New to Credit, New SSN for Immigrant: Suggestions Please

[Analysis]

My wife is the recipient of her first ever SSN, and I am looking for ways to maximize her credit history over the next 6-12 months. She's been in this country for 1.5 years.

 

Curiously, to me at least, BofA gave her a VISA credit card 1.5 years ago based on her Passport number from her home country, so she has 1.5 years of history we want to transfer over to her SSN in this perfect payment history. This credit card has a $10,000 limit and a $3,000 balance. I've kept the balance just to make sure they don't simply cancel the card when we walk in and ask them to transfer the number to her SSN. They still could, of course, but I think they won't. Between the two of us we have $15,000 in cash in BofA.

So I am looking for suggestions about how to maximize her credit, get her the highest FICO's, and the best history.

My plan is to walk into a BofA, get them to transfer the VISA to her new SSN, wait for it to report on all three CRA's, pay off the balance of the $3,000, wait for the zero balance to report, and then apply for 1-2 more credit cards. I am not the type to accumulate credit cards, so 3 seems like the best total,

Suggestions?

[AlabamaSteve]

First off, don't pay her balance down to 0. Always keep 2-3.00 reporting, as a zero balance may actually hurt her scores. 

 

If you walk in with her documentation showing she is now a US citizen, along with her social, BofA should be able to easily accomplish this. 

 

Now just wondering as you didn't list anything, do you have any account's you can add her too as an authorized user? With a thin file, I will let the other pro's chime in on the best accounts to apply for. 

[credit_help]

My wife is the recipient of her first ever SSN, and I am looking for ways to maximize her credit history over the next 6-12 months. She's been in this country for 1.5 years.
 
Curiously, to me at least, BofA gave her a VISA credit card 1.5 years ago based on her Passport number from her home country, so she has 1.5 years of history we want to transfer over to her SSN in this perfect payment history. This credit card has a $10,000 limit and a $3,000 balance. I've kept the balance just to make sure they don't simply cancel the card when we walk in and ask them to transfer the number to her SSN. They still could, of course, but I think they won't. Between the two of us we have $15,000 in cash in BofA.

So I am looking for suggestions about how to maximize her credit, get her the highest FICO's, and the best history.

My plan is to walk into a BofA, get them to transfer the VISA to her new SSN, wait for it to report on all three CRA's, pay off the balance of the $3,000, wait for the zero balance to report, and then apply for 1-2 more credit cards. I am not the type to accumulate credit cards, so 3 seems like the best total,

Suggestions?

Her account will update with her newly issued SSN. There is no transfer. Her credit profiles with CRAs will in due time reflect the new SSN. Does she not have a FICO score yet? Were you able to pull her reports using the TIN?

She could even update her citizenship info online. BofA has a form to input.

[Analysis]

38 minutes ago, credit_help said:

Her account will update with her newly issued SSN. There is no transfer. Her credit profiles with CRAs will in due time reflect the new SSN. Does she not have a FICO score yet? Were you able to pull her reports using the TIN?

She could even update her citizenship info online. BofA has a form to input.
 

Thanks. She is not a US Citizen yet, she has a new SSN. She has no FICO's, as far as I know. I don't know how you are using the term " TIN ". Are you calling her Passport number her TIN?

 

Not sure which system will automatically find her new SSN and match it to her BofA VISA. THe CRA's systems, or BofA's systems?

 

Our addresses match on BofA and the issuance of the new SSN from the Social Security systems.

Edited March 27, 2019 by Analysis

[credit_help]

Thanks. She is not a US Citizen yet, she has a new SSN. She has no FICO's, as far as I know. I don't know how you are using the term " TIN ". Are you calling her Passport number her TIN?
 
Not sure which system will automatically find her new SSN and match it to her BofA VISA. THe CRA's systems, or BofA's systems?
 
Our addresses match on BofA and the issuance of the new SSN from the Social Security systems.

TIN is Tax Identification Number. People who are not eligible for SSN can get and use a TIN for taxes and other purposes.
If you update your bank and credit issuers with SSN, it should be reflected on her reports automatically. You could also see if there are actually reports for her.

https://www.creditcards.com/credit-card-news/how-transfer-credit-profile-itin-ssn.php

https://www.sapling.com/6758058/transfer-history-newly-assigned-ssn

[Analysis]

24 minutes ago, credit_help said:

 

TIN is Tax Identification Number. People who are not eligible for SSN can get and use a TIN for taxes and other purposes.
If you update your bank and credit issuers with SSN, it should be reflected on her reports automatically. You could also see if there are actually reports for her.

https://www.creditcards.com/credit-card-news/how-transfer-credit-profile-itin-ssn.php

https://www.sapling.com/6758058/transfer-history-newly-assigned-ssn

 

Thanks. She has no TIN. BofA used her passport number to set up the Visa account.

[PotO]

On 3/28/2019 at 2:59 AM, Analysis said:

Thanks. She is not a US Citizen yet, she has a new SSN. She has no FICO's, as far as I know. I don't know how you are using the term " TIN ". Are you calling her Passport number her TIN?

 

Not sure which system will automatically find her new SSN and match it to her BofA VISA. THe CRA's systems, or BofA's systems?

 

Our addresses match on BofA and the issuance of the new SSN from the Social Security systems.

 

B of A will report the tradeline along with her new SSN and the CRAs will grab it.  If you don't see it shortly after the B of A monthly update, you can call the CRAs directly.  They will ask you to mail in docs.

[PotO]

On 3/28/2019 at 1:20 AM, Analysis said:

My wife is the recipient of her first ever SSN, and I am looking for ways to maximize her credit history over the next 6-12 months. She's been in this country for 1.5 years.

 

Curiously, to me at least, BofA gave her a VISA credit card 1.5 years ago based on her Passport number from her home country, so she has 1.5 years of history we want to transfer over to her SSN in this perfect payment history. This credit card has a $10,000 limit and a $3,000 balance. I've kept the balance just to make sure they don't simply cancel the card when we walk in and ask them to transfer the number to her SSN. They still could, of course, but I think they won't. Between the two of us we have $15,000 in cash in BofA.

So I am looking for suggestions about how to maximize her credit, get her the highest FICO's, and the best history.

My plan is to walk into a BofA, get them to transfer the VISA to her new SSN, wait for it to report on all three CRA's, pay off the balance of the $3,000, wait for the zero balance to report, and then apply for 1-2 more credit cards. I am not the type to accumulate credit cards, so 3 seems like the best total,

Suggestions?

 

It's good she has her foot in the door with B of A.  At 1.5 years though, she still has a thin file.  That said, one year is enough to usually get started with some lenders.  You could try CapOne, Discover, Chase or a credit union.

 

I did practically the same thing with my sister-in-law except she didn't even have anything at the beginning.  I added her as an AU on some really old accounts and then added her as a joint owner on a 10-year old Chase (unfortunately Chase stopped allowing joint accounts about 5 years ago) and a slightly older B of A card (B of A still allows joint accounts) and right out of the gate her FICO was over 750. 

 

Then I had her apply for all the usual suspects and she's gold.

 

Unlike my wife, though, my sister-in-law actually listens.  If I tell to do or not to do something credit related, she listens.  But if I just explain something and only give a suggestion, well ... the bad news is the fukking biatch can read!  I remember telling her I'd probably stay away from Comenity and then she read online where I just applied for the Comenity Total Rewards Visa so she did the same thing.  

 

After about five years, she's already over $700k.  She only really uses credit one month a year.  The other 11 she averages about $5.00 per card.  

 

Make me sure you don't create a monster.  😄

 

 

[cv91915]

You don't need an SSN to have a credit file.  TLs are matched to their owners using name, address and other data points.

 

Get her credit reports to see what's already reporting.  

 

Pay off the balance ASAP, it doesn't matter if the card has a balance or not... it's just going to cost you interest.

[hegemony]

On 3/27/2019 at 1:50 PM, AlabamaSteve said:

First off, don't pay her balance down to 0. Always keep 2-3.00 reporting, as a zero balance may actually hurt her scores. 

 

 

it is never wise to pay interest. don't conflate having a small balance reporting to the four major CRAs with carrying a balance on a card

[Analysis]

Thanks, everyone, I will digest these opinions and decide on the best course of action soon.