Bank account question. Proof of address an issue
#17
Banned
Joined: Apr 2013
Posts: 5,154
#18
in Northern California
Joined: Apr 2014
Posts: 284
Re: Bank account question. Proof of address an issue
Yep and it's worth making an effort to get started building credit history ASAP.
1. Get that Social Security Number.
2. Open a bank account
3. Get a credit card
Since my employer was affiliated with a Credit Union, I opened an account there too. Even took out a $2K loan secured with cash deposited into a savings account. I set up automatic payments from the savings account to the loan.
The money went round in circles for a while and it cost a few bucks interest. But it did wonders for my credit and few months later I was able to buy a home. With 100% financing. However, that did require some additional and creative steps :-)
1. Get that Social Security Number.
2. Open a bank account
3. Get a credit card
Since my employer was affiliated with a Credit Union, I opened an account there too. Even took out a $2K loan secured with cash deposited into a savings account. I set up automatic payments from the savings account to the loan.
The money went round in circles for a while and it cost a few bucks interest. But it did wonders for my credit and few months later I was able to buy a home. With 100% financing. However, that did require some additional and creative steps :-)
#19
Forum Regular
Thread Starter
Joined: Apr 2014
Posts: 50
Re: Bank account question. Proof of address an issue
I was in a similar position when I first moved to the USA, I had a serviced apartment/corporate housing and therefore no utility bills or anything in my name - not even the lease.
I went to Bank Of America and they didn't seem too fussed about proof of address and opened an account using the apartment address. You will need your passport however.
I would get cracking on your credit score as soon as you arrive, go get your SSN and a secured credit card. Next step, log on to Credit Karma and keep an eye on things. Good luck!
I went to Bank Of America and they didn't seem too fussed about proof of address and opened an account using the apartment address. You will need your passport however.
I would get cracking on your credit score as soon as you arrive, go get your SSN and a secured credit card. Next step, log on to Credit Karma and keep an eye on things. Good luck!
#20
Forum Regular
Joined: Mar 2013
Posts: 76
Re: Bank account question. Proof of address an issue
Good luck!
#21
Re: Bank account question. Proof of address an issue
Most smaller banks do not charge, or charge much less. However, this may vary by region.
#22
Forum Regular
Joined: Mar 2013
Posts: 76
Re: Bank account question. Proof of address an issue
I have a Bank of America eSavings account, they don't charge for that but they do try and get you to "upgrade" every time you visit them to an account that costs!
#23
in Northern California
Joined: Apr 2014
Posts: 284
Re: Bank account question. Proof of address an issue
It worked for me. But it's not just for ex-pats. My daughter recently went to university with basically no credit history. One of the first things we did was open an account with the University Credit Union. It was easy enough although we had to co-sign since she's only 17.
#24
BE Enthusiast
Joined: Oct 2002
Location: Atlanta via Dubai, Belgium, Greece, Saudi Arabia
Posts: 953
Re: Bank account question. Proof of address an issue
The UK is the same BTW, a colleague of mine who had been out of the UK for over 10 years with no ties such as a house or bank account returned to find out he was paying thru the nose for car insurance, couldn't get 6 month same as cash credit terms when he tried to furnish is new apartment. He was told that as he wasn't on the electoral roll and had zero credit history that they could find he would need to pay cash for everything.
He said he had just fallen out of the sky at the age of 40 and was starting from scratch all over again.
He said he had just fallen out of the sky at the age of 40 and was starting from scratch all over again.
#25
Re: Bank account question. Proof of address an issue
If by "the credit industry" you mean the credit agencies, then your statement is just plain wrong. The agencies don't give a stuff what sort of credit you have, and there are certainly no "bonus points" for having a loan from a credit union.