If you have an ITIN number, then you can start building your credit in the same way as you would with a Social Security number. You can apply online for a credit card. Next, open a bank account to fund your secured credit card. Your ITIN will allow you to qualify for a creditcard even if your credit score is not good.
Building credit with an ITIN number works exactly the same as building credit with a Social Security number
The exact process can vary depending on which lender you choose, but the basic principles are the same. The first step is choosing the type of credit you want. You need to make a wise choice.
Your ITIN will be required instead of your Social Security Number when you apply for a credit card. The credit bureaus will not use your ITIN to identify you. An ITIN isn't a guarantee that your application will be approved. However, many issuers will still approve your application if additional information can be provided. Some banks might require that you have a relationship with them in order to issue you a credit line.
Online credit card application
You can apply online for credit cards without submitting your SSN using an ITIN number. But, before applying for an ITIN card credit card, there are several things you must remember. You will need to provide accurate information, as well as a US mail address. You must follow the same steps for regular credit card applications, even if you don't have credit history.
If you do not have a credit history, a prepaid credit card is an excellent alternative. Prepaid cards work with American Express payment networks such as MasterCard, Visa, and Visa to allow you to access the funds that you need to make purchases.
You can open an account at a bank to fund your secured credit card
A secured credit can help you build your credit score. A secured credit card requires a deposit in your bank account to secure the card. This allows you make regular payments and avoid the interest. Many banks accept ITIN numbers.
You can still apply to for a credit card even if you are not a citizen. Your Social Security number will not be sufficient. Your ITIN number is a tax ID issued by the IRS, and many credit card issuers will accept it instead of your SSN. More information about ITINs can be found at the IRS.
Even if your credit score is not perfect, you can still qualify for a secured card.
Secured credit cards are credit cards where you make a deposit to protect your credit line. A $200 security deposit will guarantee a $200 credit limit. The same applies to a $500 deposit which will secure you a limit of $500. If you have the funds to pay the security deposits over the course of one year, you may apply for a secured creditcard.
Secured credit cards offer a great alternative for those who don't have credit history. These cards come with a lower standard of requirements than unsecured credit cards. As long as you make all your payments on time and aren't late, you can qualify. You may lose your security deposit if you miss any payments.