Banking and Building Credit

[approveus 0]

I just arrived in California and thought I'd share my experiences in setting up a bank account.

I went to Citybank and Bank of America but as I didn't have my California license, Permanent Residents Card or a utility bill they couldn't help unless I wanted to do joint accounts with my wife.

Someone else on here recommended Wells Fargo so I paid them a visit. They were able to use my passport and UK credit card as ID and set me up with a checking account, a savings account and checks right there and then. They even set up my online banking for me while I was in the branch.

In addition they are providing me with a secured credit card so I can start building credit.

I was in and out in 30 mins and I got my ATM card 5 days later. Highly recommended although I don't think they operate in every state.

[Jigi 0]

hi,

Its true wells fargo is not every state, actually i have heard wells fargo is costly in terms of fees too.. But all that matters is that you got your stuff done

Jigi

[~krakatoa~ 27]

I first applied for a secured credit card in Wells Fargo with only my K-1 visa, CA ID, SSN, passport. Everything seemed okay until I received a letter from their headquarters and cited me their Patriotic Act etc. After 15 days, I received a rejection of application notice which set me off.

So I rushed to BOA as soon as I got my GC. I recently made a follow-up with the 3 credit bureaus and learned that my scores are 721, 690, and 741, experian being the lowest among the three. I let them run a credit report as well so I can have the hardcopy and had them mail it to me. It's free anyway.

I called BOA a few days ago and asked them when I would be eligible to get an unsecured credit card with them, and what is my current APR. I hate to be ####### about things but it's better to do your homework before it's too late to "fix" things, if you know what I mean.

Anyway, BOA gave me all the information I need and they told me I'd be eligible next month on the 16th to be exact, for an unsecured credit card. Of course, I am not closing my doors to checking out other credit card companies but it's really helpful if you take care of these things early, ask questions and don't give up until you get the necessary information you need. I have encountered so many idiotic bank tellers, runarounds, wasted bank visits but I persisted.

It does take time. I have had the secured credit card for 8 months now with BOA.

I just thought my experience might interest other immigrants as well. Good luck.

Edited April 18, 2008 by krakatoa

[franklie 0]

I just arrived in California and thought I'd share my experiences in setting up a bank account.

I went to Citybank and Bank of America but as I didn't have my California license, Permanent Residents Card or a utility bill they couldn't help unless I wanted to do joint accounts with my wife.

Someone else on here recommended Wells Fargo so I paid them a visit. They were able to use my passport and UK credit card as ID and set me up with a checking account, a savings account and checks right there and then. They even set up my online banking for me while I was in the branch.

In addition they are providing me with a secured credit card so I can start building credit.

I was in and out in 30 mins and I got my ATM card 5 days later. Highly recommended although I don't think they operate in every state.

You only need a "consular matricular card" to set up an account @ BofA. No CDL, no GC, no bill is needed just the CM card. And that can be obtained for free if you are a Mexican citizen at any of the Mexican consulates/embassies in the US.

In the area where I live many Mexican nationals cross the border and do their banking here in the US. One time I went to the local BofA and the teller I got did NOT speak English. That was ok as I was able to communicate in Spanish w/ her. But as I approached her window the look of panic in her eyes was priceless - "Oh god, here comes a 'pinche gringo' and I don't speak English!"

[txladykat 1]

Actually all BOFA required from my fiance was his passport and a credit card. He used his check visa card from his bank in Denmark. In five minutes, he was up and running!