|
I'm a US citizen but have lived most of my life abroad. Thus, I literally don't have a credit score since I have never had any opportunity to build credit. I'm looking into getting a Secured Credit Card so that I can start reversing that situation since I expect to be moving to the States in a couple of years and would hate to have to start from scratch at that point, and since I actually do a lot of online shopping in the States (iTunes, Amazon, etc.), this could be an easy way to do that. Do you guys have any recommendations for secured cards? I don't care about high APRs since I don't plan to use this for major purchases and I will be making all of my payments on time (I have a steady income in my country of residence). I do however, want to avoid monthly/yearly fees if at all possible. Thanks in advance for any help.
|
#
¿
Apr 14, 2011 03:05
|
|
|
|
| # ¿ May 4, 2024 11:13 |
|
|
Hi. I'm a U.S. citizen but I've literally lived my whole life abroad. My legal and tax residence is abroad and all of my income is abroad. I need to open a bank account in the U.S. but obviously being physically present in the bank is problematic. Is there any decent bank that will do this sort of stuff online? I have an SSN and pay taxes in the U.S. so there is some sort of record of my existence.
|
|
#
¿
Oct 11, 2015 03:45
|
|
|
Parallel Paraplegic posted:What specific kind of banking do you need? Because if you just want a checking/savings account you can get those from an all-online bank like Ally. This sounds pretty much exactly what I was looking for, thanks. For now I just need to hold the money and ideally: 1) make money off interest 2) make payments online, particularly credit cards. 3) link my bank account to Robinhood since I'd like to maybe start buying/selling stock, when I get some extra cash. 4) pay my taxes Would a savings account be enough for this? I don't need a debit card. dpkg chopra fucked around with this message at 20:12 on Oct 11, 2015 |
|
#
¿
Oct 11, 2015 19:17
|
|
|
Moneyball posted:Cuidado. Any reason in particular? Regardless, apparently Ally requires a US address to open an account, which is of course a problem.
|
|
#
¿
Oct 11, 2015 21:03
|
|
|
I was thinking the other day that it's insane that in 2015 payment processors don't have the option for just emailing your full itemized receipt, as opposed to just having the full amount show up on your credit report (e.g.: Costco - $224.84). It would make accounting so much easier if you could just get a digital copy of that and feed into Quicken, or Mint, or whatever. Not to mention how much easier your life would be come tax season.
|
|
#
¿
Oct 14, 2015 17:51
|
|
|
FCKGW posted:Why would a payment processor have a store receipt? Visa doesn't care what you bought at Walmart and doesn't need that info. It seems like they would be the ones to whom implementing the feature would be easier (since otherwise each vendor has to do it individually with their own solution), and I presume "get itemized receipts straight to your email" would be a good marketing point for Visa or whatever. I don't care how it gets done, as long as someone does it 
|
|
#
¿
Oct 14, 2015 18:37
|
|
|
Suspicious Lump posted:Need some advice if anyone could be kind enough. I have a government loan (Australia, approximately ~23k), that is indexed to inflation (currently at ~1.5 if I am reading it correctly). My Interest account is about 4%, of course this means that it's more advantageous to earn interest on the money instead of paying it outright. Does the government not eventually garnish wages/report the debt to credit rating agencies if you straight up don't pay it?
|
|
#
¿
Nov 11, 2015 12:50
|
|
|
I'm a non-resident, US-citizen. I've been filing tax reports for a few years and I have a bank account in the US with around 10k in it. All of my income is foreign. My tax residence is abroad, my bank account residence is in Florida (sister's apartment). I tried getting a free credit report, but all three providers error out. Experian's site claims that foreign residents can't get their credit score online and have to mail-in a form. That's fine, I can do that. My concern is, am I absolutely hosed with building up my credit? Will anyone trying to get my credit score basically always run into the same problem? Will applying for a secured credit card help out or is this problem basically unsolvable unless my tax residence is in the US?
|
|
#
¿
Aug 22, 2016 00:26
|
|
|
I'm a US citizen living abroad. Mid-september I got a Capital One secured credit card with the lowest limit ($200). The idea was to use it for small purchases and start working on a credit score, and in about 6 months apply for a better, unsecured card. I've since found that the card doesn't have international transaction fees, so I can basically use it for my day to day expenses (with some exceptions), but obviously once I do that I start hitting my utilization limit fairly fast. Is it better to a) bump up my credit line by making a bigger deposit on the card or b) pay off the card more often so that I'm always resetting my credit limit and not going over the 30% limit? or c) none of this will make any difference and I should just do whatever until I can apply for a better card It's looking more and more likely that I'll be moving back to the US before 2018 and if it actually does happen, and if I can have a decent credit rating by the time I get there, it'll make relocation that much easier for me, I think.
|
|
#
¿
Nov 3, 2016 16:06
|
|
|
THF13 posted:but you don't need to worry about this while you're using a secured card. The history of that isn't taken into account, just your last reported balance. Huh, didn't know this. I've been paying off my secured card weekly to keep my utilization low, so it's nice to know I can relax a bit.
|
|
#
¿
Nov 12, 2016 21:10
|
|
|
I've had a Capital One secured card with around a $200 limit for about 5 months now, and according to Credit Karma my score is hovering around 670-680. Capital One's website says you can apply for a credit limit increase after 5 statements with payments on time, but when you go to the application it asks you to input your yearly income. Due to various circumstances my income these past few years has been extremely low (basically burning off savings as I try to get my own business off the ground). Additionally, I don't live in the US so there's not much of a credit history on me. I understand that declined credit cards count against your score somehow? I dont need the higher limit, but it would be better as I can transfer more expenses to the card and hopefully break 700 on my score and apply for better rewards cards. Should I risk applying? I'm probably overthinking this but I swear the US's credit system is some obscure poo poo. Edit: just in case I should clarify that the savings I'm burning were specifically set aside for this, I'm not falling into unpayable debt or anything like that.
|
|
#
¿
Jan 30, 2017 19:41
|
|
|
For some reason Mint asked me to reinput my details so it could get my credit score. It then asked me a series of questions to verify my identity. One question was "Your file indicates you may have a mortgage loan opened on Feb 2017, what bank did you get the loan with", and then a similar question for an auto loan. I've never applied for any sort of loan. FWIW I selected "None of the above" and Mint accepted that as a valid answer and showed me my score which didn't show anything out of the ordinary. Should I be worried at all about this?
|
|
#
¿
May 24, 2017 19:15
|
|
|
Thanks all, I assumed that was the case but identity fraud scares the poo poo out of me so I figured I'd ask.
|
|
#
¿
May 24, 2017 19:51
|
|
|
I took a chance and applied for an Amazon Visa rewards card and my applications was sent off for review. Anyone know how long that usually takes? Also, if they say no, how long should I wait before I apply again (assuming my score has improved ofc).
|
|
#
¿
Jun 22, 2017 00:40
|
|
|
savesthedayrocks posted:If they say no, they will send you a letter detailing why and you have the opportunity to pull your credit report. It may be for a reason other than a low score such as not enough history, derogatory marks, debt to income, etc. It won't say "too low of a score". I use CreditWise to track my score and all of that is ok. Hopefully I'll get approved as it'd be nice to actually have a rewards card.
|
|
#
¿
Jun 22, 2017 02:03
|
|
|
Got rejected for an Amazon Visa due to age of credit. CreditWise and CreditKarma both rate my score at around 700-710, and my one and only credit card is about 10 months old. Any of rule of thumb on how long I should before applying again? I don't want to trigger unnecesary hard pulls. dpkg chopra fucked around with this message at 21:49 on Jul 7, 2017 |
|
#
¿
Jul 7, 2017 21:47
|
|
|
8-bit Miniboss posted:A year to two years generally. Sorry, just realized that I forgot to add "wait" to "Any of rule of thumb on how long I should before applying again?". Do you mean that I should wait till my credit age is 1-2 years old, or that I should wait 1-2 years before applying again? (I'm guessing it's the former, but credit score rules are insane enough that the question seems appropiate).
|
|
#
¿
Jul 8, 2017 03:49
|
|
|
tesilential posted:Just want to add that how you use card matters. If you have a $1000 limit and have a balance of $1000 and you're paying the minimum, lenders won't be interested for a long time. If you use the card for but pay your balance in full you will start getting more credit card offers in mail than you know what to do with. I'm definitely keeping up with all the good usage factors. I think my utilization score has not broken 30% more than once. My score was 720 per the same letter that rejected me so I'm fairly sure their answer that it's due to credit age is legit. Honestly I'm not that worried about it, I'd just like to move on to something that rewards my spending ASAP. dpkg chopra fucked around with this message at 13:19 on Jul 12, 2017 |
|
#
¿
Jul 12, 2017 13:17
|
|
|
The Slack Lagoon posted:If you haven't called their consideration line you could try talking to someone. Just called and they basically said the same thing. Thanks for the tip, though! Guess I'll just have to wait.
|
|
#
¿
Jul 12, 2017 15:24
|
|
|
If my sister signs me up for an extension of her credit card would that increase my age of credit? She's had a US card much longer than me.
|
|
#
¿
Jul 13, 2017 00:13
|
|
|
I have one credit card. It has a $1000 dollar limit and offers no rewards. My score is ~715. Is there any difference between spending $5 or $200 every month when it comes to my credit score? Until I can get a card that offers rewards, I would rather keep my credit card spending as low as possible, but not if it will affect my score.
|
|
#
¿
Aug 10, 2017 15:16
|
|
|
Leon Trotsky 2012 posted:Yes, but it is miniscule. I basically use the card like a debit card, paying off its balance almost every day so that my utilization score is never too high. I'd been working under the assumption that more spending = better as long as my utilization score was under ~30%. But if spending more has no significant effect, I'll just stick Netflix on it and leave the card on auto-pay until my credit age is enough to apply for a decent rewards card. Thanks!
|
|
#
¿
Aug 10, 2017 15:58
|
|
|
Some time ago I got my sister to sign me up for an AMEX extension of her card. I originally did it just to extend my Credit Age extension (it didn't work, unfortunately). This card however has better benefits than my current card. Does using it affect my Credit Score or just hers (or both)? Do rewards on my extension apply to my card or do they go to hers?
|
|
#
¿
Aug 18, 2017 15:43
|
|
|
Apply for a new better one and then keep the old one on autopay with Netflix on it or something like that so that it still counts towards your credit limit and age.
|
|
#
¿
Mar 16, 2018 12:07
|
|
|
In my case (last year) they reported the card but it didn’t affect my credit age any differently than just opening a new card. Overall it added about 14 points mainly due to the increased credit limit.
|
|
#
¿
Mar 24, 2018 18:03
|
|
|
Vanguard will let you do an ACH transfer before the verification goes through. The only difference is that after verification they will put buy orders in immediately without actually waiting for the transfer to clear (I think but I can definitely vouch for the first part).
|
|
#
¿
Mar 28, 2018 00:25
|
|
|
Yes, he needs to file taxes. Broadly speaking, as long as he a) lives outside the US all of the year and b) does not make more than $95.000 a year, then he will not be taxed on that income. There are caveats and complications, but it sounds like his situation is the ideal “expat” scenario. Filing date for expats is June 15th. TurboTax has fairly comprehensive, step by step instructions on how to file, even for expats. I’d start with that and if you hit any questions you can’t answer then maybe consider hiring a professional (or asking in the US income tax thread like I do). Also, if he has bank accounts in Germany he needs to file an FBAR. Just google it, the website is fairly self explanatory.
|
|
#
¿
Apr 18, 2018 03:46
|
|
|
Yes, he still needs to file. As far as being married, if you’re not a US resident or citizen he can just file as married but filing separate and essentially ignore your income. I believe there is an extra hoop here but I haven’t done it yet as I’m not married. Check here: https://www.americansabroad.org/nonamerican-spouse-us-tax-implications/ This gets slightly more complicated if you guys have shared assets like a house or investments but I’m not a tax preparer so I don’t want to speak out of turn. Edit: missed your last question. I have no idea what German tax law is like but I imagine he still needs to file taxes for his German income. Most countries have deductions for taxes paid abroad on the same income (including the US), so in theory you end up paying less taxes. Given that your husband won’t pay any taxes in the US over his German income, there shouldn’t be anything to deduct, however. dpkg chopra fucked around with this message at 12:25 on Apr 18, 2018 |
|
#
¿
Apr 18, 2018 12:20
|
|
|
Just FYI, I looked a bit more into it and the extra hoop when filing as Married but Separate with a non-residente spouse is that you (the spouse) should fill out IRS form W7 and apply for an ITIN (Individual Taxpayer Identification Number). The IRS will write back with your assigned number. He should then inform that number on his tax report even if he is not going to include your income. The only thing that ITIN does is inform the IRS your exist, it doesn't change anything about your immigration status. JFC the US tax system is some byzantine poo poo.
|
|
#
¿
Apr 18, 2018 20:39
|
|
|
Look at these losers with their euclidean financial instruments.
|
|
#
¿
Jun 4, 2018 19:47
|
|
|
Anyone have any recommendations for a software that tracks business expenses but that is flexible about inputting foreign currencies and doesn't depend on linking your accounts? I don't live in the US but I itemize my deductions on my US taxes and my artisanal excel sheet + assorted PDFs folder is starting to get unwieldy.
|
|
#
¿
Jun 5, 2018 21:48
|
|
|
A few years ago my sister made me an authorized user of her AMEX so I could jumpstart my credit score. Lately she's been lagging a bit on her payments. I'm not worried she's going broke or anything like that, she's just busy and keeps forgetting to pay it on time and won't put them on autopay. Now that I have decent cards of my own, I'm thinking of just closing down the authorized card so I don't have to worry about it. Or I can just nag my sister to be on top of her payments. I'm just wondering if anyone knows what kind of impact this could have on my score. Right now the authorized card represents about half of my total limit but my utilization score never goes past 10% anyway (so about 20% after I close down the card).
|
|
#
¿
Jun 20, 2018 16:36
|
|
|
I think this was just a card she didn't use much before I asked her to authorize me, but yeah, might as well just sever while it's not a problem.
|
|
#
¿
Jun 20, 2018 17:02
|
|
|
Schwab waives all fees and minimums if you open a checking and brokerage account. You don’t have to actually use the brokerage. Make sure you google the referral link before opening the accounts so you get the $100 bonus.
|
|
#
¿
Jul 9, 2018 16:39
|
|
|
The limit’s there in case someone steals your debit card.
|
|
#
¿
Nov 4, 2018 21:05
|
|
|
TraderStav posted:Yes. If you do nYNAB make sure you set up credit cards as checking to save yourself. Has no other impact other than avoiding the terrible way it handles credit cards. Can you elaborate on this?
|
|
#
¿
Nov 5, 2018 15:41
|
|
|
Yeah, I meant the problems with Credit Cards. I've mostly gotten used to the weirdness of Credit Cards but it really does make more sense to treat them as checking accounts if you pay your CCs in full every month. I'll give the method a try next time I do a fresh start since I also manually import transactions once a week (AMA about getting glares from my wife whenever I try to get her to remember what the hell some generic vendor name is on our statement).
|
|
#
¿
Nov 5, 2018 18:39
|
|
|
DarkHorse posted:The problem comes because people screw up payments: they forget to pay the monthly bill, and get hit by all the interest; or they spend the cash they would have allocated for the couch, and end up overextended; or they take too long to pay it off or only do the minimum payment, and are caught by the interest that way. I love YNAB as a budgeting tool, but one of their catchphrases is that you don’t need multiple accounts if you’re in control of your budget, and while I get the logic behind it, it’s just fundamentally not how people operate and I wish they wouldn’t push it so hard. Also makes me wish more banks had the option to create budgeting sub accounts.
|
|
#
¿
Nov 11, 2018 21:48
|
|
|
My first suggestion would be to use the YNAB method of only budgeting the money you have today. That means that every two weeks you would sit down and re-budget as soon as you get your new deposit. This has the added advantage of making you rewire your brain to your new payment schedule faster. If that’s not possible you could calculate what your salary would be on a semimonthly basis and use that? So if you’re making 400 bucks every 2 weeks that’s the same as 28 bucks a day (400/14 rounded down). Then you just calculate what your hypothetical salary would be on Day 15 ($420) and use that. It’s an extra step but if the change helps you out on sticking to your budget.
|
|
#
¿
Nov 22, 2018 14:00
|
|
|
|
| # ¿ May 4, 2024 11:13 |
|
|
Goobish posted:Is there a way to find out why your credit score went up? I dont understand what I did that was so great, but in the past few weeks my credit score shot up 61 points... It was about 30 points for me, but when that happened it was because my Age of Credit hit 2 years.
|
|
#
¿
Dec 9, 2018 20:07
|
|