credit score

[OiC65]

i migrated here in canada a little over a year now. fellow pinoys says that you need good credit rating to be able to finance cars, approve for mortgage, or do loan. it says it will all depend on your credit score. i have a little idea about this but marami pa akong katanungan. how would you know ang credit score mo? saan binabase ito (sa pangngutang daw?) at paano tumataas ang credit score......thanks!!!

[ogpro]

Check this link:

http://articles.moneycentral.msn.com...eIn5steps.aspx

To simplify, your credit score is a record of your debt management. You can't have a credit score if you don't have debts, so it would be good to have at least 1 credit card. To make sure the score rises, keep paying your monthly dues on time, and it is better if you pay more than the minimum. Also, try not to owe more than 50% of your credit card limit, so if your limit is $500, try not to charge more than $250 on it.

It would also be a good idea to start tracking your own credit profile through equifax.com or any of the other credit reporting agencies websites. This will help you fiind out if anybody has "stolen" your credit, this means someone may have gained access to your personal information (SS no, address, DOB) and used it to take out loans in your name.

Good luck on your first car purchase!

[OiC65]

thanks sa quick reply bro. thats exactly on mind, bumili ng sasakyan kaso nakontra si misis, bahay daw muna.

may credit card naman na ako...so i guess i have to wait a little more time para ma-established ang aking credit rating.

for the meantime any other tips pa to manage my credit effectively?

[just4u]

in our case, dito sa US, may nag-co-sign (maganda ang credit history ng co-signee) sa loan ng first car namin... pero siyempre, he knows about my husband's employment and salary kaya pumayag ... from there may offers na kaming natanggap sa mga credit card co...

keep a good balance in your savings and checking account... kung may credit union acct. - mas okay...

kung may credit card ka na- use it... pero always, always pay on time... pay more than the required minimum...

merong car dealers maski wala kang credit history, pero mas mataas ang interest rate...

best regards... and good luck...

[OiC65]

Check this link:

http://articles.moneycentral.msn.com...eIn5steps.aspx

To simplify, your credit score is a record of your debt management. You can't have a credit score if you don't have debts, so it would be good to have at least 1 credit card. To make sure the score rises, keep paying your monthly dues on time, and it is better if you pay more than the minimum. Also, try not to owe more than 50% of your credit card limit, so if your limit is $500, try not to charge more than $250 on it.

It would also be a good idea to start tracking your own credit profile through equifax.com or any of the other credit reporting agencies websites. This will help you fiind out if anybody has "stolen" your credit, this means someone may have gained access to your personal information (SS no, address, DOB) and used it to take out loans in your name.

Good luck on your first car purchase!

i checked out the link and it says that the better your credit, the lower the interest rates you can score on mortgages, car loans and credit cards....... malaking bagay talaga kung mataas ang score.

[ogpro]

thanks sa quick reply bro. thats exactly on mind, bumili ng sasakyan kaso nakontra si misis, bahay daw muna.

may credit card naman na ako...so i guess i have to wait a little more time para ma-established ang aking credit rating.

for the meantime any other tips pa to manage my credit effectively?

You can tell your wife that having a car (a large debt) will make your house buying easier. I'm in the mortgage industry so I have a little knowledge about this. Lenders like to see that you can handle large debts. It will also help your credit rating in the long run because it help in giving you a good credit history.

Having a good credit history lowers your interest rate and makes large purchases like cars and homes more affordable. The difference between 600 and 700 points in your credit rating can mean a difference of more than 2 percentage points in your loan interest rate. To put into hard numbers, this could mean your car payment can go down by more than $100-200 or more if you have good credit. It can mean a difference of $500-1000 in your house payment.

So tell your wife the car can come first, it may also be beneficial and safer in terms of getting to work, buying neccesities, and other errands that would normally take a long time to do via public trans. Remember that time is money too, and free time is gold.

[OiC65]

You can tell your wife that having a car (a large debt) will make your house buying easier. I'm in the mortgage industry so I have a little knowledge about this. Lenders like to see that you can handle large debts. It will also help your credit rating in the long run because it help in giving you a good credit history.

Having a good credit history lowers your interest rate and makes large purchases like cars and homes more affordable. The difference between 600 and 700 points in your credit rating can mean a difference of more than 2 percentage points in your loan interest rate. To put into hard numbers, this could mean your car payment can go down by more than $100-200 or more if you have good credit. It can mean a difference of $500-1000 in your house payment.

So tell your wife the car can come first, it may also be beneficial and safer in terms of getting to work, buying neccesities, and other errands that would normally take a long time to do via public trans. Remember that time is money too, and free time is gold.

tutoo yan! sayang ang oras pag public trans.... gising ng maaga, late na makauwi. still, i have to wait pa rin kasi si misis nag-aral sa ngayon. pagdalawa na kaming nakayod siguro para safety at walang inaalala kung paano magbabayad.