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ntuc

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New to US Credit System, Looking for Advice
Hi,

I recently became a U.S. resident and am slowly building up my credit. I have a currently have a credit score of 728. I make a good income but recently wasn't approved for a lease, which would have been $490/mo.

My wife has a credit card that she got me listed as another card holder on. I see that being reported on my file, which is past due. I plan to pay the card balance of $3500 of in full. I have a prepaid credit card that I pay monthly that my bank suggested I get to build up my credit. I also plan on getting a high interest car loan of $10K (I will be putting $5K down) on a used car to build up additional credit (I was told that would help my credit). However, when I run these 2 changes through the credit simulator my score drops to 628!!!

Any advice on how I can get my credit up into the high 700s would be appreciated. I can't seem to figure out the right things to

Thank you.

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Top Contributor
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If your wife isn't paying the card on time, get your name off it quick!  Just call the credit card company and ask them to take you off it (I assume you're an authorized user and it isn't a joint account).  Late payments hurt soooo much.

I think getting a high interest auto loan is a horrible idea.  I bought a brand new car with zero interest and my score was 749, so not sure why you can't qualify for a better rate.  Go to www.credit.about.com and read up on how to improve your credit score.  It's a much more informative site that this one.  Best of luck!

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