Re: General Discussion about Filipino RNs currently working in the U.S.
Starting and Building a Credit History
When you first arrived here, your credit history is zero.
Without a credit history , you will have problems when you apply for a cellular plan, utilitites and buying a car. when I applied to have electricity connected to my apartment, I have to deposit $100 to PG&E because I don't have one.
Without a credit history, means people/companies who provide services do not trust you when it comes to payments. You can not get better terms from them and they will charge you with high interest rates.
To start creating and building one, the faster way to do it is to apply for a secured credit card.
A secured credit card is when you apply a credit card and put a deposit as a collateral which will be your credit limit. The minimum deposit is $200. There are many banks that offered secured credit card like Citibank, Wells Fargo, Bank of America, Washington Mutual, etc.
Once you have your secured card, start using it and submit your payments before the due date. By doing this, you start building a history that you are paying your bills on time and you are a customer who knows how to manage your finances.
Paying your bills on time also goes with your telephone bills, water bills apartment rental, electricity and other services. You have to pay them on time and they will help you start your credit history but the faster way to create is to have a secured credit card.
In my experience, I applied for loan to buy a Dell computer but was turned down because they said my credit history is zero.
On my third month using a secured credit card, I have received a pre-approved credit card offer froma credit company which I immediately accepted to help my credit history. A pre-approved means it is already approved and all you have to do is accept it if you really wanted it. This can comes in offers of credit cards or loans for car.
They rate your credit history based on a credit score or FICO score. The higher your credit score, the less interest you are going to pay for yours loans and other services. The better terms you can get when you buy a car, a home, appliances, etc.
So, when you arrived here and after you get your SSN you can immediately apply for a secured credit card.
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