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New to US- what card to get?

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Hey everyone, I have newly immigrated to the US and have recently started working.  Since I am new here I have zero credit and am looking at those "building credit" credit cards. Basically I'm torn between the Capital One Secured master card and the Discover Secured Credit Card. Is it a bad idea to apply for both? I don't mind paying the required deposit for both cards. Or is it a better idea to just apply for one card? Also side question since my spouse is the breadwinner and I have access to his money it's ok for me to also claim his income on top of mine- right?

 

Thanks for any help & feedback!!

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welcome to CB!

 

Both of those sound like good cards to start with. I don't see a problem with applying for both.

 

You can use your spouse's income as "household income" when asked for income.

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9 hours ago, hegemony said:

welcome to CB!

 

Both of those sound like good cards to start with. I don't see a problem with applying for both.

 

You can use your spouse's income as "household income" when asked for income.

 

Does CapOne secured graduate?

 

If the CapOne card "graduates", you are ok.  If not, I'd find a secured card that does.  "Graduate" means that after a period of time -- usually one year -- of responsible use they will unsecure the card sending you back your security deposit and, often, raising your credit limit.

Edited by PotO

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I'm not sure if it's still the case, but I remember the Target branded credit card used to be pretty easy to get for those with a thin file.

 

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26 minutes ago, pronto said:

I'm not sure if it's still the case, but I remember the Target branded credit card used to be pretty easy to get for those with a thin file.

 


I was bored not long ago and applied.  They didn't seem to mind over a dozen new accounts and around 20 inquiries.  

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On 1/15/2020 at 6:55 PM, hegemony said:

welcome to CB!

 

Both of those sound like good cards to start with. I don't see a problem with applying for both.

 

You can use your spouse's income as "household income" when asked for income.

Hege, Barclay's told me I could not include my spouse's income without pulling his cr as well. Additionally according to the Credit Card Act of 2009, it states only individual income can count in applying for a new cc.

 

Now I am curious if others on this board successfully obtained a cc by including household income. 

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28 minutes ago, creditmaze said:

Hege, Barclay's told me I could not include my spouse's income without pulling his cr as well. Additionally according to the Credit Card Act of 2009, it states only individual income can count in applying for a new cc.

 

Now I am curious if others on this board successfully obtained a cc by including household income. 

ECOA says otherwise...

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44 minutes ago, creditmaze said:

That is simply not current. See http://www.consumerfinance.gov/pressreleases/the-cfpb-amends-card-act-rule-to-make-it-easier-for-stay-at-home-spouses-and-partners-to-get-credit-cards/

 

Also, the ECOA is pretty clear and in CP states it is not even an issue. Speaking of barclays, last time I called the magic number they wanted my income with my spouse's (YMMV and HUCA of course apply)

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29 minutes ago, hegemony said:

That is simply not current. See http://www.consumerfinance.gov/pressreleases/the-cfpb-amends-card-act-rule-to-make-it-easier-for-stay-at-home-spouses-and-partners-to-get-credit-cards/

 

Also, the ECOA is pretty clear and in CP states it is not even an issue. Speaking of barclays, last time I called the magic number they wanted my income with my spouse's (YMMV and HUCA of course apply)

Interesting. All my cc's I have I only included my income based on the conversation I had with Barclaycard back in 2016. 

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27 minutes ago, creditmaze said:

Interesting. All my cc's I have I only included my income based on the conversation I had with Barclaycard back in 2016. 

There was a lot of uncertainty in the wake of the 2009 CARDA but for the most part married folks are able to use HHI. The only issuers that gave me trouble in the past few years on this are credit unions that I joined but my spouse didn't. I can see their logic to exclude income of non-members.

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27 minutes ago, hegemony said:

There was a lot of uncertainty in the wake of the 2009 CARDA but for the most part married folks are able to use HHI. The only issuers that gave me trouble in the past few years on this are credit unions that I joined but my spouse didn't. I can see their logic to exclude income of non-members.

I appreciate the exchange on this topic. Thanks!

 

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On 1/18/2020 at 5:05 PM, creditmaze said:

I appreciate the exchange on this topic. Thanks!

 

I now recall that since my DH and I have separate checking accts, Cap One states online I can only include another one's income if the income is deposited into a shared acct. I passed on Cap One.

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2 hours ago, creditmaze said:

I now recall that since my DH and I have separate checking accts, Cap One states online I can only include another one's income if the income is deposited into a shared acct. I passed on Cap One.


Read it again.


"You may include personal income, which is income you have earned, including full-time, part-time, or seasonal jobs, self-employment, interest or dividends, retirement, and public assistance. You may also include shared income, which is money from somebody else that is regularly deposited into your individual account or into a joint account that person shares with you. If you are 21 or over, you may also include somebody else's income that is regularly used to pay your expenses."


I'd take that to mean not only your kids can use money their parents give them, but your spouse's salary as long as she / he contributes to the household budget and expenses.   This also keeps in line with current law:

 

https://files.consumerfinance.gov/f/201304_cfpb_credit-card-ability-to-pay-final-rule.pdf

 

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On 1/19/2020 at 9:02 AM, hegemony said:

There was a lot of uncertainty in the wake of the 2009 CARDA but for the most part married folks are able to use HHI. The only issuers that gave me trouble in the past few years on this are credit unions that I joined but my spouse didn't. I can see their logic to exclude income of non-members.


https://files.consumerfinance.gov/f/201304_cfpb_credit-card-ability-to-pay-final-rule.pdf

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1 hour ago, PotO said:


Read it again.


"You may include personal income, which is income you have earned, including full-time, part-time, or seasonal jobs, self-employment, interest or dividends, retirement, and public assistance. You may also include shared income, which is money from somebody else that is regularly deposited into your individual account or into a joint account that person shares with you. If you are 21 or over, you may also include somebody else's income that is regularly used to pay your expenses."


I'd take that to mean not only your kids can use money their parents give them, but your spouse's salary as long as she / he contributes to the household budget and expenses.   This also keeps in line with current law:

 

https://files.consumerfinance.gov/f/201304_cfpb_credit-card-ability-to-pay-final-rule.pdf

 

Thanks! You're right. 

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My two cents: Keep your bank account open in the country you moved from (credit card too) because if you close it you might not be able to reopen it. U.S. persons are toxic thanks to FATCA. You can transfer money to/from them with a service such as Transferwise.

Also investigate if your other bank has a U.S. operation. Banks like RBC, CIBC, BMO, TD, HSBC, BNP Paribas, ICBC, etc., do. Such a relationship may help with opening accounts with their U.S. bank.

 

Edited by Burgerwars

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