but it's worth considering, even if your USC wife has bad credit there are still possibilities out there for a mortgage especially if you have a decent deposit, you just might find you have a higher interest rate. A bad credit history is better than no credit history! 

On another note, I was chatting with a friend in the US who is a mortgage advisor and he seemed to think we would be able to get a mortgage with less than a year's credit history as long as we had a large deposit (we have about a 30% deposit depending if we can get a house within our budget!), but saying it is different from actually getting it, so I will believe it when/if it happens.

You will however have to prove how much you earn e.g. via payslips. Why wouldn't you have them even when working offshore? A friend works offshore as a diver and he still receives payslips. If you don't have any proof of work/income then getting any finance is going to be really hard if not impossible?!
Secured credit card as you have mentioned is a good thing, just make sure you use it every month and pay if off every month too. Your AMEX card would help, you can get them to transfer it to a US account as long as it is a true AMEX account and not through another bank.

International Autosource does count towards your credit score too, but you can only use them if you haven't already entered the US. Buying a car from a dealer may work, as long as they will let you have the finance! You must have the finance over at least a year for it to count properly (from what I have read!).

If you find out anything else, let me know as we are have no credit history whatsoever! Moving over for work! eek! 

All the best 

Vicki


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## rtho100 (Oct 21, 2009)

Bevdeforges said:


> It's tough to get around the one or two year credit history requirement - but there are some things that might help speed up the process a bit.
> 
> As you mentioned in another post, it certainly wouldn't hurt to have your offshore income deposited directly into the bank where you are planning to apply for a mortgage. They really don't need payslips if they have your money coming in consistently every month and they can see your spending habits up front and personal. Having a large down payment can also overcome the lack of a US credit history.
> 
> ...


Thanks again Bev.

I have heard similar advice re going for smaller banks, and am lucky that my father-in-law and my brother-in-law both work for smaller regional banks so will definitely ask them. Currently I have an account with BB&T but don't know how they compare with bigger banks like Bank of America etc. I'll be back in the USA in November so should be able to ask lots of questions in person then even though I won't probably have my GC then.

Thanks also for the advice re my offshore income and showing an income stream. I hope that a sizeable deposit, and a year's worth of credit history may allow us to buy sooner rather than later.


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## Bevdeforges (Nov 16, 2007)

Ah, jeez, if your in laws work for small, regional banks, you should be in good shape! (Even if they can't personally pull the appropriate strings, they may have friends in the business at their own or other banks who can help you out.)
Cheers,
Bev


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## daniml (Aug 16, 2011)

Capital One actually makes a credit card for "Newcomers". It's specifically designed for people new to the country to build credit. It's worth a look.


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## rtho100 (Oct 21, 2009)

daniml said:


> Capital One actually makes a credit card for "Newcomers". It's specifically designed for people new to the country to build credit. It's worth a look.


Thanks for that. I'll look into once I'm back.


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