I am a foreign media representant. I have new Social Security Number
and my credit report is pretty clean. My question is: How can I
quickly to build my credit?

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Request for Question Clarification by ephraim-ga on 06 Nov 2002 05:59 PST

A couple questions:

1) Do you currently live and have an address in the USA?
2) Do you have a US-based bank account or can you get one?

/ephraim

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Clarification of Question by mapa-ga on 06 Nov 2002 08:06 PST

Request for Question Clarification by ephraim-ga on 06 Nov 2002 05:59 PST 
A couple questions: 
 
1) Do you currently live and have an address in the USA? 
2) Do you have a US-based bank account or can you get one? 
 
/ephraim

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1) Yes. 8 months.
2) Yes. I can have an account.

Mark

First you should understand how credit scoring systems work.  

The Fair Isaac & Co. (FICO) credit scoring system is widely accepted.
The Federal Trade Commission has an interesting presentation with some
measurements used in credit scoring in "Credit Scoring 101"
http://www.ftc.gov/bcp/creditscoring/index.htm 

You already have some status in the credit scoring system: age,
income, bank account, perhaps several credit cards.

Here's what you probably don't have: years on the job (though if you
were transferred here by the same employer that needs be made apparent
on credit applications); occupation; time at your current address;
strong bank references; years in the credit scoring system.

Here's how you can increase your credit scoring:
* open credit cards and pay them on-time.  Generally department store
and gasoline credits cards have been the easiest to acquire in the
U.S.  Increasingly credit card scoring looks at bankcards (Visa,
MasterCard, Discover).
* use as little of your open credit lines as possible
* open additional accounts at your bank; keep larger balances there
* above all: DO NOT MAKE LATE payments

Owning a home (versus renting) is also a big plus in credit scoring --
but that well may be your objective.

I hope that provides a clear path, but if not please ask for a
clarification before rating this answer.

Best regards,

Omnivorous-GA

This recommendation is based off of personal experience, please
consult a financial advisor for a professional opinion, or study the
resources that the Google Researchers provide.

Unfortunately, having no credit history is almost as bad as having a
poor history.

Probably the easiest way to start establishing credit is with a charge
card. Don't jump right into Visa or MasterCard, as you'll likely be
restricted to a secured card with a very high interest rate. In other
words, you'll have to put down a significant deposit (couple hundred
to a thousand dollars) and your credit limit will only be a portion of
that amount. In addition, these cards typically have an annual fee as
well.

There are other options. Store charge cards and Gasoline charge cards
are a good way to get started. They are generally less restrictive
than the major credit card companies. If there are certain gas
stations you frequent, get a charge card from them, use it, and pay
off the balance every month. The nice thing about the gas cards is
that you can use them in the convenience store area as well for soda,
bread, coffee, etc. Department Store charge cards (like Sears, JC
Penny, Macy's, etc...) are also useful, although I anticipate you will
not frequent these stores that much.

Remember it's not the amount that you spend, it's the reputation you
establish by paying them off on time. It may take a while, but it
helps out a lot when you apply for a large item loan.