Immigrants to the United States face a tough but not impossible situation in regards to credit. Without credit scores in America , it is impossible almost to qualify mortgage or car loan through traditional methods and it applies down the line to household bills, rent and cell phone bills as well. You can have the best credit in other countries but in the USA it will not be worth anything except making one feel good about knowing they keep up with their obligations.
Here is how you can try to begin the slow arduous road to building credit:
1. Get a U.S. credit card ASAP
This is the best way to build credit and there are some banks where you can pre pay for you credit. This is called a secured credit card. For instance, if you have a $500 credit limit and charge $100, you will have $400 left that you can charge. Pay your $100 bill and your credit limit will be set back to $500.
2. Does your bank operate here?
Some international banks, such as Citibank, may issue a U.S. credit card for clients moving to the U.S. as long as your credit is strong back home.
3. Apply for a U.S. credit card
A Social Security number is the most common form of identification card issuers ask for on applications. Generally only non-citizens with a work permit will be able to get a SSN. But a Social Security number is not your only I.D. option when applying for credit. An ITIN, issued by the IRS, is another form of identification which will be accepted.
4. Get a cosigner
This is easier said then done. Our guess is most of you in this tough situation know people but many of them are in the same situation. There is a saying that two wrongs do not make a right, well two people with no credit does not establish credit.
4. Other options available or I ruined my credit after it was established.
Curadebt offers debt consolidation, credit repair and debt settlement. Their consultation form only takes 1 minute to complete and is only a request for a completely free consultation, a high ratio of people who visit their website and complete the form. Their fees are some of the lowest in the industry and they have a sterling reputation. They also promote their ability to speak Spanish so they are eager to help the Hispanic community.
Credit Assistance Network stands out as an industry leader in the credit repair business and has been helping consumers resolve complicated credit problems since 2004. They will help with the issues listed below and more.
|• Building Credit||• Duplicate Credit Entries||• Inflated / Expired Debts||• Security Clearance|
|• ID Theft / Mixed Files||• Repossessions||• Outdated Information||• Excessive Inquiries|
|• Late Payments||• Junk Debt Buyers||• Debt Management / CCCS||• Financial Planning|
|• Liens / Judgments||• Short Sale / Foreclosures||• Ex-Husband/Ex-Wife||• Collections / Charge Offs|
|• Bankruptcy||• Incorrect Personal Info||• Chex Systems||• Home Loan Preparation|
Now if you have ruined your credit or just are not making headway there are companies out there that can help you. Generally Immigrants do not have extremely complex credit issues. However, a company we recommend to assist is CreditFirm.net and they have helped over 80,000 people in every state increase their credit scores and these guys have a A plus rating with BBB. They can also help with credit counseling and debt settlement too.