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The harsh reality is that due to the many barriers to the sharing of personal financial information internationally, most newly arrived expatriates have no credit history in the U.S. at all, while many returning U.S. citizens find their scores have deteriorated to levels they last saw when they graduated college. You will have to start building credit all over again, which takes time and can cost you thousands of dollars. Establishing a credit score of 720 within a year of arrival is what most new arrivals should aim for – and Mycredex will show you how, while giving you access to reasonably priced facilities right from the start.
Almost every facet of everyday life in the U.S. can be affected by your credit score, so starting early and taking control really does matter. Your credit score is widely used by a surprisingly large number of companies to determine not only whether you are eligible to borrow money, but whether you are even eligible as a potential customer, and what price you will pay for goods and services.
A few situations in which credit scores matter:
Car Loans – Virtually all new arrivals will need access to at least one vehicle soon after arrival. While loans are available to those with poor or non existent credit scores, the interest rates charged can be more than five times higher than those charged to borrowers with credit scores above 720. By working with specialist finance houses Mycredex helps you get financed at rates close to those being offered to borrowers with well-established U.S. credit profiles.
Mortgages and home loans – While headline rates have been at historically low levels for several years, and initial applications are very easy to make, lending standards are still very tight, especially if you have no credit score.
Qualifying for, and actually closing home loans can be time consuming and endlessly frustrating even for those with excellent credit histories. With a thin or non-existent credit history, borrowers can expect to pay home loan rates 40% higher than those with scores above 700, if they qualify at all.
Giving you choice, and control. If you qualify, our panel of specialist lenders ensures you can choose the right financing for you from a number of offers.
Insurance: Unlike almost any other country in the world, insurance premiums in most states in the U.S. are tightly correlated with an applicant’s credit score. Beyond California, Massachusetts and Hawaii, applicants for insurance products with poor credit scores can expect to be charged premiums up more twice as high as those with 720 plus scores. Mycredex works with carefully selected insurance companies to enable you to get the insurance you need and pay rates are uncorrelated with your credit score – saving you thousands of dollars when you arrive and when the time comes to renew.
| The sooner you start building it… | …the earlier you will start saving. |
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| If you choose to let your credit score take care of itself you should plan on 18 to 24 months of impeccable credit management while paying higher interest rates on sub-prime car loans or leases, hundreds of dollars in foreign credit card transaction charges, plus wire transfer fees to move funds to pay those card balances.Why not start saving time, hassle and money sooner by letting us help you optimize the speed of your credit score build? It is surprisingly easy once you know how… | Let Mycredex equip you with the knowledge and tools you need to take control, and build your score much more quickly, saving you thousands. We’ll recommend the best providers to use and help you get access to right priced credit facilities, right from the start…We have done the hard work to identify lenders who don’t need a US credit score to recognize credit worthiness when they see it, so you won’t have to. |
