Building credit rating - credit cards etc.
Sep 3rd 2021, 12:03 am
#1
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Thread Starter
Joined: Sep 2021
Posts: 5
Building credit rating - credit cards etc.
Imagine this one will have a come up before but I couldn't find anything!
I'm moving to Arkansas (visa pending, of course!) in October/November and wondered if anyone had any recommended credit card providers or banks to recommend? I understand credit rating is important for a number of things so wanted to get started on building this as soon as I step off the plane!
I'm moving to Arkansas (visa pending, of course!) in October/November and wondered if anyone had any recommended credit card providers or banks to recommend? I understand credit rating is important for a number of things so wanted to get started on building this as soon as I step off the plane!
Sep 3rd 2021, 12:13 am
#2
Often not so civil...
Joined: Apr 2010
Location: The Boonies, GA
Posts: 9,565
Re: Building credit rating - credit cards etc.
Sep 6th 2021, 3:52 am
#3
Forum Regular
Joined: Mar 2018
Location: Dallas, Tx
Posts: 142
Re: Building credit rating - credit cards etc.
Amex (if you have one in UK) will transfer you to US with a decent limit.
I got one from BofA (as my paycheck was going there) too, so they gave me a better limit based on my income.
After a few months I got a crappy one like discover or capital one to have a few standing charges there and forget it (prime, netflix, phone,…)
Despite I had cash to buy a car I looked a dealership to offer me 0% apr (normally the American brands do; Ford, Lincoln, GMC, Cadillac,…) and pay the car at 0% to have another payment on time on monthly basis.
In a couple of years my credit became better than all my American mates here.
I got one from BofA (as my paycheck was going there) too, so they gave me a better limit based on my income.
After a few months I got a crappy one like discover or capital one to have a few standing charges there and forget it (prime, netflix, phone,…)
Despite I had cash to buy a car I looked a dealership to offer me 0% apr (normally the American brands do; Ford, Lincoln, GMC, Cadillac,…) and pay the car at 0% to have another payment on time on monthly basis.
In a couple of years my credit became better than all my American mates here.
Sep 6th 2021, 4:51 am
#4
Just Joined
Thread Starter
Joined: Sep 2021
Posts: 5
Re: Building credit rating - credit cards etc.
Thanks very much, really helpful.
Sep 6th 2021, 5:29 am
#5
Often not so civil...
Joined: Apr 2010
Location: The Boonies, GA
Posts: 9,565
Re: Building credit rating - credit cards etc.
The quickest way to a high credit score is this:
3 open credit cards, with one reporting a $10 balance.
1 open installment loan
This is the optimum mix for FICO scoring.
When you have those the only other things stopping you having an 850 credit score and on time payments and length of account history.
Discover is considered one of the best lenders to have and keep. They are excellent at giving 0% APR periods for their good customers. I have had my discover for 8 years. Yes it started at 1k, but is now 25k and has had a low APR offer whenever I have needed to temporarily carry a balance. It's true they are more forgiving of limited credit history, but that does not make them 'crappy'
3 open credit cards, with one reporting a $10 balance.
1 open installment loan
This is the optimum mix for FICO scoring.
When you have those the only other things stopping you having an 850 credit score and on time payments and length of account history.
After a few months I got a crappy one like discover
Sep 6th 2021, 10:16 am
#6
Lost in BE Cyberspace
Joined: Jul 2016
Posts: 10,112
Re: Building credit rating - credit cards etc.
The quickest way to a high credit score is this:
3 open credit cards, with one reporting a $10 balance.
1 open installment loan
This is the optimum mix for FICO scoring.
When you have those the only other things stopping you having an 850 credit score and on time payments and length of account history.
Discover is considered one of the best lenders to have and keep. They are excellent at giving 0% APR periods for their good customers. I have had my discover for 8 years. Yes it started at 1k, but is now 25k and has had a low APR offer whenever I have needed to temporarily carry a balance. It's true they are more forgiving of limited credit history, but that does not make them 'crappy'
3 open credit cards, with one reporting a $10 balance.
1 open installment loan
This is the optimum mix for FICO scoring.
When you have those the only other things stopping you having an 850 credit score and on time payments and length of account history.
Discover is considered one of the best lenders to have and keep. They are excellent at giving 0% APR periods for their good customers. I have had my discover for 8 years. Yes it started at 1k, but is now 25k and has had a low APR offer whenever I have needed to temporarily carry a balance. It's true they are more forgiving of limited credit history, but that does not make them 'crappy'
The other thing I would and, get a small secured card straightaway first, so a payment record gets established as soon as possible..Lending Club is good for loans often.
