Is SSN mandatory to start a credit score?

[KittyKatalyst 0]

Hi all,

I am coming to the USA in August on an F-1 visa (international student). While I intend to work here and pursue an E-3 visa within the next year, I wish to concentrate on my studies at first. I am keen, however, to start establishing my credit score.

Do I need a SSN in order to trigger my credit reporting? Or is it tracked some other way? I'm in a position from Day 1 to generate financial activities that would build my score.

The only way to get a SSN in my first year here would be to get a campus job.

Edited May 24, 2014 by KittyKatalyst

[lil2be 11]

You need SSN in order to get any credit line from any creditors/banks. Without it, there is no other way to establish credit line. Without credit line either from bank loan, car loan or credit cards, you can not build your credit score. Without credit score, you hardly get a loan. Most people starts with secured card. I started with having a bank account and they offered me credit line after certain period of time I banked with them.

Edited May 24, 2014 by lil2be

[khenzee 5]

You'll need a job on campus. Tutoring, cleanig, etc. Once you get your SSN the only lines of credit which might be available to you are secured credit cards. You can research how that works.

[KittyKatalyst 0]

Thanks guys. One thing I have going for me is that I have investment income in Australia, and I also have an Australian Amex card. Amex USA will transfer my card to USA -- without a SSN I am told. I am also able to set up a 0% tuition plan with my university, which I am hoping will generate an alternate type of credit reporting for me.

Do any of these facts change my need for a SSN? I would not need any further credit lines at this stage, as I have plenty of Australian credit.

[aaron2020 11,651]

Hi,

Don't forget the employment restrictions on your F-1 visa.

http://www.uscis.gov/working-united-states/students-and-exchange-visitors/students-and-employment

[lil2be 11]

I am not sure how that work with Amex. I had Amex before I came to the US with higher credit line but when I applied for one here I got a very minimal credit line when I first started opening my credit card with them.

You might need to talk to Amex sales rep. I just know in my case a F 1 student. I didn't transfer my Amex and requested to open a new one here. I think you can get SSN if you tell the school you need to have a driver license. In my state, school will give us a letter to obtain SSN from SS office.

[Dave&Roza 748]

Thanks guys. One thing I have going for me is that I have investment income in Australia, and I also have an Australian Amex card. Amex USA will transfer my card to USA -- without a SSN I am told. I am also able to set up a 0% tuition plan with my university, which I am hoping will generate an alternate type of credit reporting for me.

Do any of these facts change my need for a SSN? I would not need any further credit lines at this stage, as I have plenty of Australian credit.

You go into the local bank and request a credit card. First they ask for your name, employer, SSN, yearly income. They type in that SSN and get a prompt return on your credit history. No valid SSN or no credit history, you can not get the loan. The three credit reporting agencies in the US use the SSN as an ID number. That is they way they set it up. No SSN, no way to look up your information. No information, no credit extended to you--that includes CCs, car loans, home mortgages, etc. The only way you could build credit quickly in the US would be to get a SSN and transfer your investments into a US brokerage or financial firm under your SSN and wait about 6-8 months. You will then show a very high equity amount verses no debt and your credit score should reflect this. That is how my wife who has no job managed to have a 720 rating after only 6 months--she was co-owner on all of our investments and had no debt.

To play the credit game in the US you need a SSN. Period. End of Story. As that is how those that run the game set up the rules.

Good luck,

Dave

[KittyKatalyst 0]

The three credit reporting agencies in the US use the SSN as an ID number.

That's the categorical information I was looking for. Thank you Dave, and thanks for the many other helpful responses I received. I can see that I am going to need a campus job.

As for Amex USA, I need to see whether they will accept my foreign investment income and assets or not.

[MaKo1017 0]

I was able to have a debit card at wells fargo while im on a b2 visa. been charging all my expenses in my card, will I already have a bank history given that?

[Dave&Roza 748]

I was able to have a debit card at wells fargo while im on a b2 visa. been charging all my expenses in my card, will I already have a bank history given that?

No. See detailed answer in other thread you posted this question in.

[SimonBelgium 49]

See this thread on building a credit score:

http://www.visajourney.com/forums/topic/496946-building-credit-score-tips-tricks/

You can actually use an ITIN if you are not eligible for SSN, but if you plan on obtaining permanent residency in the future, try to get an SSN already.

If you have an AMEX, switch it to a US one (see thread above)

[KittyKatalyst 0]

You can actually use an ITIN if you are not eligible for SSN, but if you plan on obtaining permanent residency in the future, try to get an SSN already.

I've wondered about using the ITIN previously. When I mentioned it to my university advisor a few weeks ago, she poo-poo'd the idea and said something about it being a legacy identifier and that I shouldn't pursue it. But if it starts my credit score, why wouldn't I?

I'd prefer not to take the very first campus job I see, so if I can transition my credit history from my ITIN to my SSN, that would be awesome. Any thoughts on this?

[KayDeeCee 4,893]

~ Moved from Social Security Numbers to Tax & Finances During US Immigration - topic is about finances/credit scores ~

[SimonBelgium 49]

I've wondered about using the ITIN previously. When I mentioned it to my university advisor a few weeks ago, she poo-poo'd the idea and said something about it being a legacy identifier and that I shouldn't pursue it. But if it starts my credit score, why wouldn't I?

I'd prefer not to take the very first campus job I see, so if I can transition my credit history from my ITIN to my SSN, that would be awesome. Any thoughts on this?

Don't forget that many US citizens have no idea how everything ties together. They are born and raised in the SSN world, and many never come close to a business (Where ITINs are used most commonly).

You should get a hold of an accountant to explain the whole deal to you, I personally don't know exactly how the transition from ITIN credit score to SSN credit score works...

[KittyKatalyst 0]

Don't forget that many US citizens have no idea how everything ties together. They are born and raised in the SSN world, and many never come close to a business (Where ITINs are used most commonly). You should get a hold of an accountant to explain the whole deal to you, I personally don't know exactly how the transition from ITIN credit score to SSN credit score works...

OK, I've been trawling around the MyFICO forums for the last couple of hours or so and I think I might finally have the definitive answer to the original question I posed. Here is my summary:

• You don’t need a SSN or ITIN to generate a credit score. Credit scoring begins automatically with 6+ months of credit history, and is ID’d by the CRAs with as little as your name and address
• Financial institutions usually don’t require a SSN to open new products. A passport is usually enough in person, but an ITIN can replace a SSN in online applications. All non-SSN IDs are not passed through to the CRAs.
• The only numeric identifier that CRAs use is SSN, and they will only accept SSNs for adhoc score requests by consumers (with the exception of Experian, who will accept other IDs by mail)
• Financial institutions can provide you with your score through their customer-facing reporting mechanisms (e.g. statements, online banking)
• If you get an ITIN, you should update your financial institutions with this number, as this facilitates future identification for other products
• If you get a SSN, you should update all of your creditors, and also ask the CRAs to update your credit files

If a SSN is inevitable in your near future (as is the case for me), then the ITIN is pointless.