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credit history/ credit score

Discussion in 'General Discussions - USA & Canada' started by Imaya, Oct 22, 2007.

  1. Imaya

    Imaya New IL'ite

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    Hi Ladies,

    A friend of mine came to US couple of months back and wanted to by a car. No bank was ready to give her loan (or gave loan at a very high interest), as they didn't have a credit history. That hit me as I never cared for my credit history. Isn't it a good idea to educated ourselves about those magic words 'credit score' or 'credit history'.
    So ladies, advice/suggestions please....................

    Imaya
     
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  2. gisjul

    gisjul Senior IL'ite

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    even i was unaware about credit histroy and credit ratings, until i worked for a UK Company based in mumbai.
    The laws are very strict there even if you dont pay your mobile phone bill ontime or even if it bounces your due date your credit history is affected which can not be changed and then when you apply for loans other banks dont sanction. Even if you take a loan and default to pay strict actions are taken they even take up your property.
    the rules are very strict there.:shock::shock::shock:
    giselle
     
  3. Abha

    Abha Bronze IL'ite

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    HI

    Well, basically for indians its a strange phenomenon. In India ppl run from credit, and here in US the more credit you use the better your credit history and easier the life. actually what they want is in layman language "take and loan and then pay it properly" using a debit card doesnt enhance your credit history, but what does help in creating your credit history is, you use you credit card for all your expenses and then pay it back well. Also having things in your name like you apt. lease, phone, etc. will help create good credit...

    That is how i know it

    ~Abha
     
  4. Imaya

    Imaya New IL'ite

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    Yes it is true. Paying bills and paying debts really matters. But have anyone of you paid attention into balance transfers/ credit card checks etc., How do they help?

    IM
     
  5. CharuKaur

    CharuKaur Senior IL'ite

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    Hi ladies

    Credit history is a viscious phenomena here. around 2 years back, To get a credit card issued in your name - you needed to have some credit history but for a credit hostory you need a credit card. So it was a long wait of about 6-7 months of working in the US, rental records, bank account credit etc that one oculd think of getting a credit card. but now things are simpler and at least getting a credit card is a whole lot easier.. specially with the referral schemes running in n number of banks.
    just fololw the thumbrule - use your credit card in the grocery store, at the mall, for electronic purchase etc... and pay the bill on time! this will give you a high credit score and a fine credit history.
    So, enjoy crediting :redface:

    Charu..
     
  6. Imaya

    Imaya New IL'ite

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    Thanks Charu, very useful inputs. R u aware of balance transfers? Do they really help?
     
  7. CharuKaur

    CharuKaur Senior IL'ite

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    Hi Imaya

    I am glad to be of any help. I assume you mean electronic payment of the credit card balance by 'Balance transfers' - i have been doing the same ever since i got my card and seems to work fine for me :redface: doesnt help in any credit history build up albeit.

    It might be a good idea to go through the credit card conditions and verify if there is charge for it - though i rarely expect that.

    Cheers!
    Charu..
     
  8. Imaya

    Imaya New IL'ite

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    I mean the glittering offers like 0% APR until............on balance transfers? Can I encash those checks? Do they any good?
     
  9. Mythraeyi

    Mythraeyi Silver IL'ite

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    Hello,

    0% balance transfer means when you transfer balances from another credit card you get 0% on that amount. usually the checks that credit card companies send are a cash advance and have fairly high interest rates. Please read the fine print before encashing any of the checks.

    It is important to maintain a good credit history. you can get free copy of your credit report at: www.freeannualcreditreport.com

    Usually credit unions have better rates on car loans than banks. see if you are eligible to join a credit union and that can save you some money

    Mythraeyi
     
  10. rsa

    rsa New IL'ite

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    Hi Friends,

    This is a good topic. Thank you very much for sharing the informations.

    My husband has credit card and he added my name so i have a add-on card. All the bills are under his name ie Apartment,loan payments, credit cards, phone bills etc etc. Now i am going to start my work. If i want to build a credit history, what should i do? I heard about Paid Credit Card, but i dont know the details about it? If anyone of you know about it please share with us.

    What should i really do to build a credit history? How long will it take to create the same? Since all the bills are under his name, what are all the other ways to create credit history?

    I am really in need of your answers and suggestions.

    Thank you soooooooooooooooooooo much for starting the topic and advance thanks for your answers , suggetions, ideas you are going give.

    With Love,
    RSA.
     

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