Financial Decisions

[+one]

So I am a new nurse this year and recently hired for this job (LTC), with still no credit history.

I was wondering if I can get advices on how to manage my income and on how to make and build

a good credit standing, since if you have no credit here in the US you cannot buy a house,

a new car, get approved on loans, etc. I just want to think ahead and probably make the right decisions in the future. I'm single and never married.

Any advices will be appreciated. :yeah:

Thanks!!

[BahoRN]

You don't need to buy a house or car to earn credit.

Apply for a VISA/MC/Amex with your banking center.

If they refuse you, there is a plan where you give your bank $200.00 to hold for a year in a revolving 'credit account' accessible with an issued VISA card.

This earns you credit using your own money.

[FLmomof5]

I am not sure if this violates TOS or not so I apologize in advance.

Go to www.creditinfocenter.com. They have a forum there. Everything you could possibly want to know about credit is there! Also, FICO score is the bank's GPA so to speak. There is also a forum and info pages at www.myfico.com.

Good Luck!

[itsmejuli]

Open a bank account, if you don't already have one, and don't bounce any checks or debit transactions. Get a secured Visa or Mastercard with your bank. And make sure you pay your rent and utilities on time.

[FLmomof5]

Open a bank account, if you don't already have one, and don't bounce any checks or debit transactions. Get a secured Visa or Mastercard with your bank. And make sure you pay your rent and utilities on time.

With all due respect. That is great for establishing discipline, but aside from the "get a secured card" advice, NONE of the other advice will help a person's credit rating.

Bank accounts won't help, but it is hard to get credit or pay bills w/o one.

Bouncing checks or debits, while expensive, is not reported to any bureau. ONLY if you have an acct closed by bank and it has a negative balance at that time. It is only reported to CHEXSYSTEMS. Not any of the other *real* credit bureaus....unless the bank gives up on you and turns it over to a collection agency and only then will it appear and not necessarily on all 3.

NO utilities report to credit bureaus and neither do apartments (unless you default on the lease but that is a whole 'nother can o worms!). BTW, "Buy here, Pay here" car sales places don't either!

I would recommend that you open a CREDIT union acct as opposed to a bank account. Their fees are less, they pay interest on checking, charge less interest on CCs and loans and have more lenient lending criteria.