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Monday, April 6, 2009

Credit report anyone?

The current financial crisis has stricken our lives. The fear of losing one's job has always been lurking around us; who knows we might be the next. Another issue is one's credit report. I am a Filipino currently working here in Guam and its kinda hard to have a line of credit. I did have credit cards back in the Philippines and with that I thought it would be easy for me to get a credit card here in Guam. But to my surprise I was declined due to the fact that i don't have a credit record. The first financial institution and applied with sent me a letter that even though I provided my current Philippine credit card I have no credit card of sort based on their search in Experian.

I waited for quite sometime and wondered if I can apply to where I have a bank account. I did get the card after setting up a collateral account with a 110% deposit corresponding to the credit limit they granted me. I still asked them why was I not given a credit card when I have been a good credit card holder back in the Philippines. The answer was that probably even though I have a Philippine credit card and with an international credit card company the records in the US doesn't show that I had such.

I have been using my Visa card which was issued here in Guam for sometime and just awhile ago tried a free credit rating website and as expected I still don't have any credit report.

Question is why do we need to look after our credit report. One thing is, specially this time of belt tightening, we must make sure we have a good credit standing in order for us to avail of loans in the most worst time of need. Along side with the financial crisis cost of living is rising and sources of money are narrowing down.

Anyone who can help me know my credit report?I hope yours is good.....

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