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Originally Posted by CnoteMD
Length of credit history = 0? I guess that would be a problem for making a major purchase like a home. There are two scenarios that come to mind. Either you were the one of the few college students that didn't get caught up in credit cards once you arrived on campus, or you just moved to the US.
In either case, starting with a car loan may be the way to go. Because your credit report will report the original loan amount, in order to establish credit, consider taking out a loan for say 80% of the price of the car and pay it off early. I would also get a credit card and use that for all your purchases. Just pay in full each month to avoid interest. Within a year or so, you should have reasonably established credit.
Best of luck.
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Close, I've always used debit cards and have never had to take a loan out for anything yet. I paid cash for my first two cars and had scholarships and savings for college. Trust me, it's frustrating to have a nice job and plenty of money saved up but no one will give you a line of credit for anything. I even had to get a secured credit card.
It's a start though... Was buying a BMW the best financial decision I could have made? nope. But all work and no play.
