New to this country, trying to establish great credit..looking for ideas.
I moved to the USA from Canada 2 years ago for the sole purpose of REI. I had AAA cedit back home. Student loans, 2 cars, 3 platunim Cards. Coming to Ametica and finding out my CDN credit is worthless was hard to swollow. In the past wo yaers since arriving I have got 2 small loans and finally got a Wellf fargo Platinum CC to assist in establishing USA credit for future RE purchases.
Does anyone have any other tips that my help me in establishing AAA real estate credit in thsi country?
Try getting a secured or unsecured credit card here and make all of your payments on time. If you make all your payments on time, you will be well on your way to having good credit.
sounds like you are doing the right things. Keep buying on credit and making payments on time and your credit will improve. Try buying some, not alot, of expensive stuff and pay it off!?!
Hi,
I think I would keep a copy of my credit in Canada. I don't know how much good it would do in every case, but as a banker, if you came to me with no US credit History, but you've got AAA credit in Canada, I would certainly take that in consideration.
Usually a lender wants to know 'the story'. Everything has to kind of make sense. So by doing that you would increase your credibility substantially.
Other than that: stay current, keep little or no outstanding revolving credit, etc.
Good Luck!
If you have a Platinum card then your credit is doing very well. Time will make it great.
Since you have been able to get a Platinum card you can buy a house. You may have to to put down more but it can be done.
The key is to work with a lender that works with non natives. If you get the right on we might be able to base the loan on your past credit.
Feel free to look me up in the lenders tab or PM me.
James Strange
You should seek unsecured loans from banks or S&L. You should know that each new account will take 2-6 months to add points to your credit scores, before that you will see a code like " too new to score"
If I were you, I would go to a bank or S&L and get an unsecured loan(#1) for $1000 or more. If they won't give you $1000, see what they will give you.
Two months after that loan #1 was started, go to another bank and get another loan(#2) for $1000 or more.
Two months after that, follow up with a final loan(#3) and pay them all off 1 month early.
You should depost the money you get from each loan into a savings account, and pay the principal with that money. You will have to add some out of pocket money each month, but that is the cost of buying new credit.
Make sure that the loan company (bank or savings and loan) report to the major credit bureaus each month. The best report to all three each month. It is a deal killer if they don't!!! It is just to easy to find banks that report to all three credit bureaus.
Your credit report and the score are NOT a true picture of the risks involved with someone lending you money. Credit reporting is only a sceme that banks and lenders can use to judge how profitable you are. Nothing more. I have heard that people who are independently wealthy, usually have lower that expected credit scores because they don't borrow money.
Also credit reports are never complete, for some people:
I have bought my last 3 cars on credit from small mom and pop car lots that don't report to the credit bureaus. (because they will deal in price)So my credit report doesn't say anything about me meeting my obligations with those creditors. Does that hurt my credit score, of course. Is there anything you can do to make small companies report to the credit bureaus, absolutely not. They have to pay membership due to the big three credit bureaus.
My point is this:
1. Credit scoring is a game, that you have to learn how to play, whether you like it or not. (Welcome to the US, by they way)
2. People establishing credit should only deal with banks or S&L that report to all three credit bureaus. (Many companies pull all three reports, then average the score to see what type of interest they will charge you)
3. Make sure that you get it in writing that they report to Equifax, Experian, and Trans Union, don't take anyones word for it.
4. IF something happens, to you money wise, and you can't pay that month, call or stop by the bank ASAP! Taking responsibility and acting upon it can save your butt.
5. Don't take my word for ANY of this.
Educate yourself about how credit works in the USA and read the creditnet discussion board called straight talk. And also***Must have at least 5 friends to unlock***.
6. If anyone would like to know what the most experienced lawyer that deals with the Fair Credit Reporting Act every day said to Congress, earch google for" Leonard Bennett FCRA"
You WILL NOT BELIEVE how the system really works!!
7. Please educate others!
Q
Welcome to America! Well...technically, that would be an incorrect statement as you were already in America. That is, you were from Canada, so you were already in North America. In any event, in the United States of America, it is customary to GIVE the first person to ask for it, $1,000 U.S.D.
But, don't worry... You can make payments. I'll send you the address.
Seriously, it sounds to me like you are already on your way... Wells Fargo doesn't simply hand out Platinum cards...