Building credit

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Mar 14th 2018, 2:07 pm

#76

Pulaski

Joined: Dec 2001

Location: Dixie, ex UK

Posts: 52,447

Re: Building credit

Quote:

Originally Posted by LouisB

I’m just coming up to 1 year in the US. Been a good year overall.

My score is decent, about 760 or so.

My question is what to do next? Maybe nothing, sit tight?

I have two credit lines at this time, I pay everything off each month. .....

Quote:

Originally Posted by BenK91

.... Looks like just sitting tight and not applying for other credit lines and paying off balances in full seems to be the way!

If you can persuade existing card issuers to increase your limit that will increase your available credit and therefore reduce your credit utilization, which increase your credit score. .... Just make sure that the card issuer doesn't pull a formal credit report before doing doing so. Otherwise sitting tight might be all you need to do and your card issuers may just jack up your credit limit (again) without you needing to ask.

Mar 14th 2018, 4:35 pm

#77

GeoffM

BE Forum Addict

Joined: Feb 2010

Location: Temecula, CA

Posts: 4,759

Re: Building credit

Quote:

Originally Posted by BenK91

The credit union me and my wife are with seem to tell me to sit tight as apparently when the average age of my accounts hit two years it should be pretty significant.

Six years of history and lack of history still dings me, albeit slightly.

Mar 15th 2018, 2:46 pm

#78

jammiie

Forum Regular

Joined: Jan 2017

Location: Nottingham UK to Boston MA to Orlando FL

Posts: 185

Re: Building credit

I've actually found it quite easy to build credit.

Arrived in June 2017 and immediately was given a $2,000 unsecured credit card that I used to purchase everything and pay off immediately.

In October I was approved for finance on a new car by Jaguar.

Then this month I've just been approved for a mortgage and the rates I've been offered are based entirely on my score which is quite good, so no penalisation for lack of history.