Nursing in America Building Credit in the USA - Part 1
Oct 10, 2023
In this episode, the hosts discuss the concept of credit, the importance of credit history in the USA, and the process of building credit. They also touch on credit scoring, different credit reporting companies, and the significance of responsible credit card usage. Additionally, they share personal stories of immigrants building credit from scratch and highlight the importance of managing finances, work ethic, and budgeting.
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Credit Score Meaning
- Credit scores in the US reflect your likelihood of repaying borrowed money.
- Higher scores indicate better creditworthiness and responsible financial behavior.
Credit Reporting Companies
- Three national credit reporting companies (Experian, TransUnion, Equifax) collect and store your credit information.
- Lenders use credit scores generated from reports to assess the risk of lending.
Credit and International Moves
- Credit scores don't transfer across borders.
- You must establish new credit when moving to the US, regardless of past history.