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Frustratedbutworthy

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How do I get credit? $100k income + 770, 720 and 680 credit scores
I have credit scores of 770, 720 and 680 with W2 income of $100k and established employment of 12 months. Having lived overseas for the last 16 years I have no established credit in the U.S. and finding it near impossible to get credit.

6 months ago I went and got a secured credit card and 3 months ago got approved for a $15,000.00 vehicle and had to put down $3000.00, but high interest rate.

All payments made on time, credit card paid in full every month and I have $5k in savings.

I just applied for $10k loan for business reasons, thinking I should get approved and I was rejected. What more can I do to establish my credit worthiness and be successful at receiving credit? - Frustrated

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Business loans are different than credit cards.  Contrary to the friendly ads they run on TV, banks generally require collateral to fund a start up ; gone are the days of the friendly neighborhood bank loaning you money to start a laundromat or bookstore just because you live in the neighborhood without any collateral to secure the loan.  It's been my experience, usery laws aside, that most banks want to loan money to people that don't need it or have a proven track record of producing a revenue stream.  Would you lend a perfect stranger a large sum of money to buy a boat and search for buried treasure (extreme example, I know, but you get the point).  That said, I shouldn't think there would be much of a problem getting credit cards with the numbers you are quoting for yourself.  One option, albeit risky, would be to get a number of credit cards and then take cash advances against those cards to fund your business.  Once you have a going concern, you can then go to the bank that services your business account and ask them for a business loan to further fund you operations.

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It takes time to build your credit rating. With 100k earnings and only 5k in savings, it sounds like you may be overspending. Generally lenders want to see at least a year of on time payments, and don't charge more than 10% of your credit limit. You generally  don't want more than 36% of your income going for bills and debts.  

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