Establishing Credit When You’re New to the U.S.

U.S. banking regulations require anyone opening a financial services account to have a Social Security number (SSN) or Individual Taxpayer Identification number (ITIN).

• Visit the Social Security Administration website to learn more about applying for Social Security Numbers for Non-Citizens.
• Apply for an ITIN If you’re not eligible for a SSN. Go to the Internal Revenue Service (IRS) website to learn more about ITINs and download an application.

Getting credit is hard when you don’t have an established credit history. But there are a few ways you can jump start your credit history:

Have a credit card from your home country reissued in the U.S. If the company that issued your card operates here, it may be able to issue you a new credit card in the U.S.

Get a cosigner. If you have a family member who has established credit in this country, you can ask them to cosign a loan application. A cosigner is someone who lends their credit to help the primary borrower qualify for credit. The cosigner is then responsible for repayment if the primary borrower fails to make payments. Applying with a cosigner or co-applicant may help you qualify or acquire better credit terms, but remember that your cosigner or co-applicant also takes responsibility for payment. That means the credit history will be reflected on both of your credit reports.

Consider a secured credit card or loan as you work to build your credit history. While Wells Fargo does not offer these products, some financial institutions may offer secured credit cards or secured loan options, which may be an alternative to help build your credit history when used responsibly. These work like any other loan or credit card but require some form of collateral. 

Keep in mind, with a secured credit account; if you don’t pay the terms as agreed, you may be at risk of losing your collateral.

Once you establish a credit account, manage it carefully — pay your bills on time every month and stay within your credit limit. Not paying, paying late, or going over your credit limit will lower your credit score.

The 3 credit reporting agencies will update your credit history monthly, and if you manage your credit responsibly over time, your credit score will reflect that you’re a responsible borrower. A strong credit history and credit score may help you qualify for other types of credit in the future –– like an auto loan, store credit card, mortgage, or home equity account.

As you apply for more credit, be sure to do it strategically and slowly. Don’t apply for 5 different accounts at the same time — only apply for credit accounts that may help you reach important goals.