[leonardman]

I appreciate all your advice. Any idea what's the fastest way to build credit?

[Sidewinderpb]

Originally Posted by bimmer456

Here's another good idea, use your money to buy diamonds which you can hide in your carry on as they're small. Then sell them once you're here.

Balloon & some KY will do the trick.

[Sidewinderpb]

Originally Posted by leonardman

I appreciate all your advice. Any idea what's the fastest way to build credit?

Timely payments, over time. Use credit card for little things; pay balance in full at/before end of each billing cycle.

[leonardman]

Originally Posted by Sidewinderpb

Timely payments, over time. Use credit card for little things; pay balance in full at/before end of each billing cycle.

How long does it usually take to build credit?

[rcracin]

Like i said before, your real issue is going to get someone to extend you credit at all. Maybe you can start with a prepaid $300 credit card if someone is willing to give you that. Or maybe the company you work for will have a company card with you name.

You don't just build credit. It's a matter of credit history requirements for whatever you need a loan for. So if you're trying to get a mortgage, the bank may want to see 2-3 years of tax returns and income. Along with a credit history of timely payments and a good score.

[Axius]

Originally Posted by leonardman

How long does it usually take to build credit?

Depends. Things like credit availability/utilization %, age of your oldest account, on time payments, number of credit checks in "x" amount of time (opening a card, loan, etc.).


I would say about a year and a half to two years would get you settled in a decent place doing everything 100% right.

[Do Work]

Originally Posted by leonardman

I appreciate all your advice. Any idea what's the fastest way to build credit?

You must get a secured credit card, Wells fargo has one, I've built credit in one year through this method, which then allowed me to get a mortgage, and unsecured credit cards inside of a years time. My credit score is now 750. Just be sure to use the card and always make sure to pay it off or carry a less than 10% utilization, sometimes carrying a balance can actually improve your score. I would suggest signing up on credit karma and getting the app and closely following your progress and monitoring your score.

[BayMoWe335]

You'll find out pretty quickly that Americans suck with money, so my best advice to you is do your own independent research and don't ask people.

People are so bad with money here.

[bimmer456]

Originally Posted by leonardman

I appreciate all your advice. Any idea what's the fastest way to build credit?

You may want to consult with a financial expert at a bank first. If you can find a place to rent, showing that you've paid your rent on time every month will help. Maybe as was mentioned try a prepaid card, etc. It shouldn't take long to build a credit history and those who extend credit to those with poor or no credit can help you with the process.

[leonardman]

How difficult would it be to apply for an apartment without credit? My employer will pay for a hotel for only 2 weeks.

[BayMoWe335]

Originally Posted by bimmer456

You may want to consult with a financial expert at a bank first.

Terrible advice. They will just try to sell you crap.

Building credit is BASIC. I'm not going to be a hypocrite and start telling you what to do, but READ about it instead of asking people. Read a bunch of stuff and form your own conclusion based on the facts. It will be very clear.

[bimmer456]

Originally Posted by BayMoWe335

Terrible advice. They will just try to sell you crap.

Building credit is BASIC. I'm not going to be a hypocrite and start telling you what to do, but READ about it instead of asking people. Read a bunch of stuff and form your own conclusion based on the facts. It will be very clear.

This is true but mainly they just want you to open an account with them versus another bank so use your judgement on that. You don't have to buy anything it's free and compare and shop around. You'll need an address and bank account to do almost anything anyone running your credit will want to see your assets.

[Joekerr]

Originally Posted by BayMoWe335

Terrible advice. They will just try to sell you crap.

Building credit is BASIC. I'm not going to be a hypocrite and start telling you what to do, but READ about it instead of asking people. Read a bunch of stuff and form your own conclusion based on the facts. It will be very clear.

You forget. Common sense isn't so common anymore.

But I do agree - it isn't hard, but do your own research, come to your own conclusion based on a variety of sources. Forum can still be a decent place to get started / ideas, but you need more sources than that. A lot of people are terrible at managing their money. Some of them are smart people (in their field) too.

[Stubbie Blue]

I moved to the US in 2005. Got a secured credit card from Bank of America to start building my credit. Paid it off every month so that there was no interest.

I used wire transfer between bank accounts. You're supposed to declare to the US Treasury dept all your foreign accounts on the 'FBAR' when you have over US$10,000. Also you have to put any interest that they earn (usually very little) on your US tax return, but you will get a credit for any foreign taxes you paid.

[brianeck]

Originally Posted by leonardman

I appreciate all your advice. Any idea what's the fastest way to build credit?

Can you open a credit card now, before you go, with a US bank? You know what they say - time is money and credit takes a time as everyone else is saying. The sooner you start the better.

I don't think an apartment should be a problem for you - you have to sign a secondary lease agreement with the landlord which covers his own financial needs. I'm sure you'll need to pay a security deposit etc but that is standard practice.

[IllSic_Design]

When I had little to no credit history(still had 710 score but doesn't matter without history) I had to get a secured credit card, where you put down a little money on it and they give you a line of credit. I did mine through Capital One although a lot of banks offer them also. After 6-8 months of paying it on time and never going too high on credit utilization(13%) I was able to jump to a regular credit card(cash back benefits). Still took another year or so and another credit card or two to get some history and ability to get an auto/personal loan.

[P1]

I'll answer the building credit part: establish a relationship with a bank, and tell them what you're trying to achieve. You'll give them $500 to secure a $500 credit card. You'll use that credit card all the time, for everything. Keep the utilization at 50% at all times. That means you can be making payments against that card multiple times a month. Do that for half a year. Call up the credit card company, and tell them you've been a good boy. They'll see you have been, and will lift the $500 cash deposit and up your line to $3,000, or something along those lines. Be a good boy, keep doing the above, and then call back six month or a year later and ask for $10,000.

[Sidewinderpb]

Originally Posted by Joekerr

You forget. Common sense isn't so common anymore.

I don't want to hijack this treat by shooting off on another tangent, but fuck this is unbelievably true. I have yet to explore much of the world, but the majority of people I encounter here are nauseatingly stupid, inconsiderate cunts. Enjoy OP.

[PoorLurker]

Originally Posted by Joekerr

You forget. Common sense isn't so common anymore.

Yea - I used to think I was more of an extrovert because I love talking to people. However, I am starting to fear conversations with many people because they hit send before they check what they have written.

Originally Posted by BayMoWe335

Terrible advice. They will just try to sell you crap.

I don't think going to listen to people at banks is a bad idea. Even if they sell him something, he doesn't need to sign up. Hearing multiple perspectives is never a bad way to gather information.

He can do his due diligence, read online, ask questions here, ask questions at a bank, and come to his own conclusion.

In terms of a bank, I would try to find out if there is a credit union near you that has some support.

You can find places that will rent to you without a credit history. Can you provide proof of income, proof of funds, interview well, etc. "Sell" yourself to a landlord. I am pretty sure that there are still kind people that will understand your story if you have an honest and good one to provide.

[TheHouseWon]

Transfer it via wire into a checking or savings account that pays no interest. IRS only cares about interest earned not transactions. Unless the source is nefarious, then nothing can save you.

Or use Venmo, bitcoin, and a futures/Forex trading account.

[leonardman]

my parents are not US citizen. so can I do this?

General Rule: Foreign Gifts
In general, a foreign gift is money or other property received by a U.S. person from a foreign person that the recipient treats as a gift or bequest and excludes from gross income. A “foreign person” is a nonresident alien individual or foreign corporation, partnership or estate.
The IRS may re-characterize purported gifts from foreign partnerships or foreign corporations as items of income that must be included in gross income. Additionally, gifts from foreign trusts are subject to different rules than gifts other foreign persons.
A gift to a U.S. person does not include amounts paid for qualified tuition or medical payments made on behalf of the U.S. person.

Reporting Requirements
You must file Form 3520, Annual Return to Report Transactions with Foreign Trusts and Receipt of Certain Foreign Gifts, if, during the current tax year, you treat the receipt of money or other property above certain amounts as a foreign gift or bequest. Include on Form 3520:
Gifts or bequests valued at more than $100,000 from a nonresident alien individual or foreign estate (including foreign persons related to that nonresident alien individual or foreign estate);


From my understanding, there's no penalty if its below $100,000.