When we migrate to a new country, we face a series of challenges in our daily lives and in our financial stability. In this blog post, we'll explore in detail what credit history is, its relevance to our financial lives, and how we can effectively manage it. This way, we will be better prepared to face obstacles and take advantage of the opportunities that come our way in our new life abroad.
What is credit history?
Credit history is a detailed record of your bill and debt payments that is stored in a report. This report is created by companies that collect information about how you use your credit cards, loans, bills and other forms of credit.
Why is credit history important for Latino immigrants?
For Latino immigrants, credit history is especially important. When you arrive in a new country, you may not have an established credit history, making it difficult to obtain loans or credit cards. In addition, Latino immigrants are sometimes the target of loan scams or other types of financial fraud, which can damage their credit scores.
How to get a credit report?
You can get a free copy of your credit report every year. You can call the Annual Credit Report at 1-877-322-8228 (available in English only), or order it online at AnnualCreditReport.com (only available in English)
What if I don't have a credit history in the U.S.?
You may not have a credit history if you've never had a credit card, or never obtained a loan from a bank or credit union.
Without a credit history, it may be harder to get a job, an apartment, or even a credit card. It sounds crazy: You need credit to get credit.
How can I create/improve my credit history?
There are several ways you can create/improve your credit history:
- Pay your bills on time and in full each month.
- Don't apply for too many credit cards or loans at the same time.
- Keep your credit card balances low in relation to your credit limits.
- Don't cancel credit card accounts that you've had for a long time (this shows a good long-term credit history).
Howor build credit history with Félix Pago?
Soon Felix will be able to help you build and improve your credit history with our new Send Now Pay Later service. If you are interested in learning more, please go to https://felixpago.com/envia-ahora-paga-despues/ and add your number to the waiting list.
