How someone new to the US can build credit history -
Q: I recently returned to the US after living in Canada for 35 years. I now find that I have virtually no credit, even though I have a lot of assets (house / car, etc.) and a good retirement income. I continue to be turned down to the simplest things such as store cards service and other types of credit cards. Do you recommend the Orchard credit card as a way to rebuild credit history, or I should approach other institutions and perhaps explain my situation
A: you are on the right track. Although the approach of institutions to explain your situation is an interesting idea, it will do nothing to improve your credit history, which is considered as the main basis for deciding to extend credit in the US Instead, you should take a look at credit cards that were specifically developed for those with little or no credit history . These cards help build and improve your credit.
Two excellent choices are the Orchard Bank Visa (or MasterCard) and Capital One® Cash Rewards for newcomers. The Orchard Bank Visa card application process is pre-qualify for a secured card or an unsecured card. Once you receive your card and start using it, it will help you improve your credit history compared to all 3 credit bureaus every month so you can build or rebuild your credit. This makes it even more important that you pay your card out of time, because if you do not make your payments in a timely fashion, it can affect your credit history in a negative way.
Based on the fact that you have just moved to the United States, you might find the Awards Capital One® Cash for newcomers more up your alley. This card was created for those new to the United States with a limited credit history, just like you. It also reports to all three credit bureaus to help establish credit and boost your credit history. In addition, holders will earn 2% cashback on travel and 1% rebate on all other purchases. Also, if no foreign transaction fee , which is useful if you like to travel in Canada (or elsewhere).
Take a look at all our comments to those with bad credit or credit means to find a card that best suits your situation.