I am 48 years old- I just came from Russia to US. I have no credit history. What is best way to build this credit history. Thank you.
Here is an update- I got a credit card from my bank (with an annual fee) of $500. I got the Exxon/Mobil gas card limit $100. I got a secured card from Wells Fargo $500. I got a debit card from my bank. Victoria Secrets called me to tell me I qualify for their credit card- I took it. I got declined from several credit cards as well- several dept stores (I was told anyone can get them, I obviously didn't for one reason or another). I got declined from the AAA credit card. I got declined from an American Express card- Reasons include: 1. Not enough history. 2. Too many credit enquiries. I've been paying off my bills immediately after I see them posted online. Sometimes weeks in advance... I just want to build my credit history as fast as possible, do you guys have any other recommendations that I could use? The more credit cards I have, the better or worse? Should I apply for another secured card perhaps? In regards to my wife, would it be better to add her as an additional card member on my accounts, or create independent accounts for her own self. Thank you for your time and effort.
Hi and welcome to the board First off, I would say quit applying for more credit for now, it will only hurt you. Keep doing what you are doing with the ones you have; using them and then paying them off. Eventually they will see responsible useage and start to increase your limits. The secured card will become unsecured and the CL will increase as well. Then you will have offers coming in from other companies and you can pick and choose who you want to go with. You might also try getting a small signature loan from your bank and paying it off in a timely fashion. As far as more cards go, less is more in building credit. As for your wife, I would say let her start to build up her own credit history as well.
Oh yes, and funny thing is the same people who turned you down will come lookin for you later if you play your cards right
