Build Credit?
Wednesday, July 14th, 2010 at
8:21 pm
Question by storesboy: Build Credit?
I’m hoping to move to the U.S. in the next couple of months.How will I be able to build credit being a new immigrant.The first thing I have to do is buy a car,will finance companys give me loans or will I just have to buy a car outright and build credit through my bank.Any tips are greatfully appreciated.
Best answer:
Answer by ppv-hero
A car might be difficult to pull off. You should try finance furniture or jewelery.
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Filed under: Credit Repair
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Well, besides buying a car to build your credit there are many other ways to go. You will probably get a high interest loan if you buy a car right away. You can look for credit unions that offer better interest rates than regular banks. Some credit unions have their own car dealership department. Shop around for the better deal before you commit yourself. You can apply for department store credit cards. Those are usually easy to be approved for. One thing you have to be careful of is making the minimum payments on time. Remember to be on good standing by paying your minimum. You can also open credit cards online.
Opening too many credit cards may also hurt your credit score. I wouldn’t open too many cards because that will increase your risk of not paying them all off. That looks bad on your credit. What I usually do is to open a credit card, use it, pay it off as soon as I can and leave the card open. Do not close your account. Creditors seeing you pay off an opened account is a good thing. Keep your payments current, do not miss a payment. They will look at your payment history too.
Remember, you are in control of your credit. Do not creditors intimidate you. You are giving them your business, so you have to be happy with their rates.
You can open accounts with electronic stores like Circuit City or Best Buy. This might be helpful since you are moving here, you need appliances. They usually have 0 interest rate for 18 months or so, depending on your credit. Yes, buying a car might be hard to do at first. You will also need a co-signer for that. If you can find a co-signer with really good credit, that will be great. Also opening a cellphone account will help raise your score, and you do need a phone. Another thing, applying for too many credit cards will look fishy in your credit. Do not apply for that credit unless you really want that card. Each time you apply for credit is recorded in you file, so don’t apply for that card if you’re not serious.
Again, keep your payments current. No cash advance! That is a big no no. They have a highest interest rate, plus you can’t pay off your cash advance until you pay off your purchase balance first. I hope that helped you. Here is a link to building your credit score. Good luck!
http://articles.moneycentral.msn.com/CollegeAndFamily/MoneyInYour20s/9waysToBuildAKillerCreditScore.aspx
first in order to build credit one must obtain a social security number, that links the person to the score…assuming you’re getting one of those, then honestly the car thing, if you have no credit, getting a car could work, in the states car dealerships approve almost anyone to get the sale, the interest rate might be higher, but it will establish a starting point…then try a credit card, from a big provider like chase or bofa or wells make the payments on time and you should be good!