A guide to CREDIT for newbies
 

So I haven't really seen a thread talking about credit on here and I know a lot of us and a lot of new people that receive DACA know nothing about credit. I'll admit I didn't really know either. Two years after DACA I can honestly say I know enough to guide some of you through building good credit.

New Social- Fresh Start?
- Just because you got your social security number doesn't mean you have or don't have credit. A lot of times if you money from past accounts it will still show up because someone might have used their real name and address. Now if you know for a fact you don't have accounts that are due this is a good thing, sorta.

New SSN Means you don't exist,yet..
- Most of us that went through DACA a long time ago found out the hard way when applying to jobs or trying to use your Social somewhere else that it didn't work. Your social is very new so it's going to take a while to be attached to you. Suggestions to help this go faster:
- Update bank account info with your new social
-Update school information with new SSN
- Register with Selective Service ( Draft ) online
- Get in contact with the three credit agencies
http://www.usa.gov/topics/money/cred...-scoring.shtml

Now how to actually build credit the easy way ( if there is such a thing )

1. You need a job ! Doesn't matter what it is. The more stable the better.
2. Get a credit card after, only after you have a job. If you try to do it before most likely you will get denied for one even if it is a protected credit card.
3. Make payments on time and double. . Be consistent
4. DON'T , I repeat DON'T Apply for store credit cards or promotional credit cards. Every time you apply for a credit card or loan your credit takes a hit. DON'T DO IT.
5. DON'T go applying for credit just because you have a social. It seems like a good idea to get things financed now that you have a brand new social but this is a terrible idea. You will most likely end up in debt and with a bad credit history.

Already messed up ? :(
Bankruptcy - Hopefully none of you have gotten to the point where you "think" you need this. Unless you more than 100,00 don't file for bankruptcy. You only get to your entire life so use em wisely.

Settle : If you already are in debt don't worry. Don't file for bankruptcy. Try to settle with your creditors. They usually will offer payment plans or settle for less than you owe. So don't be afraid and call them. Bankruptcy should only be a nuclear solution.

Think about your social as your virginity. DON'T go giving it away to the first sales person or family member that sweet talks you. Lol This is yours and yours alone and you will have to live with it.

Hopefully this helps you guys and gals out. If you guys follow these steps you will be able to purchase things actually worth while later on, a house or car. I have good credit but my brother actually applied these rules to his credit and he now got offered a loan from his bank to buy a house. So good luck to you guys.

Re: A guide to CREDIT for newbies
 

Why is this in the news section? Great post btw

Re: A guide to CREDIT for newbies
 

"Bankruptcy - Hopefully none of you have gotten to the point where you "think" you need this. Unless you more than 100,00 don't file for bankruptcy. You only get to your entire life so use em wisely. "

Bullcrap, my father filed for bankruptcy because he had to, losing his job. He went to court the judge approved the bankruptcy etc etc NY State. And what happened 6 months later, offers started coming again to apply for credit cards :American Express, Visa, Mastercard etc, in which he got approved automatically, of course not with unlimited credit but when they saw he started paying on time they started raising his credit limit.and YES he is illegal

Re: A guide to CREDIT for newbies
 

How old is your dad ? This was ment for "newbies" aka young people. Idk if this happens in New York but here in Oregon and specially In California there are always commercials and radio ads for lawyers who will magically take your debt away. I was in debt a year ago I owed 10 thousand so I called them thinking they were going to work something out with the creditors but no they told me I should do bankruptcy! Me at the age of 21 and for 10,000 debt. Thats what I ment. Don't get your panties in a bunch. This is for kids who are barely starting. Don't be so fucken negative.

Re: A guide to CREDIT for newbies
 

Moved this to the Lounge.

Re: A guide to CREDIT for newbies
 

Great post :)

Re: A guide to CREDIT for newbies
 

Most importantly, never spend more than 25% of your credit limit.

Re: A guide to CREDIT for newbies
 

A dreamer always pays his/her debts. No excuse for bankruptcy.

Re: A guide to CREDIT for newbies
 

What's this game of immigrants?

Re: A guide to CREDIT for newbies
 

I think it's easier said then done. I tried applying with secure at my local bank and got denied. I pretty much gave up because I kept getting hit from all the checks.

Any advice on which one to apply for that doesn't check your credit?