New U.S. Resident NO CREDIT

Discussion in 'Credit Talk' started by Susan, Jan 23, 2001.

  1. Susan

    Susan Guest

    My husband came to the US last year from Russia. Needless to say he has no credit at all. How do we establish this without paying
    ridiculous fees for credit cards?

    He needs credit so that he may apply for a
    loan for flight school.
  2. Momof3

    Momof3 Well-Known Member

    RE: New U.S. Resident NO CREDI

    If he has no credit at all, you may have to go the secured card route. Others may have experience with which ones to apply for and what fees etc.

  3. mt

    mt Guest

    RE: New U.S. Resident NO CREDI

    You could always open a joint account with him?
  4. Michael

    Michael Guest

    RE: New U.S. Resident NO CREDI

    First off it's going to take 3-5 months for any credit to post to his account. Here's 3 options:

    A. If you have good credit add him to your accounts. You will need to do this to at least 4-5 accounts as some creditors still won't report him to the bureau. So with 5 accounts he's sure to get at least 1.

    B. A secured loan from your bank, open a 6 month term deposit, take out a loan against it,pay only interest every month, and pay off the principal at the end of the 6 month term. Make sure your bank will report this to the credit bureau or don't bother it won't help.

    C. Secured Credit Card. I recomend First Consumers Nat. Bank in Oregon if he has a valid SS#, if he only has a Tax I.D. Number Chase Manhattan Bank. Both banks are good to work with, and fee's are reasonable.
  5. Geo

    Geo Well-Known Member

    RE: New U.S. Resident NO CREDI

    I suggest capital one secured, FCNB or providian but he should get first a SS# or Tax ID.

    If he is unable to get the SS ot Tax ID: Only American Express could approve him for credit
    with their secured card. Also citibank but I do not recomend it without ss#.

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