Any credit-building tips for Foreign Nationals?

Question

I've recently moved to the US, and am having a hard time finding a lender that will lend to Foreign Nationals. I've found plenty of deals, but have no credit history (as opposed to credit score)

What's a fast-track approach to building credit?

Account Closed · Answer

For some aspects of credit there is no fast track. Part of a credit score depends on seasoning of the accounts. 3-5 accounts that are 3 years old or older. Hence you need time.

The other advice is good. You start by starting and secured credit, low credit limits and other things are what works.

As noted you can start building business credit also. That does not mean that business credit is the answer. It is just another tool in the toolbox and it is less closely tied to your personal history. A closer tie when you start and little real tie after the business is established.

Marc Augustine · Answer

ok
incorporate
and build business credit
this may take 4-7 months but the type of credit and the lines that you will get with business credit will be much higher than personal
not that does not mean to ignore your personal credit
it will simply help

John Dillon · Answer

As a foreign national (now a permanent resident in the USA), I can suggest the following:

Run a search either over the internet or through the junk mail you have on credit card offers and look for secured credit cards ($300 to $500 limits) and apply, securing your limit with your own cash or a bank account. You must have a valid SSN with the ability to earn an income in the USA. (You will pay up to $100 or more in application and service fees, but this is a business for these type of banks.)

Another suggestion (and again you need an SSN) is to open a CD with a local bank that issues either a credit card or a personal loan. About a week after you open the account, go back to the bank and ask to open a loan -- secured by your CD. You can do this several times with different banks.

These secured lines will be reported to the bureaus over the next 3 to 6 months, building a credit history. You must have patience as a credit score needs time to climb to a level underwriters look at for unsecured credit or loans.