I am in US since sept'06 on h4.I recently got my SSN.I opened a bank a/c with BOA in feb. this yr and have been using a secure Credit card since then,making full payments and using about 75% of credit limit. I do not have any credit file yet(tried to pull credit report but denied from all 3 bureaus).I am being denied by citibank,amex and others for unsecured CCs due to no credit history.How much time does it take for BOA to usually report my secure CC to credit bureaus?when can I expect to have a credit file?Also,is there any way to build the credit faster or is there any major unsecure CC thatI can get?(P.S.: I was never a student here,so I can't apply student CCs).thanks in advance

You do have a credit report, it contains only inquiries but the firs time you apply for credit the CRA opens a file on you, even if you are declined all those credit applications are now in your reports and I'll tell you that is not a good thing.

Don't apply for 25 cards the same day, just go to Capital one and apply once, they will give you a toy card with 300 on it, charge 30 to 50 dollars a month on it and pay every month about 80% of the balance you'll get in the statement, after 3 months they increase the credit limit to 500, keep doing the same until you start getting offers from other companies in the mail.

After you have a couple of decent cards, like CITI or Chase then you pay and close Capital One and never do business with them again, even if by then they had rise you credit limit to a few thousands

The drop in you credit score after closing Capital one will recover in few months and is a very small price to pay in order to stay away from that pople, the chances are that if you do business long enough witl them, they'll found a way to screw you and take your money, it is just the way Capital one is.

AMEX is a great card but they Won't even talk to you until you have a 750 score and 10 years of clean history

Carl.

Part of the problem may be that you have no score. You must have at least one good account reported for 6 months before you get a score. Along with some other factors.

What are the minimum requirements for a FICO score? (http://www.myfico.com/CreditEducation/questions/requirement-for-fico-score.aspx) That site tells you the min. requirements for a score.

Try to pull your reports from www.annualcreditreport.com . You may have to mail in for your reports and see if the BoA card is reporting.

Shortly after your first statement BofA should have made a report to the credit agencies. But maybe they would have had to wait until the first statement after your first payment. Considering that February was 4 months ago, I would have expected that a credit history would have been started. Did you ask BofA if they report on secured credit cards? If they don't, I would start looking elsewhere (considering the annual fees, etc. charged by most secured cards.)

I knew someone that had never had any credit that applied for one card and was denied. Then after that kept getting unsolicited credit offers from other companies (usually not that great of terms). On looking on the annualcreditreport site, one credit bureau had the one inquiry (plus several of the non public preapproved offers) and the other two were non existent. The point here is that if you have applied to several credit cards, you should now have a credit history at at least one credit bureau.

Another way to build credit is to open a savings account, pledge it for security to an installment line. I personally did this with $2500 at a credit union. You get the$2500 back and as the loan is paid down you can use the savings. The savings rate is 1% and the loan rate is 2%. At the beginning of the loaned this winds up costing about $5 a month (the difference in loan interest rate and savings interest rate.) and other than having to temporarily come up with $2500 (or whatever you want the loan amount to be) doesn't cost anything else. Best part on in my case is I set it up for 4 year pay off and automatic payments (even an automatic transfer from savings to the checking that pays it so I just leave enough extra money in the checking to keep up with the interest and it becomes an automatic credit builder).

Hope this info helps.

Part of the problem may be that you have no score. You must have at least one good account reported for 6 months before you get a score. Along with some other factors.

What are the minimum requirements for a FICO score? (http://www.myfico.com/CreditEducation/questions/requirement-for-fico-score.aspx) That site tells you the min. requirements for a score.

Try to pull your reports from www.annualcreditreport.com . You may have to mail in for your reports and see if the BoA card is reporting.

That's what I did... I tried to pull experian,equifax and transunion through annual credit report and none of them could find my info which means that I don't have a credit file yet.or do you think the result will be different if I apply through mail?I have a BoA checking a/c since feb this year(6 months) and a secure CC with them since 6 months too. Does it take longer than that to have a credit file?

You do have a credit report, it contains only inquiries but the firs time you apply for credit the CRA opens a file on you, even if you are declined all those credit applications are now in your reports and I'll tell you that is not a good thing.

Don't apply for 25 cards the same day, just go to Capital one and apply once, they will give you a toy card with 300 on it, charge 30 to 50 dollars a month on it and pay every month about 80% of the balance you'll get in the statement, after 3 months they increase the credit limit to 500, keep doing the same until you start getting offers from other companies in the mail.

After you have a couple of decent cards, like CITI or Chase then you pay and close Capital One and never do business with them again, even if by then they had rise you credit limit to a few thousands

The drop in you credit score after closing Capital one will recover in few months and is a very small price to pay in order to stay away from that pople, the chances are that if you do business long enought witl them, they'll found a way to screw you and take your money, it is just the way Capital one is.

AMEX is a great card but they Won't even talk to you until you have a 750 score and 10 years of clean history

Carl.

Thanks for your answer... If I do have a credit report,should it not show up on annualcreditreport.com I tried pulling all 3 credit bureau files but they don't have my info... I already have a BoA secure CC since feb'08(6 months).So,the Capital One card is a secure or unsecure one?. and if I get that then as you mentioned I pay only 80% of statement balance,would it be ok(I can pay in full if It will help-or is it better to pay 80%)-i thought its better to pay full balance... I have been paying full on BoA secure CC but obviously its not been reported yet

thats what i did...i tried to pull experian,equifax and transunion thru annual credit report and none of them could find my info which means that I dont have a credit file yet.or do u think the result will be different if I apply through mail?I have a BoA checking a/c since feb this year(6 months) and a secure CC with them since 6 months too. does it take longer than that to have a credit file?

Call them and ask if they report your card to the CRA.

I know they report the 99/500 partially secured. I am not sure about the fully secured card, but believed they did.

Some card companies have pre-approval sites. HSBC, Amex, Cap 1, BoA etc

The inquiry for preapproval doesn't count against you, so try some of those.

https://www.hsbcapply.com/start/hsbccreditcard;jsessionid=00012EZ6M7bpplSH8XG_oUEu r5z:12ho13l4n

https://cardfinder.capitalone.com/CapOne/findMyOffer.do?ex=R&pr=&id=&tg=4&pnt=ZUNS03ZZZZZZZZZZZZZZ

https://preapproved.bankofamerica.com/cc/SelfInquiry.aspx

https://www201.americanexpress.com/cards/Applyfservlet?csi=0/0/b/510

AMEX is a great card but they Won't even talk to you until you have a 750 score and 10 years of clean history

Carl.

Amex is strict, but not quite that strict.

Shortly after your first statement BofA should have made a report to the credit agencies. But maybe they would have had to wait until the first statement after your first payment. Considering that February was 4 months ago, I would have expected that a credit history would have been started. Did you ask BofA if they report on secured credit cards? If they don't, I would start looking elsewhere (considering the annual fees, etc. charged by most secured cards.)

I knew someone that had never had any credit that applied for one card and was denied. Then after that kept getting unsolicited credit offers from other companies (usually not that great of terms). On looking on the annualcreditreport site, one credit bureau had the one inquiry (plus several of the non public preapproved offers) and the other two were non existent. The point here is that if you have applied to several credit cards, you should now have a credit history at at least one credit bureau.

Another way to build credit is to open a savings account, pledge it for security to an installment line. I personally did this with $2500 at a credit union. You get the$2500 back and as the loan is paid down you can use the savings. The savings rate is 1% and the loan rate is 2%. At the beginning of the loaned this winds up costing about $5 a month (the difference in loan interest rate and savings interest rate.) and other than having to temporarily come up with $2500 (or whatever you want the loan amount to be) doesn't cost anything else. Best part on in my case is I set it up for 4 year pay off and automatic payments (even an automatic transfer from savings to the checking that pays it so I just leave enough extra money in the checking to keep up with the interest and it becomes an automatic credit builder).

Hope this info helps.

Thanks for your answer... I received my first CC statement in march (15th to be precise) which is almost 4 months from now... I will ask BoA if they report the secure CC... I have applied to 3 different CCs recently (starting around June mid thinking that I would have had a credit file by then)but all have been denied due to no credit history... I have not received any pre-approved offers in mail yet... do they start coming in so soon?. I will keep savings a/c option open too... thanks

Call them and ask if they report your card to the CRA.

I know they report the 99/500 partially secured. I am not sure about the fully secured card, but believed they did.

Some card companies have pre-approval sites. HSBC, Amex, Cap 1, BoA etc

The inquiry for preapproval doesn't count against you, so try some of those.

https://www.hsbcapply.com/start/hsbccreditcard;jsessionid=00012EZ6M7bpplSH8XG_oUEu r5z:12ho13l4n

https://cardfinder.capitalone.com/CapOne/findMyOffer.do?ex=R&pr=&id=&tg=4&pnt=ZUNS03ZZZZZZZZZZZZZZ

https://preapproved.bankofamerica.com/cc/SelfInquiry.aspx

https://www201.americanexpress.com/cards/Applyfservlet?csi=0/0/b/510

Thanks... will call BoA n ask them... do u have any link for citi pre-approved site?

thanks for ur answer....i received my first CC statement in march (15th to be precise) which is almost 4 months from now....I will ask BoA if they report the secure CC....I have applied to 3 different CCs recently (starting around June mid thinking that I wud have had a credit file by then)but all have been denied due to no credit history...I have not received any pre-approved offers in mail yet.......do they start coming in so soon?...I will keep savings a/c option open too.....thanks


You should have a credit file, but may not have a score.

Write in and ask for your credit reports.

Wait until September/October to apply. You should have a score by then if the card is reporting.

Call them and ask if they report your card to the CRA.

I know they report the 99/500 partially secured. I am not sure about the fully secured card, but believed they did.

Some card companies have pre-approval sites. HSBC, Amex, Cap 1, BoA etc

The inquiry for preapproval doesn't count against you, so try some of those.

https://www.hsbcapply.com/start/hsbccreditcard;jsessionid=00012EZ6M7bpplSH8XG_oUEu r5z:12ho13l4n

https://cardfinder.capitalone.com/CapOne/findMyOffer.do?ex=R&pr=&id=&tg=4&pnt=ZUNS03ZZZZZZZZZZZZZZ

https://preapproved.bankofamerica.com/cc/SelfInquiry.aspx

https://www201.americanexpress.com/cards/Applyfservlet?csi=0/0/b/510

I should have clarified in the original post. Preapproval sites will not work if you are opted out. Also, just because you may be pre-approved doesn't guarantee approval, just like when you receive pre approval offers in the mail, approval isn't guaranteed.

I should have clarified in the original post. Preapproval sites will not work if you are opted out. Also, just because you may be pre-approved doesn't guarantee approval, just like when you recieve pre approval offers in the mail, approval isn't guaranteed.

I have not opted out of pre-approved offers... will check those sites... thanks a lot

thanks for ur answer....i received my first CC statement in march (15th to be precise) which is almost 4 months from now....I will ask BoA if they report the secure CC....I have applied to 3 different CCs recently (starting around June mid thinking that I wud have had a credit file by then)but all have been denied due to no credit history...I have not received any pre-approved offers in mail yet.......do they start coming in so soon?...I will keep savings a/c option open too.....thanks
It could be a security thing about not giving out the free annual credit report. One track could go is wait until you get the denial letters from the ones you applied to (they will give you the address of the CRA in the letter) and ask for a free credit report via mail. There certainly should be a credit file at the CRA that the credit card company checked your credit. Also the cards you applied to may require longer history than you have.