Best Way to Establish Credit
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Posted: Tue Jan 11, 2005 11:39 pm
Post subject: Best Way to Establish Credit
Troy
Date: 8/30/2000 10:24 am CDT
I'm looking for info on how to establish credit in the US. I'm a Canadian that is moving to the US to start a new job and I would like to get a car ASAP. Any tidbits of info that you have would be appreciated.
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
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Posted: Tue Jan 11, 2005 11:40 pm
Post subject: Best Way to Establish Credit
Board Monitor - AD
Date: 8/30/2000 7:52 pm CDT
Dear Troy,
The easiest way to establish credit in the United States is through credit cards. Why? Because they are unsecured (well, most), meaning you don't have to secure the loan with an asset, as can often be the case with larger loans. Also, credit card applications are fast and easy to complete and offer cardholders an easy way to build credit.
With that said, if you have no credit in the United States, you'll want to stay away from any platinum or gold cards.
If you plan to open a checking and/or savings account with a U.S. Bank, then see if they also will provide you with a credit card, having a banking relationship helps.
If you are denied credit for an unsecured standard credit card, make sure to find out why, by law the issuer must state the reason for denying you credit. If it is due to a lack of credit, they you might need to consider a secured card, which will require you to secure the account with a security deposit, usually a few hundred dollars.
If you want an auto loan, you may still be able to obtain one, even if you lack credit. The trick is to shop around for the lowest rate and best offer. Car dealerships usually can help you, and often will pull a few strings (if they can) since they want to sell you the car. Just make sure to explain your situation and be honest.
Never-the-less, building credit in the United States takes time, it won't happen overnight. Apply for one credit card, pay you bills on time, then wait six months before applying for another credit card. And whatever you do, don't apply for too many loans or lines of credit at any one time, this doesn't look good to creditors, as each inquiry is noted on your credit report.
Good Luck!
Sincerely,
Alex Daskaloff
http://www.creditcardfreedom.com
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Posted: Tue Jan 11, 2005 11:39 pm
Post subject: Best Way to Establish Credit
Troy
Date: 8/30/2000 10:24 am CDT
I'm looking for info on how to establish credit in the US. I'm a Canadian that is moving to the US to start a new job and I would like to get a car ASAP. Any tidbits of info that you have would be appreciated.
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
archive
Posted: Tue Jan 11, 2005 11:40 pm
Post subject: Best Way to Establish Credit
Board Monitor - AD
Date: 8/30/2000 7:52 pm CDT
Dear Troy,
The easiest way to establish credit in the United States is through credit cards. Why? Because they are unsecured (well, most), meaning you don't have to secure the loan with an asset, as can often be the case with larger loans. Also, credit card applications are fast and easy to complete and offer cardholders an easy way to build credit.
With that said, if you have no credit in the United States, you'll want to stay away from any platinum or gold cards.
If you plan to open a checking and/or savings account with a U.S. Bank, then see if they also will provide you with a credit card, having a banking relationship helps.
If you are denied credit for an unsecured standard credit card, make sure to find out why, by law the issuer must state the reason for denying you credit. If it is due to a lack of credit, they you might need to consider a secured card, which will require you to secure the account with a security deposit, usually a few hundred dollars.
If you want an auto loan, you may still be able to obtain one, even if you lack credit. The trick is to shop around for the lowest rate and best offer. Car dealerships usually can help you, and often will pull a few strings (if they can) since they want to sell you the car. Just make sure to explain your situation and be honest.
Never-the-less, building credit in the United States takes time, it won't happen overnight. Apply for one credit card, pay you bills on time, then wait six months before applying for another credit card. And whatever you do, don't apply for too many loans or lines of credit at any one time, this doesn't look good to creditors, as each inquiry is noted on your credit report.
Good Luck!
Sincerely,
Alex Daskaloff
http://www.creditcardfreedom.com
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
posted by CardRatings.com at 12:39 PM
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