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How can a new immigrant better build their credit score? I don't have a credit card as of yet...
I have been living in the U.S. for a bit over a year. It took a long while for me to get my first job. I now work as waiter in a local restaurant. I'm paying my bills on time every time. I don't have a credit card. I'm using my Debt Card instead. I'm a legal resident now. I'm starting my academic study soon. How can I raise my Credit Score?
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Question By
VanErq

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Any institution is fine. Just make sure that they report to the three credit bureaus and make sure they don't perform a credit check. Public Savings Bank is a good option if you want to check them out.

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Response by
AppleRules

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@VanErq - Regarding building your credit, let me share with you my personal experience and maybe this could help you...

I researched online some secured credit cards and chose Bank of America Secured Credit Card because it is accessible and close to my place of residence. I am an immigrant too and wanted to build credit. I went to the nearest Bank of America and applied for a Secured Credit Card. I talked to the banker and told him I would like to open a secured card with them. He asked me a few questions, and suggested I open up a savings and checking account with BoA, then apply for a Student Credit Card with them at the same time, since I was also a student back then. He opened a Student Savings & Checking account for me, then applied for a student credit card and was immediately approved with credit line of $800. Take note that I did not have any credit history because I was just new here.

Regarding closing your savings & checking accounts with BoA, it will not hurt your credit score because Savings & Checking accounts are not reported to the 3 Credit Bureaus. Checking accounts are only reported to its own bureau - Chex Systems.

Reply by
krave

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Closing checking and saving account doesn't impact credit score. Closing a credit card does impact your credit score. One of the factors in determining credit score is age of credit history. So it is all the more important to make sure that your old credit cards remain active and continue reporting to the 3 credit bureaus.

Reply by
saurag

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Thank you so much for your prompt reply. It is sweet & to-the-point. That's exactly what I need now. I wonder if I can throw in another question. Well, I opened saving & checking accounts with Bank of America as I was living in VA. I then relocated to NE & now I've decided to start school here. BoA has been really good to me but it doesn't have banking centers in NE. It is a pain to make a deposit or withdraw money. And as much as BoA's online banking is, as far as I'm concerned, the best out there; certain transactions ought to be completed physically! That being said, will it in any way hurt my credit score to close my accounts with BoA and have my money transfered to my new bank accounts? Again thanks for your thoughtful answers.

Reply by
VanErq

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Get a secured credit card. Those usually don't have a credit requirement. A secured credit card will report your payment history to the bureaus and start your credit history.

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Response by
AppleRules

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I do appreciate your advice. Now, does it make a difference that I apply for a secured credit card with my bank or can I apply with some other financial institution? I mean, do you prefer one over the other? Why?

Reply by
VanErq

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