How to Build Credit Without Social Security Numbers

The large market of illegal immigrants in the United States--which has reached 11 million people by some estimates--represents a huge untapped market to many retailers and banks. Therefore, many companies like Bank of America, Wells Fargo, and even Verizon have tried to make it easier for undocumented immigrants to gain and use credit in order to increase their purchasing power.

Instructions

Credit with the Bank of America

1

Open a checking or savings account at the Bank of America and deposit a small amount of money. The Bank of America has a program that extends credit to people with no credit history or Social Security, number as long as they meet certain requirements.

2

Keep your account open for at least three months. If you make any withdrawals, make sure you do not overdraw the account. The Bank of America stipulates that to be eligible for credit, you have to be overdraft-free for three months. If you overdraw your account, your three month period will begin again.

3

Apply for a Bank of America credit card, but make sure that you read the fine print before you begin to use the card. Bank of America has acknowledged that they charge higher interest rates on cards that go to people with no Social Security number.

4

Make only purchases that you can pay off easily, and do not fall into the cycle of credit card debt. The lower the balances on your card, the higher your credit score will be, because your score drops when you use too much of your available credit. Using this card responsibly will allow you to build a solid and positive credit history without needing a Social Security number.

Using Matricula Consular Cards

5

Sign up for a matricula card at the consulate for the country where you were born. A matricula card is an individual identification card tied to your home country. Most Mexican consulates can process applications for matricula cards, but you can also get a matricula card at the Guatemalan consulate.

6

Use your matricula card to apply for an IRS individual tax identification number, or ITIN. Once you have an ITIN, your income will be reported and you will pay taxes on it just like any regular citizen. However, you also receive the benefits that come with an ITIN, such as the ability to finance a home with a mortgage.

7

Search for banks and companies that are friendly to matricula card holders. Business Week reports that by mid-2005, Wells Fargo held 525,000 accounts for matricula holders without Social Security numbers and was opening 800 more such accounts each day.

8

Apply for a mortgage or a bank credit card after you have built up savings in your bank and demonstrated you are responsible with your money. Even if you cannot get a credit card initially with a matricula card, you can apply for a mortgage, which will create a favorable credit history for you as long as you make your payments on time each month.