Messages posted by: ksinghal

Gerri,

Thanks again! I have not received my 2 secured credit cards that I had applied for. One from BankOfAmerica and the other from DCU (its a small Credit Union) I am spending about 15% of available limit and paying them off in full when I get the bill. I hope that build my Credit sooner!!

I have 2 questions.... was wondering if you could help.

Q1: I had applied for Car Insurance from Geico on Dec 22 and had opted for 5 payment plan and paid some initial fee thru my Debit Card on the phone to get started... I changed some coverages for some reason my second payment was due Jan 8th and I did not get a bill in the mail. I was under the assumption that I had opted for Automatic payment clearance from my debit card, but I had not. I got an email from geico on Jan 16th with a cancellation notice saying if I do not make the payment by Feb 8th my policy will be cancelled... I immediately called them and made the payment and also signed up for Automatic paymentt deduction from my debit card to avoid this in future. The question is: Would this delay of about 8 days IMPACt my credit score negatively? If yes, how bad can it be?

Secondly...
Q2: I have been getting some offers in mail (snail mail) for cash advance loans, would you happen to know how these companies get your Name and Mailing addresses, do you think my banks would sell my information to them? I am concerned as I never applied for any cahs advances or loans?

I have been receiving Cash Loan offers of $500 from this company CashLoanNetwork. This letters are coming in every week.

Now I have just arrived to the US 4 months back and have 2 secured credit cards that are helping me build my credit record here and I am new to the country and do not have credit history.

I really do not need these loans affered by CashLoanNetwork, but I am really curious if anyone would know: "How Does CashLoanNetwork" get my mailing address and name... do you think my Bank would provide them with this Infomration? I bank with BankOfAmerica.

I never signed up online or otherwise for any loan product except the Secured Credit cards that BankOfAmerica and DCU.

I am really curious as I think this is a matter of privacy violation and I wonder how these guys get my information. I searched the Internet and there is no phone number for these guys for me to call and check.. I think this is scam...

Any expert views on something like this and how they obtain this info to send mail pieces?

Gerri, thank you again! Yes, I was talking about the Bank of A Secured credit card!

Gerri,

Thank you soo much!! These answers so very helpful!! Really appreciate your help!! and I am sure they are helpful for others as well!!

Thanks again! and have a good day!

Regards,
Kunal

Hello, I have just moved in to the US this October and have been assigned a SSN number a few days back.

I understand that I will not have any Credit History as I am new here, but had a few quick questions:

1> What will be my score if I pull a report now. Or will there be no score at all. Does it make sense to pull your score to see what they are?

2> Is it safe and secure to provide your Credit card and personal details like SSN to sites like FreeScore.com to pull your credit report? Do they charge you for this? Where do they use this Credit Card and SSN info? I do not have a credit card yet, but can enter my debit card number.

3> What is the Maximum (Best) fico score can a person have (I have heard 750 is best) does it go higher than this?

A quick question on your quote:

In many cases for those just starting out, a secured credit card is the best way to help establish a credit file and credit history. When you're choosing a card, be sure that you check with the issuer to make sure they report to the credit bureaus. Some will report to one or two bureaus and others will report to all three. And some won't report at all. If the account isn't reported to the credit bureaus, it won't help you build your credit file.

I was considering the Bank of America Secured credit card.. would anyone know if they report to all three credit bureaus? I asked the bank rep and they did not know this? They just said it is reported to Credit agencies, but did not know whether it was all 3 or just 1 or 2?

Also can any one help demystify the term "Grace period" for me please and how does it impact you.
I plan on spending on my secured credit card and pay the bills in full before the due date, would that attract any kind of Finanace fee, charges or interest.

Thank again! This is the best site that I have come across for information on building credit! Highly recommended!

Look forward to your expert advise.

KRS

Hi Credit.com Expert Team,

Here is the situation. I have just arrived to the US on a H1B work visa. I am aware that Credit Rating in the US is a very important thing that impacts several aspects of your life here including Eligility and Rates on Mortgage, APR on Credit Cards, APR on Car Loans, Insurance etc etc.

Since I have just arrived. I have no Credit Record here at all. I have applied for my SSN and have just received my SSN card a few days ago.

Background Info: I am employed with a US company that has over 500 empoyees in the US and have a good annual 6 figure salary.
I have opened a Checking and Savings account with Bank Of America and my Salary gets deposited directly in my checking account.

I have read on this forum that the best way to build credit is by applying or a Secured Credit card and have a few questions in regards to that:

1: Would you know of some banks that issue Secured credit cards and also pays interest on the deposit amount? Suggestions would be helpful. Name a few please if that is OK?

2: Would you know which secured cards or banks have the minimum Annual, Processing fees and charges and are still very good on reporting your payment patterns to Credit Bureaus? I am very good with payments, am a person who does not beleive in living on Credit, but scores in the US are important for many other reasons like Insurance etc.

3: Is it advisable to apply and get 1 or maybe 2 secured credit cards, does that help build credit faster if you have 2 secured credit cards instead of 1?

4: I have read on some post on this forum that you should ideally use 10% of your available credit, my monthly expenses are in the range of $ 400 to $600 that I was intending to use on my credit card to help build my credit? Do you suggest that the moment I have used 10% of my credit limit I switch to paying other expenses in cash and debit and not use the card? This way I am sure that I am not going over the 10% limit… if that helps in building my credit faster?

5: The company that employs me is also giving me an American Express Corporate Green Credit Card for all my official expenses, would that also help build my credit as they did take the SSN when I applied for it. Just an fyi.. the payments on this green AMEX card will be made by the company directly and the billing address is also the company address and not my home address.

6: Is there anything else that I can do to build my credit faster. Example: Co-sign on a car loan with some friend who has good credit history here etc. etc.

7: Is it worth the risk to try and apply for a unsecured credit card to see if I will get approved? May be with Bank of America as I have a Checking and Savings account with them? The reason I ask is: Idelally I do not want to apply and see that it negatively impacts my score as there is a high probability of denial as I do not have any credit history?

8: Is it true that when you make an application for Credit and based on your scores that Credit is granted to you it positively impacts your credit and vice versa if the credit is denied?

I know these are a lot of questions, but your expert help will be much appreciated. I am new here and need I could definately use some expert help to get started in the US.

Thanks again, I look forward to your responses.
KRS