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A good credit score is key to your financial future in the United States, since your credit report is reviewed by:
Landlords who want reliable tenants
Potential Employers
Public service and communication companies
Banks for home loans, car loans, and credit cards
Since your credit history from your country of origin cannot be transferred to the credit bureaus of the United States, now you will have to start building a credit history in this country.
Apply for an ITIN or Social Security number: Banking regulations in the US require that people who open a financial services account have a Social Security number (SSN) or a tax identification number ( ITIN, for its acronym in English).
Visit the Social Security Administration website for more information on applying for a Social Security number for noncitizens.
Apply for an ITIN if you are not eligible for an SSN. Visit the IRS website for more information on ITINs and to download an application form
Begin to build credit: Obtaining credit is difficult without an established credit history. But there are a few ways you can quickly start building your credit history:
If possible, have one of your credit cards from your home country reissued in the United States. If the bank that issued your card operates here, they may be able to issue a new credit card in the United States.
Get a co-signer. If you have a relative who has a "good" credit history in this country, you can ask them to be your "guarantor" for a loan application. A “guarantor” or “Co-signer” is a person who lends her credit to help the primary borrower, that is, you, qualify for credit. Although this means that the credit history is reflected in the credit reports of both.
Try to get a secured credit card. Some banks offer secured credit card options, which may be an alternative to help build your credit history when used responsibly. Keep in mind that with a secured credit account, failure to pay as agreed could risk losing your security deposit.
3. Once you establish a credit account, manage it carefully: pay your bills on time each month and stay within your credit limit. Not paying, paying late, or going over your credit limit will lower your credit score.
All three credit reporting agencies will update the information in your credit report monthly, and if you manage your credit responsibly over time, your credit score will reflect that you are a responsible borrower.
A strong credit history and good credit score could help you qualify for other types of credit in the future, such as car loans, credit cards, mortgage loans, or home equity accounts.