You may need credit history before you can get a loan or a credit card. Start soon after you arrive. Do not wait until you need the loan or the credit card. Read chapter 22, "Credit Cards and Loans," in Hello! USA to find out more about credit history, credit cards, and loans.
Here are some ways to start your credit history.
- Get a signature from your employer stating your salary and position. Show the letter to the bank or financing company.
- Ask if your employer has a preferred bank that gives credit cards to international employees. If not, your employer may "shop around" and find a bank that will help you.
- Take out a small loan from your bank-even if you don't need the money. Be sure to make the payments on time. In about six months, you may have enough credit history to get a loan or credit card.
- Get a secured credit card or loan from your bank if you can. With secured credit, you deposit the money in the bank; the bank lets you "borrow" up to the amount of the deposit. Be sure to make the deposits in time. In about six months, you may have enough credit history to get a loan or credit card.
- Get a charge or credit card from a department store. Often, you can get a department store card more easily than a credit card from a bank. If the store will not give you the card, go the customer service desk; explain that you are new in this country. If necessary, show the person a letter from your employer (see 1. Above)
Warning: Make sure you understand the difference between a credit card, a charge card, and a debit card. Read chapter 22, "Credit Cards and Loans," in Hello! USA.
