Yew Jin's Sometimes Blog

I will say it out loud - credit scores are bogus. Seriously - despite being in the US for over two years, I am still getting rejected for credit cards. The reasons cited in the latest rejected application:

 Your credit report shows too few credit references.

 Your credit report shows your accounts have a low credit limit.

O RLY? You figure? Maybe it's because everybody keeps refusing me credit, and even when they do, they give a ridiculously low credit limit because I have a low credit score. Talk about vicious cycle.

Ah. I see. Brillant, I guess I should have been in the US 10 years ago and gotten a line of credit and made minimum payment, so that I will have a "proven" history of credit. Because, apparently, getting a secured credit card when I first arrived in the US from the same company, then converting it to an unsecured one for another two years and obtaining two other credit cards is still not enough credit references. I even got a loan for my car for the purposes of improving my credit score - I paid it off after 6 months because the amount of interest you pay is ridiculous, because... of my low credit score.

US, please implement what is suggested here:
[Report to the Congress on Credit Scoring and Its Effects on the Availability and Affordability of Credit]

Evidence also shows that recent immigrants have somewhat lower credit scores than would be implied by their performance. This finding appears to derive from the fact that the credit history profiles of recent immigrants resemble those of younger individuals, whose credit performance tends to be poor relative to the rest of the population. Expanding the information supplied to credit-reporting agencies to include rent, other recurring bill payments, nontraditional uses of credit, and the credit histories of the foreign-born in their countries of origin may provide a broader picture of the credit experiences of recent immigrants and other individuals.

/rant

Amazing.

It's Still A Terrible Time To Buy

The best summary explanation, from Business Week: "Today's housing prices are predicated on an impossible combination: the strong growth in income and asset values of a strong economy, plus the ultra-low interest rates of a weak economy. Either the economy's long-term prospects will get worse or rates will rise. In either scenario, housing will weaken."

:: Schmap San Francisco Fifth Edition: Photo Inclusion

Hi Yew Jin,

I am delighted to let you know that your submitted photo
has been selected for inclusion in the newly released fifth
edition of our Schmap San Francisco Guide:

Lombard Street
http://www.schmap.com/sanfrancisco/sights_nobhill/p=29401/i=29401_24.jpg

If you use an iPhone or iPod touch, then this same link
will take you directly to your photo in the iPhone version
of our guide. On a desktop computer, you can still see
exactly how your photo is displayed and credited in the
iPhone version of our guide at:

Lombard Street
http://www.schmap.com/?m=iphone#uid=sanfrancisco&sid=sights_nobhill&p=29401&i=29401_24

Finally, if you have a blog, you might also like to check
out the customizable widgetized version of our Schmap San
Francisco Guide, complete with your published photo:

http://www.schmap.com/guidewidgets/p=74671132N00/c=SH2001770

Thanks so much for letting us include your photo - please
enjoy the guide!

Best regards,

Emma Williams,
Managing Editor, Schmap Guides

Hey look - I got a photo taken by me in a guide book! Check that off my to-do list!

Stay the course. I will paraphrase a quote from a colleague,

when everyone, not just those who are interested or have vested interest, but, really everyone, even the most bullish TV personality, starts to say "sell", it's a sign that the bottom has arrived.

To those who do not know yet - I have a baby, and he's due in December.

But I have to confess - I have been keeping a secret. I really want to name him "Evil", and get him to pursue some doctorate or medical degree. So that he can be officially called Dr Evil.

_sigh_

Why is it the wife always gets veto-rights?

As I prepare to move to Mountain View, California to work at Google, I have come to the realization that working in USA starts with a flowchart of applications and the unfortunate conundrum of cyclic requirements.

Of utmost importance, one needs a social security number to start work, but you are advised to wait 10 business days after stepping foot in US before applying. That practically means you have to arrive two to three weeks at least before commencing employment.

Do not kick off your shoes and relax until the 10 days are up. You can take your time to open bank accounts, which typically require a local mailing address. The local mailing address that you do not have because you have only just arrived.

No problem, you seek out a rental apartment, which often have landlords that want to see your credit history and bank account, that you do not have because (1) you do not have a social security number so you do not have a credit history, (2) no bank will allow you to open an account because you do not have a mailing address (that you are currently negotiating to get) and (3) heck! you have not even started working in the US yet!

Speaking of credit history, as first-time worker in US, you have zero credit history even after getting your social security number. As it turns out, this interesting omission means you cannot apply for credit cards. Well, not the usual ones in Singapore at least, where the bank gives you a credit limit without any collateral based on salary information. No, you got to earn that right. You start with a level 1 weenie credit card - a secured credit card.

However, I am sure I will get by as countless of individuals have. Here's my plan:
1. Open Citibank Singapore CitiAccess - this US$ checking and saving accounts gives me access to my (pathetic) US funds without having to resort to Traveler's Cheques (1% commission + conversion commission!) or carrying hordes of cash into US.

2. Go to US.

3. Find a rental apartment, show Citibank account and pay cash upfront for security deposit and first month rent.

4a. Apply for bank account, most likely from Citibank USA.

4b. Apply for driving license from your state (in my case, California DMV) - you need an address for this

5. Apply for SSN

6. Kick off shoes and relax for 30 minutes before heading out for first day at work.

I just returned from US yesterday on a 180 degree Singapore Airlines seat. And no, I was not on the business or first class section.

I visited Google to meet the person (let's leave it at "a friend of a friend" because the real relationship is rather more complicated than that) who had initially forwarded my resume. Incidentally, I met another ex-NUS postdoctoral fellow who is now in Google Mountain View. Of course I had the free lunch (sushi) and walked around the campus (beautiful). It was a joy to be in Google campus as employees actually seem happy to be there. I'm really looking forward to starting work there.

Oh, also, the toilets have the self-cleaning devices that clean your ... posterior.