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As a US Citizen who's is coming back to the US after having lived abroad for 20 years and has no job/residence in the States, how can I get a US credit card?

  • I am a US citizen but have been living abroad for 20 years. I am now moving to the US and need to set up my "financial life" there. In the first few months I will be formally living on savings as I will start work a couple months after I arrive in the States. However, I'd like to get a bank account and a full credit card as soon as possible. What do I need to get one?

  • Answer:

    If you have a social security number you can open a bank account without any problem. You'll have a hard time doing this online without any known US presence, but in a branch it should be quick and easy. Once that is done, apply for a secured credit card with a known bank/card issuer. Put down at least $1,000 in the secured account. Use the card as much as you can but pay it off right away. Don't ever be late on a payment or allow the card utilization to go above 50%. After a year of doing these things, the card issuer will likely offer you a standard card with a low limit. Take it and keep working on building up your credit. It will take awhile, but with time, you'll be fine. A few don'ts. Don't apply for a bunch of cards, especially those with bonuses. You'll probably be rejected and all the applications will count against you. Don't open a card from just anybody you receive an offer from. Some issuers prey on those with bad or little credit history and offer horrible deals. Also, don't get a card with an annual fee (other than the initial secured card), unless there's a very clear reason why this is to your benefit. Most standard credit cards these days are free and work just fine. Remember, credit is a great tool but also can screw up your life if you're not careful. Use it wisely and try to pay off your balance in full each and every month. Some folks will tell you that carrying a balance is a better way to build credit, but that's not necessary. Follow these steps, they've worked for me and they'll work for you too.

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The first place to apply for a credit card will be the bank/credit union you establish a checking/savings account at. Credit unions tend to give credit more easily, especially to those with little credit or a poor credit history. Store credit cards are generally easier to get as they have lower standards/requirements. Choose carefully. I agree that denials of credit will hurt your credit score, so don't over apply. Pick a store you plan to shop at a lot. Another option is to take out a "joint" credit card with someone you know here that has good credit. As long as you put both names and social security numbers on the account, it will be listed on both person's credit history once established and it won't matter when applying that you don't have a credit history because they will base their decision on the other person's credit history. Put any credit card you get on "autopay" at their website and authorize it to deduct the full balance from your checking/savings account each month when due. This will eliminate any possibility of a missed payment and/or interest charges, in turn helping your credit score. http://www.savvysavingtips.com/

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