Ways out of zero credit score for USA immigrants
Personal credit score is a key factor, which affects the ability to borrow money in the United States, so it makes sense to treat this mark with attention and maintain meaningful management.
But what about those who just moved from abroad and their credit history is clear in this country? Immigration provokes a bunch of expenses associated with new home, furniture, cars, education and so on… It's a pity that in such a vulnerable times those people have the most limited credit opportunities.
According to official statistics in 2015, 1.38 mln foreign-born people migrated to the U.S., up 2% year-on-year. And the bad news for this people is that previous meagninful credit behaviour in other country will not be taken into consideration by American banks as an argument to grant new loans. Bad news for disciplined payers and good news for hooligans, because immigration to the U.S. equalises their credit sins and achievements. It means that so far you don't have a personal file in this country that special bureaus create to track your behaviour with credits and prepare reports.
Some say it is much easier to come directly to some bank and talk to real people rather than applying online and expecting an automatic positive decision. It gives the chance to describe one’s personal story, create human relationships and communication with bank staff and expand knowledge about what options and exceptions are available in your case.
If you just arrived, prepare to face some difficulties with getting the very first loan. Just as a weight loss program, building a solid credit reputation requires patience, discipline and consistency.
The first and most obvious step: try to obtain a credit card and treat it wisely to demonstrate how disciplined and reliable your are as an obligator. Banks give out credit cards to beginners more willingly if order it through some large shops or as part of special promotions for employees of a particular company. So, if you are already employed in the country and possess stable source of income, it makes sense to check the list of bank bonuses your company can offer.
Another variant is getting a secured сredit cаrd. It is designed this way: you put a certain sum of money on the balance and your contribution becomes the limit you can borrow from bank. It is easier to get and may become a good start.
You can also study special immigrant support organisations in your area. Some micro lenders are interested in borrowing to people in life complicated life situations and support those who want to develop business but have no chance to obtain a common loan from common bank. Your cooperation with such organisations may become a powerful argument for hypothetical lender.
