Credit Report: When Can I Get a New Credit Report?

When you have a credit file you cannot establish a new credit file except under certain conditions. Your credit history will remain with you from the time that you first establish credit. It will change over time as you payoff debt, apply for new credit, make payments on credit cards and other loans. Rarely are you given an opportunity to establish a new credit file unless you move to another country. When you move to another country financial institutions or anyone attempting to access your credit file will not have the capability. Your credit file does not carry over to another country.

If you decide to move to another country then you will have to establish credit all over again. You start with a brand new credit file. The first times that you apply for credit you could be denied because you have an insufficient amount of credit references or a lack of established credit references. When you first established credit in your original country you will have to do the same thing when you arrive in a new country.

One of the best ways to establish credit is by applying for department store charge accounts. They are more likely to approve you absent of any other credit references.

Another way to establish credit is by applying for a secured credit card. The bank that issues the credit card will assign you a line of credit. Your credit limit will be secured by a deposit you have on file with the bank that approved your for the secured card. If your credit limit is $500 you will have to maintain $500 on deposit with the bank. You can only charge amounts up to your limit. If you default on your credit card the bank can always take the money out of your bank account to make payments on the credit card.

Secured credit cards have a tendency to have a higher rate of interest. Those who are approved for secured credit cards are considered to be a higher risk. After you make on time payments on this account for one year the creditor may decide to extend you a credit card that is not secured.

Eventually you will be able to get a lower rate of interest and a higher credit limit if you handle the secured account according to the terms and conditions as set forth by the lender. For the most part you want to make sure your payments are made on time.

Every credit card company will not deny you credit when you apply. If you are a student with no credit some banks will issue you a credit card with a modest credit limit which they will eventually increase over time as you establish a good payment record. Some credit card companies may extend you a small line of credit based on the merits of your application. Credit granting criteria can vary from bank to bank.