What's the best way to build credit for someone who has none?

[tinky]

^^ Experian,Equifax & TransUnion

[luckytruck]

if things go the way i want, i will be staying for the medium term. well, no matter what type of credit my cousin has, i am sure it is better than mine, which is none. pwede ba ang co-maker, from another state?

well, all i really need is a car when i get there, the rest of my expenses i can use my Philippine credit cards, so i guess a co-maker will be the best bet.

andy

[mrpink]

checked the sites .. need to apply pa pala .. just wanted to check what my credit is .. closed an account around oct of 2000 .. tried to open a new account in 2002 .. got denied because i had outstanding debts raw sa 2000 account ko .. called the bank .. said the i had transactions for november .. told them that's not possible because i closed it oct .. clerical error pala .. but it's already a record in my credit history .. it'll clear up pa raw after 5 years .. wanted to check .. grrr ..

[Karding]

mrpink, if they made a mistake, you can file a dispute. It took me 18months to resolve my disputes for wrong info on my credit file.

Meron namang one-time credit check from those 3 credit bureaus. I think $12.00 lang iyon. Im subscribed to Equifax Credit Watch where they send me text and email alerts whenever an activity is posted on my credit history.

mrpink, try this as well.

www.freecreditreport.com

Also, in California, we are entitled to one credit report annualy.

[empy]

are you staying here for good?
if someone is gonna co-sign you when purcahsing a car
make sure this person has a good credit history because
it's going to reflect on you.

cutie, this is not true ;)

your cosigner's credit rating matters only on whether you get approved for the loan. the effect on your credit rating is determined on whether you pay the installments on time or not.

pwede ba ang co-maker, from another state?

yes, this is fine

[luckytruck]

ayos, pwede pala different state, yung mga relatives ko na mga doctor at abogado sa states, tanong ko kung matulungan nila akong makakha ng mababang car loan/lease

andy

[Karding]

goodluck Andy!

Sometimes, asking for help from relatives are harder than getting approved with no credit history

[luckytruck]

hehehehe, i hear you on that

ano yung mga pop-up sa internet na "we wil help you get a loan, even with bad credit"?

stir ba yung mga yun?

[empy]

hehehehe, i hear you on that

ano yung mga pop-up sa internet na "we wil help you get a loan, even with bad credit"?

stir ba yung mga yun?

hindi po stir...but they will charge you staggeringly high interest rates because you are "risky". parang US version ng 5-6

[luckytruck]

naku, hwag na lang

guys, what are you opinions on leasing brand new vehicles. According to my cousin, kung short ka ng cash at the start, this is the way to go daw.

wala bang bus and other public transpo sa California? or is it better, in the long run, to get a small car?

andy

[mrpink]

mrpink, if they made a mistake, you can file a dispute. It took me 18months to resolve my disputes for wrong info on my credit file.

.. 18 months .. tagal din pala .. habulin ko siguro if i was in the US .. pero since andito naman ako sa manila at wala naman akong plans manirahan sa US .. wala akong burning desire to pursue it .. at thanks sa info .. i'll check the site ..

edit:
.. checked the site .. di ko ma-fill up .. wala naman akong current or previous address sa US na pwede ilagay .. heck .. i don't even remember what my address was in 2000 .. hehe ..

[theveed]

credit card from the Phil, has no bearing.

This isn't true, especially if you hold international bank cards like HSBC, CitiBank (esp citibank, kaya sa mga nagkakabad credit sa Citi, yari hehe), SCB, etc.

My sis got a unsecured gold card when she was in AZ before and all they used for credit check was her HK citibank card.

Conversely, may kakilala ako may utang na malaki sa Citi dito, when he applied for a card sa singapore denied sya and dun na sya sinisita hehe.

[totoybato]

Conversely, may kakilala ako may utang na malaki sa Citi dito, when he applied for a card sa singapore denied sya and dun na sya sinisita hehe.

Very true. Dun sa likod ng appication form ng credit card (nabasa ko dun sa amex), meron doon, in fine prints, allowing the card company where you are applying for, para makita yung iyong previous credit history which includes allowing them to share info, your credit history with other financial companies.
I also had initial bad experience with citibank. First CC ko is a visa issued by a japanese company nung sa japan pa ako based. Pag uwi ko diyan sa atin, unang apply ko sa citibank, denied, anak ng pating di ko maiintindihan. Samantalang yung BPI, binigyan kami ng pre approved na CC (di nga lang malaki credit limit). Nung pangalawa, ako na inalok ng card ng agent ng citibank, sinabi ko bad experience ko, nabigyan naman ako (sabi ng agent,nagkamali daw yung CI nila). tsk!tsk!tsk!

[Karding]

Very true. Dun sa likod ng appication form ng credit card (nabasa ko dun sa amex), meron doon, in fine prints, allowing the card company where you are applying for, para makita yung iyong previous credit history

They have to see your prior credit history, its called creditworthiness. Your credit history will determine your credit limit.

allowing them to share info, your credit history with other financial companies.

Nowadays, they wont share your info without your consent. When you get approved and the card is sent to you, there's a follow-up letter asking your permission to share your credit info with their partners. Of course, you can always say NO and they wont share your credit info.

[Karding]

leasing normally requires you a total of $3000 upfront to pay for the fees.

unlike financing, $0 downpayment will do.

California, you are better off having your own car. They lack public transportation like NYC. Sure, may public transportation but not as easy as NYC public transp.

i.e. to get from point a to point b in Cali, you would typically transfer 3 times eh neighboring city lang naman pupuntahan mo. Whereas, NYC subway is all over the city.

mrpink, you are correct. You dont have to bother since wala ka namang balak manirahan sa US or kumuha ng CC from US. Hopefully, kapag nag-apply ka ng Int'l card like Citibank, hindi ka masita sa credit history mo.

[luckytruck]

meron palang low downpayment sa financing dyan? i hope i can get it kasi i will really need a car while job hunting.

andy

[theveed]

ang baba sobra ng financing sa US, parang giveaway nanga eh, unlike dito ang taas ng interest.

[totoybato]

Nowadays, they wont share your info without your consent. When you get approved and the card is sent to you, there's a follow-up letter asking your permission to share your credit info with their partners. Of course, you can always say NO and they wont share your credit info.

Okay diyan sa US, pero sa Philippines and other asian countries, meron pa din yata nito.

[mrpink]

mrpink, you are correct. You dont have to bother since wala ka namang balak manirahan sa US or kumuha ng CC from US. Hopefully, kapag nag-apply ka ng Int'l card like Citibank, hindi ka masita sa credit history mo.

.. the only reason why i wanted to re-open an account in the US was to get a CC .. makes online shopping so much easier .. hehe .. very few sites allow non-US issued CCs kasi ..

[theveed]

Mr.Pink actually kung nagopen ka sa US ng account sa bank your debit card can be used as a CC as long as may pera ka sa account.