You can start building your US credit right away using your existing bank account. You do not have to settle for a secured card or wait months to apply for a standard credit card.
“I moved from Brazil to the US 7 months ago. I have a job and a Chase deposit account, but I still don't have any credit history. How can I start building credit here, and what banks or methods are best for someone in my situation?”
Summary
You can cross this worry off your list. Because you already bank with Chase, you have a clear path to an unsecured starter card that does not require any prior US credit history.
You have a few ways to establish your credit file. Since you already have a deposit account, the most direct route is applying for your bank's starter card.
You can apply for the Chase Freedom Rise. This is an unsecured credit card that does not require a credit history. Having your existing account with a small balance helps you qualify.
You can apply for an American Express card by translating your Brazilian credit history through a service called Nova Credit, if your home country is supported.
You can sign up for Experian Boost. This is a free service that adds your phone, utility, and rent payments to your credit report to help build your score.
You cannot directly transfer your Brazilian credit score to the major US credit bureaus because of different reporting laws.
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The rules for new credit
You are not restricted to secured credit cards. While secured cards are an option that require an upfront cash deposit, you can apply directly for an unsecured starter card like the Freedom Rise. You also have the option to use your international credit history to apply for an American Express card using a service called Nova Credit.
You do not have to wait a specific period of time before applying for a standard starter card. You can apply right now. However, once you open an account, you must wait one to six months for the credit bureaus to calculate your initial US credit score based on your payment history.
Next steps
Follow these steps to use your current bank account to establish your US credit file.
Keep a balance in your checking account
Maintain a balance of at least $250 in your existing deposit account for at least three days. This improves your chances of approval.
Apply for the Freedom Rise card
Submit your application for the starter credit card. This card is unsecured and does not require prior credit history.
Use the card and pay it off
Make regular purchases and pay your bill in full and on time. You can set up automatic payments to earn a statement credit.
Wait for your score to generate
Wait one to six months. The credit bureaus need this time to review your payment history and calculate your first US credit score.
Legal sources
These are the exact rules from the major credit bureaus and card issuers regarding immigrant credit building.
Chase Freedom Rise Rules
You can apply for the Freedom Rise card without credit history, and a $250 bank balance helps your approval odds.
Chase does not require a prior credit history to qualify for a Freedom Rise card. However, having at least $250 in your Chase checking account within three days of submitting your application may improve your chances of approval.
Experian Credit Building
It takes one to six months of payment history to generate a US credit score.
You typically need a U.S. credit report showing one to six months of payment history before your U.S. credit score can be calculated.
Experian Credit Building
You can use Nova Credit to apply for an American Express card using your home country's credit history.
Nova Credit allows immigrants from certain countries to use their credit history from their home country when applying for American Express credit cards.
NerdWallet Immigrant Credit
US reporting laws prevent directly transferring your home country credit file.
But regulations are so different in other countries that its generally not possible to simply transfer the credit files of new immigrants or international students.
SettleKit is not a law firm and this is general information. Please confirm with a licensed financial advisor or immigration attorney.
SettleKit is not a law firm and this is general information. Please confirm with a licensed immigration attorney or financial advisor.
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