Having recently significantly imrpoved my credit history I'll share my 2 cents: First, do not carry high balances on any particular credit card. Your percentage of available credit to credit limit should always be below 50%. (It's better to have several cards with small balances than one maxed out card)
Second - be VERY careful about applying for credit - inquiries can KILL you and all you're doing is shopping! (So much for the American way!)
Next - watch out for finance companies - (90 days same as cash promos usually use these) - a finance company reporting on your credit is negative even if you got the zero interest deal of a lifetime.
One way to instantly boost your score is to get someone with an excellent established credit history to get you added on to their account as an authorized used even if they never give you the card. The bureaus will report on you and you get ALL of their history.
Finally of course - pay everything on time or early.
Also - a score above 720 will get you just about anything you want - there is no need to have a score of 800 in the real world - I'd focus that energy on finding investment properties intead!
Believe it or not your dad was like the guy in Blast From the Past. I am sure he feels confident about his situation, and should. Now you are another matter. You are ambitious and want to DO something. I don't know where your interests lie but I do know you have a fire burning in you and it appears to be pretty bright. You didn't mention your age but if your Dad conceived you like he invests and saves you are probably 24 or 25. Find your specific niche and develop some strategies for investing. You have a good background in watching your father being thrift minded BUT, he was raised by people that were directly affected by the GREAT DEPRESSION and their outlook on life's finances are unique. You have a good foundation so go for IT, whatever IT is.
Special note: If you are going to be creative and begin to build your wealth, play your cards close to your chest and only share your dreams with those people that will support you. Unfortunately, that is often not family members or close friends.
Good luck!
Cynthia
tmpringle -
I spoke to one of my credit card company reps last week and they gave me a slightly different version of your suggestion to be included as an authorized user. I was asking specifically about this because I am trying to give a foreign national a foothold in the U.S. credit system with my credit rating (didn't work because she hasn't a social security number in the U.S. - Gotta be a U.S. citizen.). Anyway, they lie all the time so I don't know if this is fact or not, but what they said was this: If I want this person to earn credit, the account must be changed to a "joint account" with both people accepting responsibility for the charges (requires a signature of new person). If I just want to giive the person access to my account, then I can include that person's name as an "authorized user". This does not require the new person's signature, and does not affect their credit. Fact or fiction, that is what they told me. Z
Quote:
On 2004-03-11 18:13, Zach wrote:
(didn't work because she hasn't a social security number in the U.S. - Gotta be a U.S. citizen.).
It is possible to get an SSN without being a citizen. Green card holders can have an SSN.
I don't know about the current ruels but a few years ago I helped person with a tourist visa get an SSN. They had $10,000 that they needed to put into a bank. (this cash was declared at customs) But to open an account they needed an SSN. So we filled out the form explaining why they needed an SSN. They now have one.
Lacash-
That's good to know, thanks. Unfortunately, my friend doesn't have a green card, and in fact hasn't even been able to get a visa at all to enter the U.S. - visitor visa or otherwise. We have an attorney working on it now, but prior to hiring him, we tried for two years. Z
Just a general reply. Your friend only needs an ITIN number, it is used for tax or banking purposes as long as he is here legally you can get it from the Social Security office. Just say he needs to open a bank account. Second I have Just a general reply, your friend only needs an ITIN number. It is used for tax or banking purposes as long as he is here legally you can get it from the Social Security office. Just say he needs to open a bank account. Second I have been fighting this credit battle for almost 6 years. It is a bunch crap my credit scores are around 750 averaged. The thing is I don't owe on anythig so it drags my score down. I was actually told by my credit card company that they could not raise my limit because I didn't ever keep a high balance. What a joke you have to be broke to get more credit only in America!
Having recently significantly imrpoved my credit history I'll share my 2 cents: First, do not carry high balances on any particular credit card. Your percentage of available credit to credit limit should always be below 50%. (It's better to have several cards with small balances than one maxed out card)
Second - be VERY careful about applying for credit - inquiries can KILL you and all you're doing is shopping! (So much for the American way!)
Next - watch out for finance companies - (90 days same as cash promos usually use these) - a finance company reporting on your credit is negative even if you got the zero interest deal of a lifetime.
One way to instantly boost your score is to get someone with an excellent established credit history to get you added on to their account as an authorized used even if they never give you the card. The bureaus will report on you and you get ALL of their history.
Finally of course - pay everything on time or early.
Also - a score above 720 will get you just about anything you want - there is no need to have a score of 800 in the real world - I'd focus that energy on finding investment properties intead!
Believe it or not your dad was like the guy in Blast From the Past. I am sure he feels confident about his situation, and should. Now you are another matter. You are ambitious and want to DO something. I don't know where your interests lie but I do know you have a fire burning in you and it appears to be pretty bright. You didn't mention your age but if your Dad conceived you like he invests and saves you are probably 24 or 25. Find your specific niche and develop some strategies for investing. You have a good background in watching your father being thrift minded BUT, he was raised by people that were directly affected by the GREAT DEPRESSION and their outlook on life's finances are unique. You have a good foundation so go for IT, whatever IT is.
Special note: If you are going to be creative and begin to build your wealth, play your cards close to your chest and only share your dreams with those people that will support you. Unfortunately, that is often not family members or close friends.
Good luck!
Cynthia
tmpringle -
I spoke to one of my credit card company reps last week and they gave me a slightly different version of your suggestion to be included as an authorized user. I was asking specifically about this because I am trying to give a foreign national a foothold in the U.S. credit system with my credit rating (didn't work because she hasn't a social security number in the U.S. - Gotta be a U.S. citizen.). Anyway, they lie all the time so I don't know if this is fact or not, but what they said was this: If I want this person to earn credit, the account must be changed to a "joint account" with both people accepting responsibility for the charges (requires a signature of new person). If I just want to giive the person access to my account, then I can include that person's name as an "authorized user". This does not require the new person's signature, and does not affect their credit. Fact or fiction, that is what they told me. Z
Quote:
On 2004-03-11 18:13, Zach wrote:
(didn't work because she hasn't a social security number in the U.S. - Gotta be a U.S. citizen.).
It is possible to get an SSN without being a citizen. Green card holders can have an SSN.
I don't know about the current ruels but a few years ago I helped person with a tourist visa get an SSN. They had $10,000 that they needed to put into a bank. (this cash was declared at customs) But to open an account they needed an SSN. So we filled out the form explaining why they needed an SSN. They now have one.
Lacash-
That's good to know, thanks. Unfortunately, my friend doesn't have a green card, and in fact hasn't even been able to get a visa at all to enter the U.S. - visitor visa or otherwise. We have an attorney working on it now, but prior to hiring him, we tried for two years. Z
Just a general reply. Your friend only needs an ITIN number, it is used for tax or banking purposes as long as he is here legally you can get it from the Social Security office. Just say he needs to open a bank account. Second I have Just a general reply, your friend only needs an ITIN number. It is used for tax or banking purposes as long as he is here legally you can get it from the Social Security office. Just say he needs to open a bank account. Second I have been fighting this credit battle for almost 6 years. It is a bunch crap my credit scores are around 750 averaged. The thing is I don't owe on anythig so it drags my score down. I was actually told by my credit card company that they could not raise my limit because I didn't ever keep a high balance. What a joke you have to be broke to get more credit only in America!