Help me out guys: Credit score?

Deal Score0

I have 2 credit cards (both of them from different country). I have only one account and an ATM card from Bank of America. I ve paid one time-CASH to my car and I didnt take any credits from any bank!
I ve been living in US for 3 months now. Just because I dont have enough history, I have a bad score! How is that possible? and What do i need to do to improve it?

  1. Reply
    November 10, 2011 at 8:34 am

    get some credit
    open a few accounts, that are manageable for you, keep the payments up, and with in a year you should raise your credit.
    Department stores, there are some credit card companies that you can send 150 to 500 to open a credit account, you just keep up with the payments.

  2. Reply
    Remember Back
    November 10, 2011 at 9:00 am

    I know what I am going to say is not the way people do it today, but let me suggest that you keep yourself out of debt. To put it another way, don’t go and get those credit cards. And if you do only buy something that you can write a check for it. Therefore pay it off every month.

    Let me explain it a different way. If you buy a big screen TV for a $ 1,000 and pay it off in 5 years at credit card rate of 18% per year. Your payments will be $ 23.59 per month. In that 5 years you will pay $ 523 in interest. — you bought a $ 1500 tv not a $ 1000 TV but only enjoyed a $ 1000 TV.

    Now suppose you put $ 23.59 per month in a Money Market account and earn only 5% (rather than pay 18%). You can buy that TV in 3 years. Actually you could buy it in 2 years the way electronics are dropping in price. If you put that $ 23.59 per month aside for the same 5 years as it took to pay it off if you bought it on credit, you would have $ 1,700 — a TV and a nice sound system to go with it. Pay cash — pay credit cards off. You will benefit.

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