Credit plays a considerably more significant role in American culture than it does in Canadian culture, as I just realized after relocating from Vancouver, Canada to San Francisco. To get a phone, rent an apartment, or even land a job, you’ll need credit.
I had no credit at all as a new resident of the United States, which was unfortunate. Fortunately, Credit Sesame’s staff and friends assisted me in building outstanding credit.
Here are the four crucial actions I performed when I started building my credit from scratch.
I obtained a Social Security number.
Your SIN is a comparable number used in Canada (Social Insurance Number). In essence, this number aids in the government’s monitoring of your financial situation and tax payments. Additionally, it’s how your credit score is monitored.
I needed to make sure I had all the necessary documentation before I could obtain my SSN. I required:
(My TN visa) (the form is called an I-94)
– Application form – Driver’s license – Passport (which you can find at the Social Security office)
Since I was unable to schedule an appointment, the procedure took a few hours.
2. I had to set up a bank account.
This is rumored to be challenging. Fortunately, my Canadian bank (RBC) has a partner bank in the United States, making this process really simple for me.
To open an American account for me, they were delighted. This also meant that I could use online banking to move money for free between my American and Canadian accounts. It’s fantastic! This service is provided by a number of different institutions, including TD Bank and PNC Bank.
If you’re thinking of moving abroad, I would definitely advise taking this method. The simplest method to avoid the headache of creating a new bank account is to select a bank with locations abroad.
3. I purchased a phone on credit.
I then required a new phone. I considered paying cash for a phone, but since I was already struggling with student loan debt, financing it made more sense to me.
I went to Verizon and discussed my possibilities there as a citizen of Canada. They claimed they could check my credit abroad for me. I was given the option of three lines at Verizon using the credit I had accrued in Canada after answering several questions and producing my passport. It’s possible for other international carriers to perform the same.
Numerous businesses provide prepaid phone plans without a credit check; nonetheless, having this phone and service will aid in improving my credit in the United States.
4 Monitor your credit
Even though I had excellent credit in Canada, I practically had no credit when I first moved to the United States.
Fortunately, I was able to obtain an American credit card thanks to the associate bank of RBC. (A secured credit card would have been my second-best choice.)
I intend to appropriately utilize this credit card in order to establish my credit. After a few months, I should be able to access Credit Sesame for free to check my credit score and receive suggestions on how to raise it.
Credit from many countries
You should be aware that your credit score normally does not travel with you if, like me, you have recently moved here from outside the U.S. or if you have long-term plans to do so.
The American credit scoring systems
VantageScore and FICO are clearly American companies. A lender in another country won’t care much about your credit score, if at all. Most of the time, you have to start the credit-building process over when you move to a new county.
Every country has a different system to assess consumer credit. Here is how credit reporting appears in various countries. (Click the image to enlarge it; to return to the article, click the “back” button on your browser.)
