How to a beginner to achieve a credit rating of 750 points and more
Having lived in America 10 for years, I know only one person who has a credit score (credit score) more than 800. This is a very big rarity. I would even say it is almost impossible to achieve.
If someone had told me this about 2 weeks ago, I would not have believed it. But recently a friend sent me a link to her credit rating - and it says: 800. It's just unrealistic!
On average, a good rating is a number between 700 and 760 points.
I want to recommend a method for new arrivals in America or for those who have no credit card or any other credit.
So, how to quickly achieve a high credit rating?
Here is a guide on how to do everything step by step. If you do everything as stated below, you will become one of those who have an unrealistically high credit rating.
- First of all, you must have a checking account (checkingaccount) in any of the banks of America that you like. Open it before moving on to the next item (if you don’t have one yet).
- Open a secure credit card. This is a card on which you put money as a deposit once, for example, $ 50, and the bank gives you a credit limit of about $ 200 to a card that you can use. You need this card to show that you are a competent credit user.
On the Special website You can explore and choose a secured credit card. I recommend Capital One, since this company sends a report on how you use a loan in 3 to various credit bureaus immediately. When you open the card, you can indicate not only your income, but the total family income. The more money you show, the better.
- Use this card throughout the year. Make a minimum 1 purchase per month and pay for 2-4 days. The balance on the card should always be $ 0. Most importantly, never use more than 30% of your credit limit. That is, if you have a maximum $ 200 card, you can spend $ 60 ($ 200 * 30% = $ 60).
- After 12 months, open a large bank (for example, Chase, Wells Fargo, Citi, etc.) with a new credit card (already simple, not secured credit card).
- After you receive a credit card and activate it, for about a month your credit history will skyrocket due to the fact that you will have 750-800 points.
If your secured credit card has an annual fee per card, pay for the first year. And in the second year and all subsequent years - as soon as you see that this fee has been charged again, call the bank and ask them to cancel it (void fee). The bank gives this money away without any problems.
It is advisable never to close this card.
Use no more than 30% of your limit.
Pay immediately so that the balance is always $ 0.
And remember, credit card money is not free money, but borrowed money that you have to repay.
If you do as stated above, you can achieve what most of the people born here cannot achieve.
About the Author: Andriy Boychuk is the founder of Immigrant Porada (iporada.com), a platform for Ukrainian immigrants to the United States. Cheerful husband of a wonderful wife and father of a joyful daughter.
This blog is translated from the Ukrainian language. The original article can be found on the website. "Immigrant Porada" (Ukrainian online advice platform for immigrants in the United States).
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