Southernboy123

I would agree. However I would suggest on updating said file with an SSN that score is not going to be either non existent or low assuming the account has been managed well/perfectly.

Southernboy123

Yes, they can. Experian doesn't match information to a person's credit history using only the Social Security number. Experian matches information using all of the identification information provided by the lender, so the account will be accurately shown in your report, even if no Social Security number is provided.

In some cases, variations from the consumer's correct Social Security number may be reported to Experian. Experian lists every variation reported to it. Any variations listed under "Social Security number variations" in your credit report are not errors. Instead, they are an accurate representation of all of the numbers being reported to Experian as belonging to you.

It is important to list the variations because they could indicate you are a victim of fraud or identity theft. In most cases they are simply the result of a transposed digit or typographical error. Some people may provide an incorrect Social Security number in the misbelief that doing so helps protect them from fraud. However, in some cases they are the result of identity theft. By listing the variations, we enable you to recognize fraud and take immediate action.

Taken from Experian.

civilservant

They will report the ITIN (probably) but the chances of Experian, Equifax or Transunion actually linking the ITIN to the newly issued SSN to allow lenders to access the information is pretty low.

This is why the best route to go is to get a UK Amex card, they do link all UK payment history to your US SSN when you make the move. Global transfer is really useful.

Southernboy123

Can you have a credit score if you don’t have a Social Security number?

The credit bureaus use sensitive information to keep track of your credit history. This information includes your Social Security number, your name, your date of birth, your address, and your employment history. While a Social Security number is an identifier that credit bureaus use to locate and collect your information, it’s only one of several identifiers. If you don’t have a Social Security number, credit bureaus can access your credit history using the other identifiers like your name, date of birth, address, and employment history.

While a Social Security number does improve the accuracy of matching credit history with a consumer, it isn’t necessarily required to create a credit report and an accompanying credit score.

Again taken from credit agency. I guess my point is it’s not solely about an SSN when it comes to generating a credit file and associated score.

civilservant

You're not getting it are you? No one is saying you can't have a credit report. We're saying that that credit report cannot be accessed by lenders without the relevant identifier, and an ITIN cannot be replaced by an SSN without lots of hoops to jump through, including the IRS.

Personally, I would get the Amex and be done with it, but whatever.

Pulaski

Great, but as I have already advised you, when lenders typically* require a verifiable SSN before they can get your loan application into their system, all the data in the credit bureaux's systems isn't going to help you.

* A lender that does "manual underwriting", such as a credit union might be wiling to work with someone who doesn't have an SSN, but I'll guarantee that if you apply for credit from a major corporation you're going to slam into a "system needs SSN" brick wall.

Southernboy123

I take it then that Capital One is not considered ‘major’ in the credit market. I think I will leave this here now. Thank you for your input into the thread.

Southernboy123

I believe it is you that is “not getting it” a SSN is a unique identifier but it is just that ONE single identifier.
There are others....Name address DOB etc which can be used by lenders to access a report. But that’s just from credit agencies themselves, clearly you know better.

Bob

The thing is, they won't.

And a score alone, from one of the three isn't really that useful. A score alone is also not that useful.

It's a great start and it's worth doing, but it's not going to help you sign up for utilities, or get a great rate on a car lease or mortgage and that's just down to the lack of history and diverse credit.

Southernboy123

Agreed Bob. The SSN is just THE quickest and least amount of hassle for lenders to use, my point the whole way through is that there are others. However it is a start and better than zero history with zero credit.

petitefrancaise

Whether or not this is true really does depend on each person's particular situation.
You are fortunate in that you have an address you can use prior to arrival to get this capital one card. However, I'd be slightly circumspect about capital one as they do seem to be prepared to give out cards to "sub-optimal" applicants. If you have one of the cards offered in those circumstances, this may come back to bite you in the bum. Also, if your payments are being reported to the credit ref bureaux then you have the right to get your report free of charge. I'd advise you to contact them so that you have a real idea of your US credit. I've no idea if they will locate you via an ITIN.
There are other credit card companies that will give you a credit card prior to arrival but they seem to be aimed at the L1/H1B visa applicants with high salaries and jobs.
Good luck with it all!

Southernboy123

I have had the card for 7 months or so now always carry a low balance and always pay off in full at statement time to maximise any credit reporting ( not quite sure how this could bite me in the bum? If you could elaborate?) I am aware that I can send off a written request for credit file using name and address etc without using ITIN, plan to do that in 6 months or so.

petitefrancaise

Capital One offer loads of cards for people in different circumstances. The "rebuilding" credit is usually the secured one. But then they have all these other ones with different terms but generally with much higher interest rates - anyone pulling your credit will see which one you have.
I wouldn't wait 6 months to check on the credit ref bureaux.
Can you sign up for CreditKarma without an SSN? That might be an easier way of seeing where you are since they send you reports of everything on your credit from 3 major companies.

TexanScot

One way I could see it biting you in the bum is if you tend to max out the (rather low) limit and then pay it off in full each month.

The reason that this can be a problem is that both individual card utilization and overall credit utilization are metrics that feed into the various credit scoring algorithms, so appearing as if you constantly run your credit card(s) at 90% utilization makes it appear as if you're potentially over-extended, as it's the balance on reporting date that counts rather than whether or not you pay it off in full (and rack it up again) each month.

I believe the sweet spot is <30% utilization.

Southernboy123

Agreed. My initial limit is $2500 which many would consider low granted but for a newcomer to the US credit works I don’t think it’s too bad. Never had more than $150 balance at statement time for that very reason to keep the utilisation low.