After immigrating to the United States, you need to pay attention to personal credit problems.

Immigrating to America is the dream of many people. Immigration is not only a process of changing nationality, but also opens the door to a new world. Different people, different social order, better welfare system and better educational environment are all the rewards of your efforts! Kim's immigration consultant said that after immigrating to the United States, we should pay attention to personal credit problems. The introduction mainly involves three aspects: first, the collection and evaluation institution of personal credit information, that is, the personal credit investigation company;

Second, is it personal credit? Consumers? , financial institutions, employers and other departments;

Third, it is the producer and supervisor of personal credit information, that is, individuals.

The benign operation of these three forces has formed a developed personal credit system in the United States.

For new immigrants, a good credit record is very beneficial, because it affects many aspects of life loans. If you don't have good credit, you can not only get preferential interest rates, but also get loans.

For example, for a car loan of $25,000 for the same 36 months, people with a credit score of 500-589 have to pay back 89 1 dollar per month, while those with a credit score of 720-850 only need to pay back $732. Similarly, a 30-year, $300,000 housing loan with a credit score of 620-639 has to be repaid every month 1572? Dollars, and the credit score between 760-850 people only need to pay $65438 +0298. Now the mortgage check is very strict, and both income and credit should be checked.

In American society, credit? Very specific, usually refers to your credit score. So, what are the important factors that affect personal credit score? How to accumulate credit points on this basis?

At present, 90% lending institutions use FICO credit scoring system. FICO's credit score is generally between 300 and 850, and FICO's score consists of five parts:

The first is the payment history, accounting for 35%. It reflects whether the money borrowed before has been returned in time;

2. Amount owed, accounting for 30%. Generally speaking, it depends on the ratio of the amount you owe to the amount of the loan;

Third, the duration of credit records, accounting for 15%. The longer the credit record, the higher the credit score;

Fourth, what kind of credit do you use? Yes? Credit? Used)? , accounting for 10%. Your credit card, small loan, installment payment, financial account and mortgage loan are all under consideration;

Fifth, it is a new card application (new credit? Account), accounting for 10%. According to the research, if you open multiple credit accounts in a short time, the risk is very high, especially in the case of short credit history. If the number of credit cards applied for in a short time is too large, it will have a negative impact on FICO's credit score.

In the United States, there are three major credit reporting agencies Equifax and Experian? With Transunion? Responsible for everyone's credit evaluation.

These three major credit reporting agencies are evaluated separately. On different occasions, you may evaluate the middle number as your credit score.

Living in the United States, it is not only difficult for people with zero or low credit to borrow money, but also their daily life may be affected. So it is very important to establish a credit record from scratch. The first step in establishing credit is to get a social security number. After obtaining the social security number, it is necessary to bind the social security number to the bank account and pay bills (such as utilities, rent, telephone charges, etc.). ) on time. Generally speaking, it is difficult to apply for a credit card only with the social security number. You can apply for a secured credit card first. Card), Wells is more common? Fargo's mortgage credit card, which requires the deposit to be equal to the credit amount. For example, a credit card with $65,438+0,000 needs to provide a deposit of $65,438+0,000, and then repay it on time every month, so that credit can be accumulated gradually.

So, what kind of credit score is good? It's like upgrading the game. You cannot apply for a credit card under 650. You can apply for an ordinary card of about 675, but only if your credit score is 1 year or more. Above 700 points, basically all cards can be applied, but only if your credit history is above 1 year. Otherwise, no matter how high the score is, the bank will not accept it.