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credit history/ credit score

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

  1. chankya

    chankya New IL'ite

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    Well i think that evryone should have to be aware of some normal things like the SS number and the credit history as these thing do matter in america and canada. So keep your credit history updated.bonk
     
  2. shravanthika

    shravanthika Senior IL'ite

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    Hi RSA,

    You can go for secured credit card ...
    You approach a bank and ask abt it and they will surely help you.

    the catch is you have to pay the amount you want as credit line as a security deposit....say you want 1000 dollars...you pay 1000 dollars as a security deposit and they give you a card with a credit line of 1000.(but of course the amt will be in your name in your bank account but you cant take it)They might also charge a annual fee.

    But as you build up your credit history it is no more a security deposit and they give you more credit line without the deposit....

    Tips for bulding up the history...

    1.The ratio of the amt u owe to the credit line is one of the critical factors to build up u r history.In general never use up more than 50% of your credit limit.

    2.That is why it is better to have 2 or 3 cards so that you can distribute your spending.

    3.Never apply for new cards on your own.Instead go for pre-approved cards....if at all you want any.The more credit cards you apply ...u r credit score goes down.Everytime when u r credit history is checked...especially when u apply for new cards...it goes down.

    4.Pay your bills on Time.

    5.Pay off your creditcard balance on time.


    Most people say credit cards make us spend lots...but for those who are aware of their spendings its really convenient and handy....

    We too got a secured credit card and built up our history following the tips....
     
  3. DeepaliMohite

    DeepaliMohite Senior IL'ite

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    Hi Abha,

    You are right. In India, people run away from credit as they feel it's a burden and treat like a liability. Generally, people are not aware of its benefits and way of using this facility.
     
    Last edited by a moderator: May 2, 2016

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