Moving to america from work - how to get a credit card?

Hi. The only way to get a credit card when you new, is a prepaid credit card. Thats mean that you put the money you have in the credit card.

You open a checking account and apply for a secured credit card which means the bank holds the amount you can spend on your card. You use it and pay it off in full and on time. Six months later you apply for a credit card. You have to build credit in the US reported with your Social Security number. Make sure you inform your bank as soon as you receive that number.

Hi Li
Welcome to the US! I moved here last year, and opened a bank account with Bank of America. They performed some lenghty checks and then gave me a credit card after a few weeks.

However, you might want to look for a company called Credit Stacks. They are a startup focused specifically on giving credit cards to expats that don’t have a credit score in the US yet.

Good luck!
Anna

There is one other option. I used them.
You apply for a American Express Credit card in the country you live currently. I hope you have still time to do so.
After moving to the US and having your Social Security number you can use the moving option of American Express and by this you can directly apply for a real credit card her in the states. For me this worked well. I had and have a German American Express card.
By this you can develop your credit score.

Hi,  I have my visa sorted and will be moving over in Jan. Did you have to have a job to get this?  I am having a few months off before I start my job so was wondering.

I am not 100% sure about that because I had the job already. I had to sent them some papers and also about my job. But I do not if it would have worked also without having the job yet.
Maybe you can ask them
Good luck

Thomas

Are there no one giving credit? this sounds weird.

No, without credit score no credit card. Maybe you could have one from your company as soon you have the job?

Lì Wang wrote:

Are there no one giving credit? this sounds weird.

Why would it be weird that a bank would want to minimize risk by making sure that borrowers are credit worthy?

As others have already mentioned, you can get a secured credit card....then based on good account history, you can open a regular unsecured account, though expect the interest rates to be higher until you build your score up.

AnnaGo2017 wrote:

Hi Li
Welcome to the US! I moved here last year, and opened a bank account with Bank of America. They performed some lenghty checks and then gave me a credit card after a few weeks.

However, you might want to look for a company called Credit Stacks. They are a startup focused specifically on giving credit cards to expats that don’t have a credit score in the US yet.

Good luck!
Anna

Hey Anna,
Thank you for information. So if i open an account with bank of america, what checks do they make?

and I looked online, creditstacks.com/ - is this the company you mean? did you try this?

romaniac wrote:

Why would it be weird that a bank would want to minimize risk by making sure that borrowers are credit worthy?

Weird because i come with work and can have an account with enough money in it. Not talking about getting credit with no money at all.

And thank you for other comments. I will look at what you suggested.

Lì Wang wrote:

romaniac wrote:

Why would it be weird that a bank would want to minimize risk by making sure that borrowers are credit worthy?

Weird because i come with work and can have an account with enough money in it. Not talking about getting credit with no money at all.

And thank you for other comments. I will look at what you suggested.

It is pretty simple - credit does not mean what you have but how you have handles your financial obligations in the past.

Having a job and savings does not mean the bank has records of how you behaved in the past. A lot of expats leave and leave bills behind. Bills that are virtually uncollectable - credit card, medical, rent, ....

I go to a bank in your country with a new job, a visa which limits my duration of stay, savings and want a loan. What will happen?

Lì Wang wrote:

i come with work and can have an account with enough money in it.

As Twostep has stated, your credit is the reflection of your past behaviour, not your present employment (which may or may not last) or your present liquidable asset (which can be drained at a moment's notice).

Most Americans began building their credit the exact same way as the advices you've received here.  Young people either have their parents cosigning for their first credit cards or applying for secured ones.  No one who has never had a good credit history would be handed a credit card just because s/he just landed a job.  Jobs (especially at-will employment or recently acquired ones as yours evidently is) come and go, while credit history takes time and perseverance to build. 

To prove that you're credit worthy, you may want to start small such as renting furniture with a company that will give you credit score, or buying something not too expensive and pay in installments, or applying for a store charge card, etc.  Since you live in SF, I don't think buying a car would be practical so I refrain from suggesting that. 

Think of building a credit history as building your professional reputation.  Even if you graduated from the most prestigious college, you would not be offered a high position right off the bat.  Companies would want to see how you perform on the job before they promote you, correct?  Would you complain that your degree alone is the proof that you can deal with professional issues in real life the same way you dealt with your academic ones?

Halvar's mention of Amex is a good suggestion.  If you already have an international or multinational credit card issued by a bank in your country, then you can use it almost everywhere in the world, there's no need to apply for one in the US.

When you arrive in the US it is much simpler instead of taking a prepaid credit card to just open an account with a bank and deposit an amount on it and they will give you a debit card that you can use at any store or restaurant up to the amount on your account. Just keep track that you do not use more than the amount on your account as sometimes it may take a day or two before some bills get deducted. They charge you bank cost every month if you do not keep a certain amount in your account +- $15. Once you have a regular deposit from your work and a social security number you can apply for a real credit card that gives you a credit amount.

I'm also using just a prepaid credit card and was told after 1 year I can apply for the proper credit card. It's strange to me because when I studied in Germany for 2 years, they give me one right on my first week. I was just a student and of course no saving account with the bank.