Even if immigrants already have already an established credit history way back home, there still is a need for them to build one when they reach the United States. It is because each country has different sets of rules when it comes to credit. With this, even if you have a very impressive credit rating in your own country, you’ll back to square one when you reach the US almost having the same level with people with a bad credit history. Of course this is not something to be disappointed about for there is always a way to fix things. It might take some time but it will be fixed. But how can you get started?
As recommended by the experts, if an immigrant holds an overseas bank account, then it would be better if he applies for a credit card from that same bank. Even if you are in a different country your bank will be willing to take the extra miles to help you. For those who really need a credit card but with no bank account, then there applying for a bad credit credit card or a secured credit card.
Please note that when banks ask you to make a deposit for your secured credit card, this would not mean that your credit card limit is equal to your deposit. Some banks just give a certain percentage for your credit limit. If you like higher credit limits then make bigger deposits to your account. The reason for the fund in your account is that in case you failed to pay for your dues, banks or companies can pull out fund out of your deposit for payment.
While using the secured credit and had a very outstanding paying history, then you can have the money you deposited back in full. But most of the time, banks would turn your secured credit card to an unsecured one or even a regular credit card once you’ve proven that you are not a credit risk.
When you are an immigrant, you have to prove a lot about yourself so make sure that you only opt for the legitimate ways of establishing your creditworthiness. Once you got it, do all your best not to ruin it. This could be your passport to a loan, another credit card or even for a possible employment and the secret to doing that is spending wisely.
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