Building a credit score
 

Just wanted some advice on this as a new person working here

So far have managed to acquire

1. An HSBC credit card with healthy limit
2. A 3 yr car lease after coming here
3. An AMEX credit card also with a 5k+ limit

What else should I do to build a score apart from pay bills on time etc?

On my AMEX acceptance letter it said my score was 760 approx but not sure what that means in US speak.

Thanks for input

Re: Building a credit score
 

You don't say how long you have been here, but that is a really good start.

You can monitor your credit score and get useful tips at:

creditkarma.com (which reports from TransUnion and Equifax) and/or

creditsesame.com (reports from Transunion)

Re: Building a credit score
 

Sit back, relax, pay your bills on time, don't run up a substantial balance on your credit cards, and don't apply for any more credit products unless there is a compelling reason to do so. Two certain ways to harm your credit score are to carry large balances and to apply for too many credit products.

FWIW the 760 score is pretty respectable (850 is the upper limit, below 640 is considered to be poor), but is likely to be volatile as you have only been here a short time. It takes about 12 months for the score to solidify and gain credibility.

Re: Building a credit score
 

It takes time to build up a credit history and credit score. How long have you been in the country?

What is a Good Credit Score? | Credit.com

Use your credit cards regularly. Use them to pay for things like groceries instead of paying by cash or debit. Just make sure that you pay the balances off every month. If you keep doing this, your credit score should steadily rise.

Some good tips here: Building a Credit Score From Scratch: 5 Easy Steps - NerdWallet

Re: Building a credit score
 

I been here 6 weeks approx

Re: Building a credit score
 

Wait another two years, during which continue to pay bills in full on time.

Score is essentially meaningless without history.

Re: Building a credit score
 

Dont forget to get a library card. It can help, really.

Re: Building a credit score
 

Checked out the wiki here?

Re: Building a credit score
 

Find a spouse with a good credit score and become a second card holder.
760 is what I started on 7 years ago. I got an Amex card within a week or so after moving here and a mortgage after 9 months on a good interest rate. I think maybe that is the starting score and then goes up or down depending on your history and activity.

Re: Building a credit score
 

Do NOT close any accounts unless absolutely necessary even if you no longer have a use for them.

Length of time an account has been open is important, too.

Re: Building a credit score
 

Still got a crap credit score! Been here 18 months and only have 700 or so. Ok, could reduce my credit cards a little, but get hit on number of credit facilities (only have 2 cards and 1 car loan) and time period (been here 18 months, but first 6 months don't count). Cant see what I can do to improve mine. Always pay bills, don't take credit when I don't need it, but still can't see what to do...

I mean, credit limits won't be going up, but at what point do you get credit (haha, pun) for having accounts and not being a delinquent? So far I just see credit score based on having a credit card for $50k and not using it... which somewhat defeats the point.

Any tips?

Re: Building a credit score
 

Yeah, stop stressing about it. 700 isn't bad and is well above average. :nod:

Mine has been consistently around 690-715 for the past ten years, apart from one brief period when, for reasons unknown it jumped up to 740-750 for a few months just over a year ago. Then it dropped back and has been under 700 for most of the past year, partly because of some idiot finance broker who ran my credit score several times, then declared my credit score was too low for the deal she had promised me. .... That would be because you ran a "hard" credit check several times you silly moo! :frown: A am expecting to pay off a couple of loans and a credit card within a month, so I am expecting the score to jump back above 700 again before the year end. ..... Anyhow my credit score has never stopped me getting the best mortgage rate on offer.

Re: Building a credit score
 

Ask your existing credit cards to increase the limit. This usually doesn't make a hard hit, if any and reduced your debt to credit line percentage.

Re: Building a credit score
 

it sucks that credit over here is a clean slate but i guess thats the way it goes haha