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2) Credit & Financial Identity
Common immigrant credit mistakes
Using a Debit card does nothing for your credit score. You must use a Credit card to build history. Every time you apply for a card, your score drops a few points (a 'Hard Inquiry'). Don't apply for 5 cards at once. Missing small bills—a $10 medical bill or utility bill that goes to 'Collections' can ruin your score for years. Treat every bill as life-or-death.
- Using a Debit card does nothing for your credit score. You must use a Credit card to build history.
- Every time you apply for a card, your score drops a few points (a "Hard Inquiry"). Don't apply for 5 cards at once.
- Missing small bills as in a $10 medical bill or utility bill that goes to "Collections" can ruin your score for years. Treat every bill as life-or-death.
Free Resource: TOP Beginner Credit Card Mistakes to AVOID
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