How can I create my credit score?

[Jovi&James 14]

Hi VJers !

My question is, being in USA, what´s the first step to create my own credit score?

Somebody that can give me some options please?

In my country I worked on a large bank, and I know how to take care of my finances, my credit in my country is excellent, so I need to do the same in the US.

Also I want to apply for my own car in few months...

Thanks a lot !

[Transborderwife 4,666]

Best is to get a secured card with a low limit. Use it and kept it off. I'm unsure you'll be able to qualify that soon for a car loan but keep getting things little by little. Remember some credit items are only sent to report every 6 months.

Edited January 14, 2016 by Transborderwife

[kris&me 572]

you are under your spouse's credit at this time

to establish your own, open checking and/or savings account

don't get a credit card you don't need as it is easy way to get yourself into financial trouble in the US

credit interest is high here

you need to work a year at a job to apply for a decent interest loan from normal car dealers

the "off hte wall ones" wlll sell you a used car but charge high interest for not having established credit

if your spouse's credit is good, use that and have he/ she also sign for a car loan

[Amhara 460]

Best is to get a secured card with a low limit. Use it and kept it off. I'm unsure you'll be able to qualify that soon for a car loan but keep getting things little by little. Remember some credit items are only sent to report every 6 months.

To build credit, the best step is a secured credit card. At Wells Fargo, the minimum is $300 and I believe that NPR's can qualify for it, but need to be LPR to get it converted into an unsecured card. My husband and I plan on doing this when he starts working and he will start with $300-500 and perhaps put more of a deposit on it to increase the credit limit. Use less than 50% of your credit limit (Charge less than $150 if your deposit was $300) and pay off the balance in full each month. I did this when I was about 18 and my credit sparkled soon after.

Your credit may not improve fast enough to get a traditional and reasonable rated car loan. One of the factors that will keep your credit score low is a credit history that is less than seven years old. That's not so much of a big deal, but I would suggest you don't go for those "Buy Here, Pay Here" car lots. They hardly ever report your payment history and they are often trashy cars. You may find yourself with a higher interest rate, unless your spouse has a good history and will co-sign for you. However, car loans are the easiest loan to get, even with bad credit. The lender can flip a repossessed car easier and cheaper than any other assets that can be lent on.

[Jovi&James 14]

Oh great, thanks all !

I´ve heard about the secure credit card as well but I dont know the meaning of NPR´s and LPR´s .....please help !

[Amhara 460]

Oh great, thanks all !

I´ve heard about the secure credit card as well but I don't know the meaning of NPR´s and LPR´s .....please help !

Sorry!

NPR = Non-permanent resident (person without green card)

LPR = Legal permanent resident (person with green card)

These definitions apply whether it's a conditional GC (before two years of marriage) or unrestricted GC (after ROC - removal of conditions)

[AB loves AG 54]

you are under your spouse's credit at this time

to establish your own, open checking and/or savings account

don't get a credit card you don't need as it is easy way to get yourself into financial trouble in the US

credit interest is high here

Wrong.

Checking and savings accounts don't impact your credit score. Getting a credit card is probably the best way to establish credit. The interest rate doesn't matter as long as you pay it off each month.