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Ex pat looking for 720 score

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whelmed
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Ex pat looking for 720 score  Reply with quote  

Hi all,

Bit of a background. Am a Canadian working in the UK transferring to the USA soon. I've never lived there and have no credit but want to get a mortgage ASAP.

HSBC opened up an account for me there and set me up with a 5 figure platinum card. Amex is also willing to do the same by transferring my credit history, and potentially one more card could transfer from Canada.

Given that I'll have loads of credit available with no USA debt, how long would it take me to get to a 720 score for a good rate on mortgages?
Post Fri Dec 14, 2012 4:47 pm
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littleroc02us
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The only way to get a credit score is to borrow money and pay it back in a timely manner, it doesn't matter how much money you make.

Risk comes from not knowing what you're doing. (Warren Buffet)
Post Fri Dec 14, 2012 4:54 pm
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whelmed
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quote:
Originally posted by littleroc02us
The only way to get a credit score is to borrow money and pay it back in a timely manner, it doesn't matter how much money you make.


I never stated my salary.

I'll have loads credit which I will be using quite a bit. So time to get from 0 credit to a score of 720 is what I'm looking for. I'll probably have a credit spend of $3-4.5k month on the cards so I'll be well under then 10% ratio that I've heard is so important for the FICO stat. I may be travelling for work which would be on my dime and then expensed which would push that up over $10k in a month which could hurt things.

What I'm more curious about is that I'll have 0 defaults, 0 debt, decent amounts of credit cards which are unused, but 0 duration. I know that FICO scores kick in after 6 months, so I'm wondering if that, say, in 6 months if I will have a score of 720 or not. If I financed a car rather than paying cash for it, would that help or hinder my score? Thoughts or hints anyone?
Post Fri Dec 14, 2012 9:06 pm
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littleroc02us
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I've never heard of a timeline as to when you would reach 720 and as for FICO if you look at their website they base your credit score upon certain peramters such as: length of credit history, payment history, debt to credit limit ratio and sometimes your age does matter. No one really knows how they score beyond those baselines, so your guess is as good as mine.

Risk comes from not knowing what you're doing. (Warren Buffet)
Post Fri Dec 14, 2012 9:32 pm
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