A Concise Credit History Guide For International Students
Written by James Chan, Dongmiao Cui   


Plenty of international students come to the US every year for college and graduate studies, and many decide to stay here upon graduation. If you are one of them, this section will help you build a credit history so you are at no more of a disadvantage than Americans when trying to obtain a loan.

You might already have credit cards from your native countries. That will NOT help with your credit building here. It is important that you get an U.S. ISSUED credit card. Credit history is extremely important for you to establish a complete social profile. You will be judged by your credit report regardless of your nationality. Similar to any American citizen, if your credit rating is low, you will be at a disadvantage, including:
  • Pay more to get mortgages, car loans, and other credit.
     
  • Be less likely to get offered a job.
     
  • Be unable to get many brokerage or bank accounts.
     
  • Pay more, perhaps much more, for insurance.

So you want to start building your credit history as early as possible. The following checklist items should be done within your first semester as a student in the United States:
  1. Get your Social Security Number as soon as you are eligible.
     
  2. Open a bank account in an American bank in the United States.
     
  3. Get a cell phone under your own name.
     
  4. Have the utilities (electricity, water, phone, etc.) under your name.
     
  5. Get a credit card (you can get one from this list of student credit cards –Citibank and Discover are known to be friendly towards international student applicants).
If you have paid all your bills on time and there are no derogatory comments on your credit report, you should have a similar credit profile as an American student in about 2 years.
 
 

 
Last Updated on Saturday, 25 December 2010 05:12