How to Establish Credit as a New Immigrant

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Sir, Running 5 months, I came in USA from Bangladesh, by the diversity visa program of US government, and win the lottery of this visa. At present I am not working, because from this month my wife and her elder sister starts a business (eyebrow threading), now she is working there. Now the owner of eyebrow threading business is My brother in law, near future he transfer ownership to my wife’s name. now, I am in my brother-in law’s house. I have a boy, age 2 yrs. Mr. tutul’s have a boy age 2 yrs. We hope, income from the threading business is monthly $6000.  In day time I have to stay at home for look after the two kids, I am searching a night job. Mr. tutul’s have a purfume business. I try to inform you details information, in this situation I need a credit card, to rent a house and others or build up my credit score, so please help me, what can I do.

ANSWER:

Congratulations on what sounds like a great start in the USA. In order to begin establishing credit you have a couple options you can try.

One suggestion I have is to try to get a card with the bank or credit union that you bank with. Sometimes they will assist you obtaining a credit card if you have an established bank account with them.
Otherwise you will probably need to obtain a secured card. Secured cards are usually guaranteed approval cards that require a security deposit and are the most common method for people with no credit or bad credit to begin to establish or reestablish their credit histories. Secured cards may have application fees and monthly fees, although you may be able to find one that does not. You will need to deposit a required amount of money similar to a bank account and then when you use your card, which can usually be used anywhere that accepts unsecured credit cards, you will be purchasing with the funds you have deposited on the card.

You may want to browse the page on secured credit cards for more information and reviews to help determine which and if a secured credit card will work out for your needs.

Best of luck to you and your family!

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