taramo35

What about credit? Is it going to be hard to start building up ur credit score ... Any ideas on how to build up ur credit fast ?

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When you open a credit card line for the first time they usually give you a pretty high credit score based on your parent's score. If your parent's credit score is low, then they think you will also be. If your parent's doesnt own any credit cards, then your starting score will be over 700.

What you can do is apply for a credit card (You don't even need a ssn to apply) and use 30% of the total credit line.. pay for it in full before the end of the month, within a year you should have a wonderful credit score allowing you to get a car or a house depending on your state laws.

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I tried getting a credit car on a clothing store and they asked for my California ID... :/ but I'm planning to buy a house soon and my husbands( citizen) credit is not good enough to qualify us for a higher loan. so I wanted some advise on how to get credit so I can help him with this

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I tried getting a credit car on a clothing store and they asked for my California ID... :/ but I'm planning to buy a house soon and my husbands( citizen) credit is not good enough to qualify us for a higher loan. so I wanted some advise on how to get credit so I can help him with this

Store won't give you credit cards, specially not to those with no credit history. Your best option would be to walk into a local bank center where your bank account is and tell them that you want to apply for a credit card, if you don't qualify, then ask for a secured credit card which you have to pay like $99, but then it becomes unsecured after a year of good use.

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Here is some information I found that tells you what some of the things are that your credit score is based on.

1. Payment history 35%- It's important that whatever bill you may have to PAY ON TIME. Even bills that you may pay every month doesn't always show on your credit until you don't pay and become delinquent and then they'll report you. At one point in time, rent, utilities, car insurance, cell phone bills, were not reported as items to build credit. But that's changed, thanks to PRBC. PRBC allows you to self enroll and report the payments I mentioned along with others as a way to establish credit. By enrolling and having your monthly payments verified for a fee and reported after a year, you could qualify, for a mortgage!

2. Amount owed vs. available credit 30%- It's important that when you have credit cards, you don't use all of your available credit. You should use no more than 30% of your combined available credit from all your credit cards.

3. Length of time establishing credit 15%- The older the accounts, of course the better. but since you just got your social security number normally that would be rather hard. I do however have an idea that would help you get some established credit 100% legally. If you have a close friend or family member with excellent credit, ask them to add you as an authorized user on one or two of their oldest credit cards in good standing. They can keep and destroy the card that would be in your name as this would only be for reporting purposes only. Ideally the type of account that would be established for 3 years or more, with a high credit limit, low balance(30% or < the available credit), and a perfect payment history. If you're able to do this, once you're added the activity from that account will reflect on your report giving your score a boost.

4. Types of credit established 10%- The scoring system's designed to where 3 revolving (credit cards) and 1 installement (car loan, mortgage, furniture, appliance loan) would make for a fairly balanced mix of credit. You shouldn't load up just on all credit cards. Mix the different types of credit up if you can. The easiest credit card to get would be a secured credit card. A way to think of this would be as building credit with a savings account, because that's pretty much how it works. You put a deposit upfront that's usuall tied to a savings account to get the same amount of the deposit in a line of credit. The deposit doesn't pay for anything your charge or the minimum payment you may pay each month, unless you become so delinquent and the account's charged off and they use that deposit to offset the cost. But if you're wanting to build excellent credit you're not wanting to let that happen. 2 advantages of secured cards are that you can control the credit line by adding to the deposit to increase it instead of having to request for approval for an increase and the deposit is gathering interest while you're building credit. As long as you make your payments on time keep the balance < 30%, usually after a year the deposit is no longer needed and refunded back, and either the card converts to a regular unsecured card, or a better card is offered. I posted a link to Orchard Bank, which is a good place to start out building credit. You may get approved for a regular one with a small limit, and if all else fails, they offer secured cards to start out with.

5. Inquiries and New accounts vs. Established accounts 10% Each time that you apply for credit, your score drops up to 5 points, and if you're approved for the account, it can take up to a year for your score to reflect that increase. Also you want to apply sparingly, as multiple inquires in a short period can be seen as a red-flag to lender which give them the impression that you're desperate for credit. By becoming an authorized user, that satisfies having an established account which will attract potential creditors to give you and extend credit.

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When you open a credit card line for the first time they usually give you a pretty high credit score based on your parent's score. If your parent's credit score is low, then they think you will also be. If your parent's doesnt own any credit cards, then your starting score will be over 700.

What you can do is apply for a credit card (You don't even need a ssn to apply) and use 30% of the total credit line.. pay for it in full before the end of the month, within a year you should have a wonderful credit score allowing you to get a car or a house depending on your state laws.

Sorry but I disagree..I think it takes years to build a decent credit score...

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When you open a credit card line for the first time they usually give you a pretty high credit score based on your parent's score. If your parent's credit score is low, then they think you will also be. If your parent's doesnt own any credit cards, then your starting score will be over 700.

What you can do is apply for a credit card (You don't even need a ssn to apply) and use 30% of the total credit line.. pay for it in full before the end of the month, within a year you should have a wonderful credit score allowing you to get a car or a house depending on your state laws.

Wrong! You need a SSN to apply for a credit card.. And you DO NOT start with a 700 credit score, it takes years to build and establish good credit!

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Sorry but I disagree..I think it takes years to build a decent credit score...

Wrong! You need a SSN to apply for a credit card.. And you DO NOT start with a 700 credit score, it takes years to build and establish good credit!

That might not be the case for everyone. These 2 people reported to have a credit score of over 700 on their new SSN.

http://dreamact.info...ead.php?t=33992

Of course, if you start applying like crazy at every furniture, clothing store, department store you go to, your score will go down. You have to start slow and steady.

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there is no FAST and EASY way to build credit. it takes time and patience and VERY VERY good money management. it also takes a lot of responsibility. if you plan to open a credit card, buy things, then not pay for what you bought, you're basically stealing.

this is one article that i read when it come to establishing credit. i think it's useful.

http://www.ehow.com/how_4613092_establish-credit-fast.html

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I will probably get added to all his accounts and to the car loan too ... Hopefully I can get enough credit doing that ... Buying a house is one of the biggest reasons why I need a social ...

Another question..

My income is higher than what he makes so could they use my income and his credit ? Sorry I'm lost in all this

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Sorry but I disagree..I think it takes years to build a decent credit score...

Wrong! You need a SSN to apply for a credit card.. And you DO NOT start with a 700 credit score, it takes years to build and establish good credit!

How about we inform ourselves before saying such things?

I do not have a ssn and I do own two credit cards. My credit score is above 700 as well.

All you need is an ITIN.

So yeah it is possible and NO you do NOT need a SSN.

Just for the record, one is a visa and the other one is an American Express.

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Wrong! You need a SSN to apply for a credit card.. And you DO NOT start with a 700 credit score, it takes years to build and establish good credit!

You do not need an SSN to get a credit card, some yes, they do require you to have one, but not all of them. My dad has two credit cards and no SSN was required :)

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I will probably get added to all his accounts and to the car loan too ... Hopefully I can get enough credit doing that ... Buying a house is one of the biggest reasons why I need a social ...

Another question..

My income is higher than what he makes so could they use my income and his credit ? Sorry I'm lost in all this

when you are married, they use both incomes and both credit scores. having 2 incomes is always better then just one. his credit shouldnt take too big of a hit because you have no credit as opposed to if you had bad credit then his credit score would get lowered big time.

if i were you, i would wait a year if you want to buy a house and then see if you could qualify for a FHA loan. an FHA loan is based on your income and a few other things but it helps because then you cant buy a house that you cant afford. google FHA loan and look for information on it.

good luck :)

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How about we inform ourselves before saying such things?

I do not have a ssn and I do own two credit cards. My credit score is above 700 as well.

All you need is an ITIN.

So yeah it is possible and NO you do NOT need a SSN.

Just for the record, one is a visa and the other one is an American Express.

How about we look at what I wrote.

Sorry but I disagree..I think it takes years to build a decent credit score...

This is my personal opinion, I think it takes years to build a good credit score. Lets really understand the words I THINK. This is my personal opinion and I disagree with yours Rawf plain and simple.

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when you are married, they use both incomes and both credit scores. having 2 incomes is always better then just one. his credit shouldnt take too big of a hit because you have no credit as opposed to if you had bad credit then his credit score would get lowered big time.

if i were you, i would wait a year if you want to buy a house and then see if you could qualify for a FHA loan. an FHA loan is based on your income and a few other things but it helps because then you cant buy a house that you cant afford. google FHA loan and look for information on it.

good luck :)

Thanx for the advices people !!!! :)

Well before everything was going to be done only with his credit and with his income ... And like first time buyers we were going to get some kind of help from the government with the downpayment .... But when I heard about this DACA thing I told him to wait so we can applied for a expensier and nicer house (AND OBVIOSLY ONE THAT WE CAN AFFORD )

and why would I wait a year?

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How about we look at what I wrote.

This is my personal opinion, I think it takes years to build a good credit score. Lets really understand the words I THINK. This is my personal opinion and I disagree with yours Rawf plain and simple.

You've had a ssn for years and once you open a credit line they check your parents first and give you a starting score based on that. I do agree it takes a lot of time to build a good credit score, but not in all cases.. Take mine for example, but again my parents have outstanding credit history.

Sorry if I sounded harsh :-)

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here's a random question. if you're over 18, why would they check your parents credit when you apply for a credit card?

hell, i'm 29 and if they check my mother's credit score when i apply for a credit card, i'm F'd!!!

i think once someone turns 18, they are considered an adult and their parents credit history or score shouldnt play a role in applying for a credit card.

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Also if they check my moms, my mom doesnt have credit because she is illegal...so its not really possible to use her. No worries Rawf. You werent harsh, just voicing your opinion like all of us.

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If you don't think they will if you don't live with them. But honestly I'm not sure.. They want to make you will be okay with payments. I

What did I said? Lmao typing fast on a phone while working isn't the best idea.

Also if they check my moms, my mom doesnt have credit because she is illegal...so its not really possible to use her. No worries Rawf. You werent harsh, just voicing your opinion like all of us.

Then you will be starting with a good credit ;)

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so if i wanted to apply for a kolhs credit card is there a high chance ill get approved?

Very low

==================================

So like I said before, I applied for a credit card.. in this case I decided to go for a Discover IT card.

I applied and was told I would get a letter in the mail explaining the decision, last week I received such letter and they are asking for a W-2, or any document showing my ssn. I ignored the letter because I'm too lazy to do such things.

Yesterday and today I received calls from Discover asking if it was me who applied for the credit card and I said yes it was me.

A few mins later I get an email saying I need to send them a copy of my social security card and I could just do it online, I said great! Easy.

I did that and now I have to wait another week to receive the final decision.

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