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How to Build Your Credit When You Are New to the US?
September 15, 2021

Are you planning on moving to the United States of America but you do not have your Social Security number yet? Or maybe you just come by very often but do not live or work in the US? Chances are, you could still build your credit score and up your game from scratch.

The World of Credit – What It Is All About

Even if you are completely new to the world of credit in the US, you are undoubtedly aware that it is not simple to build it properly. Creating excellent credit seems like a challenge. Getting lenders to trust you might be difficult since they want proof that you indeed are trustworthy. The whole thing is a catch-22, to be honest. How can you establish your trustworthiness if you have never had the opportunity to do it?

What is your credit history? It begins when a company sends information about your actions with a credit or loan product to credit reporting bureaus. A credit card is typically the simplest and quickest approach to establish a good credit rating. Get one, charge occasionally, pay on time, and maintain the amount at zero. Hence, you will have a good credit rating.

How can you get a credit card when you are not a US resident? To secure the card the issuers require having an American address. Meanwhile, an unsecured card creates potential risks for them, which they do not want to deal with. No lender will want you to use the card and then leave the country not repaying the debt.

Article that may interest you: CREDIT SCORE OVERVIEW

Build Your Credit When You Are New to the US

Getting an American address and producing it to the credit card issues is the key to building your credit score. Start with opening a bank or credit union account and consider a secured credit card. This way you will become eligible to slowly create your financial trustworthiness.

Another great opportunity for starters is becoming an authorized user. If you have someone in the US who already possesses a credit card, you can become their account guest.

You could also find a co-signer or a person who accepts collaboration on your loan. This way you can prove you are responsible and it might just get you approved.

Remember: start building your credit score with a credit card. Even if you are not a US resident, you still have your chances of getting one. Follow our ideas to increase your chances.

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