Credit Tips: New US Resident Trying to Build Credit

Posted On: December 1, 2005

Author: serenab
Posted: Wed Jun 09, 2004 3:53 pm
Post subject: New US Resident Trying to Build Credit
11/18/2002 3:36 pm CDT

I’m a newbie to America (1 year). I’ve only had a social security # for 5 months. I have a Capital One Secured Visa (credit limit: $200). $500 secured loan with Fleet. Bergdorf Goodman card, credit limit: $200 and Macys card. The initial credit limit on the Macys card was just $100, but they just raised it to $300 after 3 months of good payments.
I just got my credit score from Trans Union and it is only 513. Is this just because I am “new”. Certainly I have nothing negative on reports from any of the 3 bureaux. All of my accounts are paid on time and they are all well below their credit limits.
How can I raise my credit score over time? Do I have enough active accounts already or not? I was considering adding a Bank of America secured Visa. Or would this be TOO MANY accounts. What sort of credit score would I need in order to qualify for an Amex card? And, also, if I carry on as I have been doing, how long before my score will be 600 and above?

Author: Ababykittyb
Posted: Wed Jun 09, 2004 3:54 pm
Post subject: New US Resident Trying to Build Credit

11/18/2002 3:45 pm CDT

First of all, do NOT get any more credit cards. You will be having your credit limited upped MANY times in order to get you to charge on the cards. Their hope is that you will 1) be late and 2) not pay on time. That is how they make their money!! Keep what you have and keep paying on them the FULL amount well before they are due.

Welcome to America!!

Author: Kittenb
Posted: Wed Jun 09, 2004 3:56 pm
Post subject: New US Resident Trying to Build Credit

11/18/2002 8:57 pm CDT

I think that you should just continue to pay your bills on time and don’t max out your cards. It does take time to establish credit. The longer that you continue to pay, the higher your score will be. Length of time that you have your accounts is one of the bigger factors when calculating a fico score along with your payment history. Don’t worry about getting another card right now. Pay everything just like you have been, and you’ll be surprised on how fast your score will rise.