Opening a bank account before arrival

[creature]

As probably everyone who's just recently won DV I'm thinking how to make my move to the US and the first couple of months there the smoothest transition possible. Similar to the UK where I am from, I know to rent an apartment in a nice area from a serious landlord they will want to do a credit check. However; as a new immigrant I won't have any credit history and therefore the most likely fail the credit check. I know I can pay many months worth deposit upfront to secure a rent but that's not a point I'm trying to make here. I've been thinking how to make US credit history before I even come to live in the States indefinitely. The best way for me works out to get a credit card and a bank account. I know I can get a pre-paid debit cards such as NetSpend and have a US based card to use with iTunes, PayPal etc. but a pre-paid card doesn't count towards my credit history. American Express will accept foreign applicants but if you want to make a US credit history, you need to have a US mailing address on file. To prove an address you need to have a utility bill which you won't get unless you rent or own the place.

I've done some research and to open a bank account as non-US resident is due to the Patriot Act very difficult. I didn't come across a bank that won't require you to have SSN. But I know there must be folks out there like me who already have SSN but live abroad and who thought of opening a bank account prior to their arrival.

If this sounds like something you know about, please share any idea or perhaps a bank that you know is happy to open an account online for non-US residents with a valid SSN. Any personal experience?

Thanks for reading. I thought it might hint a topic that not everyone is thinking about.

 

[Pryanik777]

I think it is very difficult to open a checking/savings account (especially online) if a person doesn't have a SSN. However, if you have it you can open one after you arrive in the US. As for credit cards, this is more difficult because you don't have credit history and your applications are very likely to be turned down. However, there is an option, you can open a secured credit card in which you make a deposit that works as a credit line and you pay ann annual fee. Some banks offer this kind of credit cards (see Bank of America), also you can try with small local banks or credit unions. The good thing is that after about a year, some of these banks unsecure your credit card releasing the funds (they give you a check or deposit in your checking account) and the card is like any other unsecured card. Additionatly, this helps start your credit history in the US.

Pryanik

 

[kazore]

It's not possible any more to open a bank account without a social security. I opened a few years ago an account online (schwab.com) they ask for social security number and the number of my New York State Identity card (I don't have a driving license).
For credit history it takes months to build up a decent score. Even if you have a good salary. Prepaid cards and bank accounts have no effect on the credit score. Even after you arrive to the US they won't give you a credit card right away. Obtaining departments stores cards (easier to get) or a bank loan is a good start to build up a credit history.
To find an apartment credit history isn't essential.

 

[Pryanik777]

Try a secured card as I mentioned above. Department store cards can help him start his credit history but he will be limited to use them ONLY in the stores that gives such card and not all stores cards are easy to get. I want to correct that SSN is not the only way because if you have an ITIN you can also get a card and it also reports to the three main credit bureaus which means: it also goes to your credit profile... but since you are now a resident you don't need it (you already have a SSN). Remember that banks do want your business ($$$) and if you have funds they will always at least try to open an account for you.

Pryanik

 

[cbp1980]

As probably everyone who's just recently won DV I'm thinking how to make my move to the US and the first couple of months there the smoothest transition possible. Similar to the UK where I am from, I know to rent an apartment in a nice area from a serious landlord they will want to do a credit check. However; as a new immigrant I won't have any credit history and therefore the most likely fail the credit check. I know I can pay many months worth deposit upfront to secure a rent but that's not a point I'm trying to make here. I've been thinking how to make US credit history before I even come to live in the States indefinitely. The best way for me works out to get a credit card and a bank account. I know I can get a pre-paid debit cards such as NetSpend and have a US based card to use with iTunes, PayPal etc. but a pre-paid card doesn't count towards my credit history. American Express will accept foreign applicants but if you want to make a US credit history, you need to have a US mailing address on file. To prove an address you need to have a utility bill which you won't get unless you rent or own the place.

I've done some research and to open a bank account as non-US resident is due to the Patriot Act very difficult. I didn't come across a bank that won't require you to have SSN. But I know there must be folks out there like me who already have SSN but live abroad and who thought of opening a bank account prior to their arrival.

If this sounds like something you know about, please share any idea or perhaps a bank that you know is happy to open an account online for non-US residents with a valid SSN. Any personal experience?

Thanks for reading. I thought it might hint a topic that not everyone is thinking about.

Glad to see someone else is looking into this, too. It seems impossible to arrange anything prior to your arrival. However, if you want to get a bit of a credit history before you move, you could try what I'm planning which is to go to the US for about two weeks at first to set things up, head back to Australia for a few months and then back to the US. That way, by the time I move, I'll at least have some sort of credit score (although apparently it takes a year to get a decent one).

Open an account with Citibank in the UK. Once you're in their system, you can open an account in the US the day you arrive, even without a SSN; all they need is evidence that you're a resident, which will be your I-94 form. Citibank has told me that they will take my Australian history with them into account when I apply for credit over there, but that's ambiguous enough to mean nothing at all, frankly.

There seem to be a lot of articles online about how to build a credit history, all with the same general tips, but I've found this guy's advice the best because it contains a set plan to follow.

http://www.happyschoolsblog.com/build-a-rock-solid-credit-history/