[english_nurse]

thanks, i like the site, lots of information, but the people there can be a bit 'scarey' sometimes

[Silverdragon102]

Originally Posted by english_nurse

thanks, i like the site, lots of information, but the people there can be a bit 'scarey' sometimes

Bit scarey.......... putting it mildly I too go on that site a lot but in the nurses forum generally nurses going to Australia

[BSNtobe2009]

I just wanted to post that when coming to the USA, you need to establish at minimum, 4 lines of credit as soon as possible.

I worked in lending for 10 years before quitting my job and trying for nursing school.

I always recommend two major credit cards, a gas, and a store card.

You need to use the cards every month, with the exception of the store card, and pay them off each month...no matter how small of the amount. Try everything to open the four in the smallest time-frame possible, and for the first two years, try to not open new lines of credit unless you absolutely have to finance a car, etc.

Each time you open a new line of credit, the bureau regrades it according to age. Old credit cards should never be closed out if you are trying to get your score up....that is the biggest myth in the lending industry. It will actually cause your score to go down.

To make sure your credit balances do not hurt your score, keep them to less than 50% of the high credit line. If your high credit line is $1000, never put more than $499.00 on the card. Making payments on a credit card doesn't increase your credit score any faster than charging each month and paying it off.

I don't know how it is "over the pond" but here in the states, just about anytime you go to any clothing store they will offer you a discount if you open up a new line of credit...ALWAYS decline these if you already have a store card until your credit is well-established, and never open up more than two lines of credit in any calender year....any more and you are hurting your score.

[sunnyjohn]

CreditBoards.com - Credit Help, Credit Repair Tips, News, Forums

[Silverdragon102]

Originally Posted by BSNtobe2009

I just wanted to post that when coming to the USA, you need to establish at minimum, 4 lines of credit as soon as possible.

I worked in lending for 10 years before quitting my job and trying for nursing school.

I always recommend two major credit cards, a gas, and a store card.

You need to use the cards every month, with the exception of the store card, and pay them off each month...no matter how small of the amount. Try everything to open the four in the smallest time-frame possible, and for the first two years, try to not open new lines of credit unless you absolutely have to finance a car, etc.

Each time you open a new line of credit, the bureau regrades it according to age. Old credit cards should never be closed out if you are trying to get your score up....that is the biggest myth in the lending industry. It will actually cause your score to go down.

To make sure your credit balances do not hurt your score, keep them to less than 50% of the high credit line. If your high credit line is $1000, never put more than $499.00 on the card. Making payments on a credit card doesn't increase your credit score any faster than charging each month and paying it off.

I don't know how it is "over the pond" but here in the states, just about anytime you go to any clothing store they will offer you a discount if you open up a new line of credit...ALWAYS decline these if you already have a store card until your credit is well-established, and never open up more than two lines of credit in any calender year....any more and you are hurting your score.

thankyou for this, all advice welcome

[BSNtobe2009]

Originally Posted by Silverdragon102

thankyou for this, all advice welcome

You are very welcome. The majority of my experience is in home lending, and you won't be in the USA to know that the vast majority of loans for homes are invested with Fannie Mae and Freddic Mac, so no matter what bank you go to, it is their guidelines that are used for the best interest rates on mortgages.

I have just seen so many times people having to go through subprime lenders (which is mostly for people that have bad credit, but people that hve no credit go through them as well) to get money for homes and get taken to the cleaners in their rate.

Fannie and Freddie always requires at least 4 lines of credit, open for a minimum of a two year history, one must have a high credit line of at least $5,000 (that is where the major credit card comes in), and have been active for at least the last six months.

There are thousands of variables in-between, but if you follow along those, you should never have a problem getting a loan at the very best interest rates once you get here.

I also, cannot emphasize enough, that once you "mess up" your credit, it literally takes years to correct. There are tons of scams here in the USA that offers to "wipe your credit clean", etc...they are ALL scams. They will tell you that they are based on such and such law, but in the end, they don't work, and they charge a hefty fee for the service as well.

Bankruptcy used to be a relatively easy thing to file here, but not anymore. You generally will not lose your home and one vehicle if you ever have to file, but just be very careful, deal with names that you recognize (many of the major lenders have banks in Europe as well), so you know you are dealing with a reputable lender until you learn our economic system. All of the banks are required to be what is called "FDIC Insured"...if you don't see that posted on the front door, you might be dealing with a finance company that isn't a bank.

There are so many Americans that get taken advantage of every year, so I can hardly imagine how hard it must be when someone is a newcomer.

If anyone has any questions, I'll always be more than happy to help. I do maintain a state license in my field.

[sunnyjohn]

Yep, Credit scams are everywhere! I won't even mention the credit repair scams!

I used to work as a stock broker for a major online brokerage and as a financial advisor.

The creditboards.com is a no scam-no fee-no spin zone. The folks there are all experts in the field and will jump on anyone suggesting a scam. They have saved many a newbie from subprime lenders/creditors out to take them to the cleaners. Some of the posters have moved to the US from other countries and are willing to share their tales.

If any of you ever run into trouble, remember that website.

I also suggest getting a beginner's book on retirement savings. 401k's can be a mystery but they don't have to be.

I suggest "Girls Just Want to Funds" by Susannah Blake Goodman and "Smart Women Finish Rich" by David Bach.

Never fall for any one financial guru. Read, Read, Read and meet with a proper financial advisor.

Credit in the US is not so hard once you've read up on it!

[Silverdragon102]

Originally Posted by sunnyjohn

Yep, Credit scams are everywhere! I won't even mention the credit repair scams!

I used to work as a stock broker for a major online brokerage and as a financial advisor.

The creditboards.com is a no scam-no fee-no spin zone. The folks there are all experts in the field and will jump on anyone suggesting a scam. They have saved many a newbie from subprime lenders/creditors out to take them to the cleaners. Some of the posters have moved to the US from other countries and are willing to share their tales.

If any of you ever run into trouble, remember that website.

I also suggest getting a beginner's book on retirement savings. 401k's can be a mystery but they don't have to be.

I suggest "Girls Just Want to Funds" by Susannah Blake Goodman and "Smart Women Finish Rich" by David Bach.

Never fall for any one financial guru. Read, Read, Read and meet with a proper financial advisor.

Credit in the US is not so hard once you've read up on it!

Thanks for this website, have added it to my favourites and also emailed it to my husband

[madwife2002]

Everytime your credit is searched you drop your score, so be very careful what is applied for, especially if you are trying hard to bring the score up. When we were searching for our mortgage our credit score was pulled 19 times!!!!!!Even by people we only phoned for a quick check i cannot tell you how damaging that has been

[misswoosie]

Hi
When we bought our home in the US we used HiFX International exchange and saved a lot because of the exchange rate.Don't know how they compare to the other exchange company mentioned.