Ep 02: Zero to 850 – How to Build U.S. Credit History
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In this episode of the International Money Café Podcast your cohosts Jane Mepham CFP® and Manasa Nadig, EA discuss how to go about building U.S. credit history in the country when you are a brand-new immigrant.
The U.S. credit score is critical in the U.S., as it’s heavily relied on by institutions to judge you financially. The problem is you most likely have zero history when you first move to the U.S. as a permanent immigrant or as a foreign national on a nonimmigrant visa.
Listen as Jane and Manasa explain what the credit score and history are, how it’s calculated, how to start building it, and finally how to maintain it once you have it going.
The views and opinions are those of the speakers, and should not be considered financial, tax, or legal advice. Consult your advisor for any legal, cross-border tax, and financial advice.
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Jane Mepham, CFP (00:00.815)
Hey, Manasa.
Manasa Nadig (00:02.678)
Hi there, Jane.
Jane Mepham, CFP (00:04.619)
In today's episode, we're going to be talking about building US credit. We want to talk about how you, what it is, what it's used for, how to start building it with zero credit history, and finally, how to improve it.
Manasa Nadig (00:24.422)
That's really important information. You know, for those of us who have been living here for a long time, or you know, you grew up here, this is a term that you almost take for granted. You know, there's something that you talk about a credit score and that is something we are all used to. But it is a term that is important to learn.
for someone who has landed in the US. So tell us Jane, what is a US credit score?
Jane Mepham, CFP (00:59.387)
So the US credit score, as it's used in the US, is a score that actually determines your likelihood of paying debt back. It predicts how good you are at managing debt, basically borrowing and paying back money, and it's calculated using information in what's called your credit report, which we'll be talking about. And there are different types of scoring, which again, we'll address a little bit later, but the bottom line is, it's something that
every foreign national every foreign-born person coming to the US really needs.
Manasa Nadig (01:37.298)
Yeah, definitely. But let's talk about why is a credit score important before we dig into all of the other aspects of it that you just mentioned.
Jane Mepham, CFP (01:50.059)
Oh sure, so the way the US credit scoring is used in the US, believe it or not
almost all lenders, actually basically all lenders use it to judge you, something like 90% of lenders use it to judge you to see how credit worthy you are. Let's say you want to borrow money for a mortgage and they really don't know where you're coming from. So the only way to determine whether you should get the money or not is to actually look at your credit history. Like I said, it's used by everybody. It's relied on heavily to judge you financially, of course.
Third party lenders will use it to assess the risk of lending money like I said and some of these lenders will include folks like banks, credit card companies, car dealers, mortgage lenders, exactly, exactly. They use it to determine what type of interest rate to give you. The other one that you're going to find interesting or people might find interesting is apartment owners. You want to rent an apartment, we'll rely on this heavily to determine if you're worthy of becoming a mortgage lender.
Manasa Nadig (02:33.961)
Mm-hmm.
Jane Mepham, CFP (02:57.851)
their renter.
And it's also used for things like auto homeowners insurance. They will also use it. Let's say if you want to go out and buy a smartphone or get cable service or utilities and believe it or not, employers will sometimes check your credit report, not your credits, cause part of the due diligence that they do for hiring. And they're basically looking for signs of irresponsibility and negligence and to get a general sense of your decision,
Manasa Nadig (03:10.638)
Thank you. Okay.
Manasa Nadig (03:29.186)
Thanks for watching!
Jane Mepham, CFP (03:29.27)
judgment.
Manasa Nadig (03:32.09)
Oh, wow. I mean, that's pretty much, I suppose it almost sounds as if knowing somebody's credit score gives you a psychological profile of that person as far as, you know, how much they can be relied on to pay their debt back, how much they can be relied on to manage their finances, and also, you know, whether they are
Jane Mepham, CFP (03:44.776)
Mm-hmm.
Manasa Nadig (04:00.57)
They are employable. Oh my goodness. This is that's a lot To depend on yeah. Yeah Well, I know you briefly said earlier about how this gets measured Can we talk more about that G? And what is a formula? Yeah, and how does a credit score get kept calculated based on that form?
Jane Mepham, CFP (04:05.655)
It is, yeah, yeah.
Jane Mepham, CFP (04:15.221)
Mm-hmm.
Jane Mepham, CFP (04:18.763)
Yeah, so...
Jane Mepham, CFP (04:25.491)
Calculate it.
Absolutely. So the three major credit reporting agencies in the U.S. These are Experian, Aquifax and TransUnion. Their job is to gather and collect your credit information and typically sell it to creditors for a fee. And since the info each of these agency gathers about you may be a little different. This call from each of them can also be a little different. And so your overall score is calculated on this formula.
Manasa Nadig (04:37.646)
Mm-hmm.
Manasa Nadig (04:44.982)
Mmm.
Jane Mepham, CFP (04:56.539)
Payment history is usually 35%. Total amount owned, which includes credit utilization, is 30%. Length of credit history, 15%. Type of credit, 10%. And then new credit, which includes.
credit inquiries is usually 10%. And we can do like a nice little chart just to kind of show you what this looks like. And the difference call calculations with the most common one that probably everybody knows about called the FICO score. This was created by a company called the FAIR.
Manasa Nadig (05:13.239)
I'm gonna go.
Manasa Nadig (05:28.013)
Mmm.
Jane Mepham, CFP (05:28.915)
ISA Corporation. It's used by over 90% of lenders, again, to judge your credit worthiness. And the range goes from 300 to 150, based on the scoring that I just described. Actually, under these, the FICO scoring is...
Manasa Nadig (05:31.625)
Mm-hmm.
Manasa Nadig (05:42.723)
Mm-hmm.
Mm-hmm.
Jane Mepham, CFP (05:49.527)
Usually something like 800 plus, you're exceptional, you know, 740 to 799, very good. Seven, six 70 to seven 39 good. And then, you know, fear poor. There's also a second system called Vantage score, which combines data from. The three agencies while FICO is specific to each agency. Does that make sense?
Manasa Nadig (06:08.52)
I'm just...
Manasa Nadig (06:18.462)
Absolutely. So these are all the different methods that these agencies have to collect data from your spending and all of the other information that we talked about earlier, and then condense it into a way to measure where you fall and depending on how high your credit score is, you can
Jane Mepham, CFP (06:24.551)
Correct.
Jane Mepham, CFP (06:34.339)
Right, right.
Jane Mepham, CFP (06:43.819)
Mm-hmm.
Manasa Nadig (06:46.85)
then be eligible for a better rate, maybe, at debt and loans. And also, if this is being checked by the apartment you're going to rent or a mortgage that you are applying for, or even maybe a car loan or things like that, then yeah. So the credit score actually then helps you get a better rate of interest.
Jane Mepham, CFP (06:51.343)
Yes.
Jane Mepham, CFP (07:05.669)
Mm-hmm. Yeah, yeah, absolutely. Yeah, all these things, yeah.
Manasa Nadig (07:16.582)
That is something of, it's a scoring scale. So that's absolutely great information. Now, tell me, you know, I know that I remember when we were new to the US and, you know, we needed to go out there and get a credit card. It was very difficult for us to actually get our first credit card. And I remember
Jane Mepham, CFP (07:21.555)
True.
Jane Mepham, CFP (07:33.095)
Mm-hmm.
Jane Mepham, CFP (07:42.721)
Mm-hmm.
Manasa Nadig (07:44.022)
that they were looking for a credit history which did not exist because obviously we had just come to the US. So when you are working with foreign born nationals and we are looking at, okay, they do not have credit history, they could have a ton of money that they have brought with them to the bank, so they have money in the bank, but they don't have credit history. You could almost use the term that they are credit history.
Jane Mepham, CFP (07:49.107)
Thanks for watching!
Jane Mepham, CFP (08:04.795)
True, true.
Manasa Nadig (08:14.299)
invisible. So how do we make this visible? How do we make their credit visible for foreign-born nationals, let's say?
Jane Mepham, CFP (08:15.675)
Yes.
Jane Mepham, CFP (08:27.475)
You know, you just made a really great point. You move to this country with thousands of dollars in your bank account. But because you have no U.S. credit history or credit score, you are credit invisible. So there's a couple of things. And what I'm going to do is I'm going to sort of walk through a couple of ideas of how you can go about building U.S. credit history.
Manasa Nadig (08:47.074)
Mm-hmm.
Jane Mepham, CFP (08:49.347)
So the minute you arrive in the US, the first thing you need to do, this assumes, you know, you, you're here, you're able to do this is go out and we can talk about this or another episode, get yourself a social security number or a tax ID number, that's the first thing. And then go ahead and open a bank account. This is going to be really, really key.
And in some cases, you can actually apply for a social security number in your home country before you get the immigrant visa. But that's besides the point. The bottom line is start by opening a bank account. Once you do that, that banking relationship is going to be very, very valuable to you.
Manasa Nadig (09:12.247)
Yes.
Manasa Nadig (09:24.605)
Mm-hmm.
Jane Mepham, CFP (09:30.387)
You can go to some local banks or a local credit union, but a lot of times, bigger banks may prove to be more beneficial as far as building your credit score. So that's one.
Manasa Nadig (09:30.806)
Yes.
Manasa Nadig (09:40.482)
Yes.
Jane Mepham, CFP (09:44.155)
The other thing you can do is if you have an international banking relationship, let's say, I think, um, something like HSBC or Citibank in your home country, you can actually work with them to open a U S account before you get here using that.
Manasa Nadig (09:50.251)
Okay.
Manasa Nadig (09:55.542)
Yep. Right.
Manasa Nadig (10:01.943)
Mm-hmm.
Jane Mepham, CFP (10:03.787)
international banking relationship. And the other thing I've also found, especially for, let's say, executives and folks like that, that same bank may be willing to give you a U.S. credit card as soon as you get here or even before you land here, as long as you're taking advantage of your international banking relationship. You can also go to a partner bank. So again, let's say you
Manasa Nadig (10:12.791)
Mm-hmm.
Manasa Nadig (10:24.738)
Mm-hmm.
Jane Mepham, CFP (10:33.661)
reach out to the partner being and they'll be willing to open the bank account for you as soon as you learn as well as give you the US credit card if you're lucky. There's a couple other ideas. So that's one. The next thing is apply for...
Manasa Nadig (10:36.534)
Mm-hmm.
Jane Mepham, CFP (10:53.507)
an unsecured loan once you get here. And there's a company, there's a FinTech company, but I know they've kind of changed. So we have to come up with some other companies that are willing to give folks that just arrived in the U S an unsecured loan. And again, the whole idea is it's not that you really need the money. If you do, that's fine. But the whole idea is you can, by starting to pay money back on this, you be able to start building.
Manasa Nadig (10:58.413)
Yeah.
Manasa Nadig (11:10.061)
Yes.
Manasa Nadig (11:16.235)
Yeah.
Jane Mepham, CFP (11:22.835)
some type of US credits called because they end up reporting it to the bureaus. And in some cases you actually may not need the social security or the IT number, but you do need to find the company that we're talking about. Let's see. Yeah. Another idea is use your, this is an interesting one actually. And I think a lot of people should take advantage of this. Use your foreign or international credit report.
Manasa Nadig (11:38.331)
Thanks.
Manasa Nadig (11:45.083)
Mm-hmm.
Jane Mepham, CFP (11:52.499)
to apply for a US credit card. There's a new FinTech called Nova Credit, which is a cross border credit bureau. And they've partnered with other business entities to give you auto loans, student loans, and that kind of thing. The FinTech company partners with credit bureaus in other countries, for example, Canada, India.
Manasa Nadig (11:56.408)
Yes.
Manasa Nadig (11:59.682)
Mm-hmm.
Manasa Nadig (12:04.233)
Mm-hmm.
Manasa Nadig (12:10.633)
Mm-hmm.
Manasa Nadig (12:17.978)
Uh-huh.
Jane Mepham, CFP (12:18.107)
Nigeria, South Korea, and they're adding more onto the list. And with your permission, they'll share your foreign credit history translated to US equivalent score with US lenders, again, to judge your credit worthiness. So if your country is included on the growing list, you can apply for US credit cards like...
Manasa Nadig (12:23.81)
Good luck.
Manasa Nadig (12:29.367)
Mm-hmm.
Manasa Nadig (12:38.636)
Yeah.
Jane Mepham, CFP (12:43.503)
American Express and Citi and start creating your US credit history right away, taking advantage of what you already have. And this particular bureau that I'm talking about was actually started by immigrants. So they really do understand the pain of being new to the US credit system. A couple other ideas you can apply for.
Manasa Nadig (12:50.623)
Yeah.
Manasa Nadig (13:01.611)
Yeah.
Manasa Nadig (13:08.286)
Yeah. Right.
Jane Mepham, CFP (13:13.291)
a secured credit card. In a couple of examples, basically what these ones do is you put down a security deposit and the amount becomes your credit limit. So for example, let's say you do a secured credit card and you put down a thousand dollars on this card, your credit limit now becomes a thousand dollars. The credit card company is not in any danger of you not paying because they're holding your money.
Manasa Nadig (13:16.717)
Yes.
Manasa Nadig (13:32.947)
Mm-hmm.
Jane Mepham, CFP (13:42.555)
but it also gives you a chance to start building your credit history. And what I like to say to folks is if you do this, remember the deposit is not to pay down the monthly charges and interest. So ensure that you're actually paying those on time. And I do have to call out that you do need a US bank account for the security deposit in a US
Manasa Nadig (13:43.591)
Of course.
Manasa Nadig (13:53.205)
Mm-hmm.
Manasa Nadig (14:02.318)
Bye.
Manasa Nadig (14:08.747)
Yes.
Jane Mepham, CFP (14:09.163)
ID number, which is again, you know, is a social security or the IT. And of course, the best thing is check with, you know, whoever you're looking at to give you this credit card. And in terms of how they report to the credit bureau, what I like is it does not, there's no difference in how they report. So if you're literally starting from scratch, this would be a really good way of doing it. But of course, keep in mind that they are likely to have.
Manasa Nadig (14:29.026)
Mm-hmm.
Mm-hmm.
Jane Mepham, CFP (14:36.835)
some very high interest rates since again, the creditor believes they're taking a risk with you, but you know, you can shop around for one with no annual fee, um, reports to all three agencies and has some sort of a grace period as, as you're doing this. A couple other things is, you can also apply for a U S credit card with a course signer or become an
Manasa Nadig (14:40.063)
Mm-hmm.
Jane Mepham, CFP (15:03.563)
authorized user on somebody else's card. But remember, you need to make sure that the person that's allowing you to be a cosigner needs to understand that if you end up not paying, they are on the on the hook for that. Let's see, you can also apply for credit cards that, let's see, they use other factors besides credit history.
Manasa Nadig (15:04.023)
Yeah.
Manasa Nadig (15:08.319)
Yeah.
Manasa Nadig (15:23.187)
Absolutely.
Jane Mepham, CFP (15:31.799)
So if you have credit cards, they use factors like income, employment history, your banking history, let's say cash flow. You can use that to determine your credit worthiness. And a couple examples that I have in here, there's one called pedal credit cards. And there's also like a student one that you can also get on some of this. And let's see, one of the way of doing this is
Manasa Nadig (15:32.554)
Mm-hmm.
Manasa Nadig (15:38.16)
Mm-hmm.
Manasa Nadig (15:43.255)
Mm-hmm.
Manasa Nadig (15:51.575)
Mm-hmm.
Jane Mepham, CFP (16:01.159)
we've talked about the call signer is actually have your credit card transferred to the US. So American Express global transfer program, what let you use your American Express account history again from your home country to apply for a US credit card. And you can apply for different credit cards, but the typical response is to give you the same card as what you already have in your home country. So
Manasa Nadig (16:04.428)
Yeah.
Manasa Nadig (16:09.866)
Mmm.
Manasa Nadig (16:13.89)
Mm-hmm.
Manasa Nadig (16:19.628)
Mm-hmm.
Jane Mepham, CFP (16:28.967)
This is different from Nova Credit. It's almost like basically I'm using the same credit card. It just happens to be branded for use in the US. Let's see. I have another interesting, sorry, I was gonna say, let me tell you about one more that's really cool and then we'll jump into that. There's a foreign executive lease program where international employees relocating to the US on a temporary work.
Manasa Nadig (16:29.89)
Yeah.
Manasa Nadig (16:41.242)
I see. But, for sure.
Sure.
Manasa Nadig (16:53.525)
Yes.
Jane Mepham, CFP (16:58.503)
basis, so non-immigrant work visas have the ability to lease a new Ford or Lincoln vehicle at a tier one rate cap. So some of the visas that qualify for these are things like L1, H1B, TN, E3. E1 and E2 visas don't qualify for these, but by letting you get this lease and you making on-time payments, you're actually able to start building your credit history.
Manasa Nadig (17:00.448)
Uh huh.
Manasa Nadig (17:07.34)
Hehehe
Manasa Nadig (17:13.205)
Mm-hmm.
Manasa Nadig (17:31.69)
Yeah, cool, cool. So my takeaways from this, from all of this great information that you just shared, one is of course, planning before you arrive in the US is an important thing to do. Work with a professional who can guide you and help you determine all of these. Also, depending on which country you come from.
Jane Mepham, CFP (17:45.828)
Mm-hmm.
Manasa Nadig (18:01.622)
you know, this plan pre-immigration or pre-your US trip planning becomes even more important because there are aspects in this, you know, like the normal credit score or your ability to get a credit card which is associated to the country you are coming from. But, you know, it's a US credit card and it helps you build a US credit score. So of course, we're going to go more deeper into the whole.
Jane Mepham, CFP (18:13.827)
Mm-hmm.
Manasa Nadig (18:31.214)
pre-immigration planning aspect of things, but pointing out that it's always great to do that before you come to the US for many reasons, but also getting information about your credit, about building your credit history, right? So yeah, and yes, so I had a quick question about the American Express
Jane Mepham, CFP (18:33.811)
True.
Jane Mepham, CFP (18:51.939)
Agree. Yeah.
Jane Mepham, CFP (19:00.499)
Mm-hmm.
Manasa Nadig (19:00.674)
part of it that you just spoke about. How does that work, Jane?
Jane Mepham, CFP (19:08.18)
Which one? Oh, the American Express global transfer program.
Manasa Nadig (19:10.943)
The um
Yes.
Jane Mepham, CFP (19:15.263)
So you have an American Express account from your home country. Let's say you're coming from, I don't know, UK, France, and you already have, cause remember American Express is pretty much everywhere. So you want to make sure you get into their global transfer program before you get here. And as you get here, you say, I'm a part of this program. They can't let you literally use that history.
Manasa Nadig (19:29.24)
You're up.
Manasa Nadig (19:35.926)
Mm-hmm.
Manasa Nadig (19:40.545)
Mm.
Jane Mepham, CFP (19:45.259)
in your home country to apply for a US credit. So when you think about it, you already, we're assuming you're already doing a pretty good job with your American Express credit card in your home country. So it's literally a continuation of that. The only difference is you actually have to do it once you get to the US. And it's probably one of the easiest way I tell people to look into if you already...
Manasa Nadig (19:46.153)
Mm-hmm.
Manasa Nadig (19:49.858)
Okay.
Manasa Nadig (20:07.479)
Yes.
Jane Mepham, CFP (20:10.131)
have the American Express card. And it's a program that's out there. It's absolutely worth looking into. And it kind of goes into, I have to look at other companies, but if you already have some sort of a global company that's giving you a credit card in your home history, before you look to start applying for new cards here, check to see if they have some reciprocity type of arrangement with the providers in the US. And hopefully you can make use of that.
Manasa Nadig (20:27.746)
Yeah.
Manasa Nadig (20:35.115)
Yeah.
Jane Mepham, CFP (20:40.379)
Does that answer your question? Okay, okay, cool.
Manasa Nadig (20:40.566)
Cool. Absolutely. Yes, it did. It was clear. So, okay, so now I have just arrived in the US and I have found the means of building my credit history and getting started. I have a social security number or an ITIN and, you know, opened a bank account and all of that good stuff.
Jane Mepham, CFP (20:52.316)
Mm-hmm.
Manasa Nadig (21:07.01)
How do I maintain my credit score, which is also important because all those scores are not just a one-time shot, right? We need to keep up with those because we are going to continue to have life and do business in the US. And also, if your credit score for some reason takes a hit, and what are those times that it could possibly
Jane Mepham, CFP (21:11.291)
Mm-hmm.
Jane Mepham, CFP (21:16.519)
True, true.
Jane Mepham, CFP (21:32.137)
Mm.
Manasa Nadig (21:36.61)
take a hit and how do you improve your credit score? What do you suggest that we can do?
Jane Mepham, CFP (21:44.831)
So the first thing is congratulations on establishing some type of credit history. So the first thing you need to do is pay attention to when bills are due and pay them in full. So if it's due, I'd even suggest setting up auto payments so you don't miss a date because I find credit companies tend to be very mean for lack of a better word. You're late one day, $25 and they end up reporting.
Manasa Nadig (21:51.445)
Yes.
Manasa Nadig (21:57.038)
Hmm. Right.
Jane Mepham, CFP (22:14.765)
that. So pay your bills on time and in full. That's the first thing, regardless of where you're coming from. And then keep an eye on your credit report. You can get an annual free report from each of the three bureaus that we talked about. So typically giving you three free reports per year. You obviously don't need to do this in year 10, but initially where you're trying to figure out where you are, it's absolutely worth getting that free report every quarter.
Manasa Nadig (22:22.157)
Yes.
Manasa Nadig (22:26.158)
Mmm.
Manasa Nadig (22:31.224)
Yes.
Manasa Nadig (22:35.342)
Bye.
Jane Mepham, CFP (22:44.899)
And then keep your credit utilization low. I think we talked about is that one of the factors that they look into.
Manasa Nadig (22:45.907)
Yeah.
Manasa Nadig (22:49.866)
Yes.
Jane Mepham, CFP (22:53.655)
And as you get more credit cards, the funny thing is once your credit score improves, you're going to start getting a lot of offers. Obviously you want to keep an eye on what you're accepting, but as you get more credit cards refrain from closing old ones. Okay. But if you do have a plan in place to avoid a hit on your score, so you just want to be thoughtful about how you do this. I'm not recommending you go out and get 10 credit cards, but that's something you want to think about.
Manasa Nadig (22:54.156)
Yeah.
Manasa Nadig (23:03.042)
colors.
Yes.
Manasa Nadig (23:10.663)
Yeah.
Manasa Nadig (23:16.718)
Mm-hmm. Yeah.
Jane Mepham, CFP (23:22.871)
And then keep the account active, even if it's just charging one small item every couple of months. Um, just don't let them be dormant. Cause at the end of the day, think about it. Credit card companies make money when you spend money so they can charge you interest. So you spend money on this thing. But then of course, you know, to pay your bills and time it on full, right? So keep the accounts active.
Manasa Nadig (23:30.807)
Yeah.
Manasa Nadig (23:38.933)
Yes.
Manasa Nadig (23:48.125)
Absolutely.
Jane Mepham, CFP (23:50.271)
And if you have services that offer to raise your score, my advice has always been treat them with some suspicion because these things just take time. So be very patient. And over a couple months, I think you will find yourself on the way to becoming credit visible.
Manasa Nadig (23:59.734)
Mm-hmm.
Manasa Nadig (24:12.11)
Definitely, definitely. And one thing that I have also noticed is just like you said, you know, the more you have established your credit, then there are more of those credit card companies and other institutions willing to offer you more, you know, increase your debt limit and offer you more credit cards.
Maybe it could also be a good idea to then shop around and see if there is a lower interest rate that you can move your debt to if you have debt at that time. But definitely a lot of great points about maintaining and improving your credit score. So yeah, so this has been a lot of great information, Jane. Wow. Definitely something that's been
Jane Mepham, CFP (24:55.03)
Mmm.
Manasa Nadig (25:05.73)
we should know about, and especially if you just come to the US and you're not familiar with the term a credit score. Like you said, there are other countries now that do have the system in place, which you can transfer over and use that in the US as well. Any last bit of information that you want to leave with our listeners? And then...
how we can wrap up today's episode.
Jane Mepham, CFP (25:38.371)
So ideally, and this is going to sound like a contradiction, you won't have any debt. But what I keep saying is, you just want to learn how the system works, become a student of this system, the US financial system, understand how it works. It almost seems like playing games, but the key thing is just understand how the system works. I'm not saying go out and borrow a ton of money, but once you understand how it works,
Manasa Nadig (25:51.958)
Yes.
Jane Mepham, CFP (26:08.325)
where this will play a role in your US finances. And I think if you do that, you have a shot at achieving your American dream.
Manasa Nadig (26:19.79)
Awesome. So yeah, let's wrap up this episode right here with that famous call to achieving your American dream. All right, see you next time.
Jane Mepham, CFP (26:37.259)
Yeah. Thank you. Bye.
Manasa Nadig (26:40.898)
Bye.