Hi friends,
What is credit? How do I grow my credit? I’m not even sure what other important questions I should be asking.
My parents are immigrants and I’m also one. I moved to the U.S when I was 11. Unfortunately my parents didn’t have the chances that I had and they didn’t get much of an education. Sometimes I feel like I’ve had to navigate a lot of life in the US by myself (SATs, college applications, school loans, etc.) on top of helping my parents navigate it too. I’m a young adult now and I don’t have any guidance and would really like to start thinking about my future. I think credit is a good place to start. Any info/advice is welcome, I literally barely know much about the system. Thank you.
In: 6
Presuming you are in the country legally and have a social security number, you need to start a banking relationship with a bank. They will report data about you to credit bureaus, that’s the data they use to calculate credit scores. Then you’ll need to get them to loan you some money. The easiest way to do that is a secured credit card. You put money, let’s say $300, into a bank account in exchange for a credit card with a $300 limit. This is better than just using a debit card on your account because it reports as “credit card”. Use the card, and then pay the bill. Every month you do that your credit takes a step from “unknown” towards “good”.
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