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

**mrpink** · August 4th, 2005 04:16 PM

Originally Posted by 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.

yep .. but i decided to close all my accounts in the US since i found it difficult to maintain them habang andito ako sa pinas ..

**Karding** · August 5th, 2005 07:03 AM

Originally Posted by 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

zero financing pa nga eh, meaning $0 money down kapatid. Nothing out of your pocket, just sign the contract and drive.

**Tacoma_34** · August 5th, 2005 07:56 AM

I started with a secured card, and another secured card and paid on time every month.

**Karding** · August 5th, 2005 08:03 AM

Originally Posted by Tacoma_34

I started with a secured card, and another secured card and paid on time every month.

I started the same way and possibly the best way to start building your credit as opposed to having a very high interest rate CC to start with.

**Tacoma_34** · August 5th, 2005 08:11 AM

Tapos after a year siguro pwede ka na sa regular card, naku ang dami mo niyang offers sa mail nakakainis nga puno yong mailbox

**Tacoma_34** · August 5th, 2005 08:13 AM

Yong 1st time buyer ng kotse naman ay malaki ang interest, talagang sa filipino dealership ako pumunta ewan ko lang kung tama yon, hassle ang rental car eh sa work.

**luckytruck** · August 5th, 2005 10:15 AM

my cousin naman offered to co-sign for me. kung ganun, maybe that will help me get good financing.

guys, how about using Philippine issued credit cards muna? aside from not reflecting on my credit history, is there a downside to this? do all establishments accept Philippine issued international cards?

andy

**Karding** · August 5th, 2005 10:42 AM

as much as possible, I dont deal with Filipinos in the dealership sa US

just based on my experience, daming BS akala mo utang na loob sa kanya ang pagka-kuha ng car. They try to sound like they did some magic to get you a car. When in reality, it was your credit that made you get the car. The last time I dealt with Pinoys in the dealership was back in 1994.

Andy, thats good that your cousins offered to help.

RE: Phil issued Int'l card is accepted in the US, AFAIK.

RE: Do not keep on filling out a CC applications that you get in the mail. Only sign and return if you KNOW that you will be approved. i.e. income to debt ratio...be REAL. The more inquiries in your credit file, the lower your credit score will be, DENIED or APPROVED.

Its best to subscribe to credit monitoring system offered by the three credit bureaus. I personally use equifax.com's monitoring system. This way, you know if there is an unauthorized use of your SSN or name.

**luckytruck** · August 5th, 2005 11:02 AM

actually, my Philippine based credit cards have more than enough credit than i want to use. so at the start, i will just use these.

as for my credit rating, i guess i will just have to build up my bank account and get a secured card for internet purchases that will only ship to the address of the credit card.

guys, what partnership of US Bank and Philippine bank has the lowest telegraphic transfer rates or remittance rate if i want to send money back to the Philippines? where do you suggest i do my banking?

andy

**Doc Diesel** · August 6th, 2005 03:18 AM

macky,
nag DCU ka rin pala!? i started with a student visa by Bank of America which was given to us without any paperwork. after using several times and paying it off right away, we were able to get a car loan from CarMax. From there DCU car loan again for 2nd car.

Philippine issued credit cards are good but they should be international ones not Phil. use only. Most merchants online would decline using a Phil. issued CC since they need to verify the address for anti fraud purposes. Now, if you call them that's another thing. They would go for it, I don't know why.