Poor credit? USA accounts??

chloe_henderson

Hello,

Im going to the USA (new york)for 6 months and need help on where to open an account if i have adverse credit score?? i will be getting paid by cheuque every week and is non negotiable so im gonna either have to cash it or hopefully open an account somwhere?

My credit score is rather shocking due to being a student and id like to save myself embarrasment!

do they have the same scoring in the states as over here?

gt94sss2

Banks in America do use credit scoring but won't have access to your UK credit record.

As such, you should be able to open an account in America - especially if you have an American Social Security number - however, banking seems to be a bit more backward there and opening an account may take a while.

I would thus suggest you open an account with a US bank before you go.

If you have a student account here, ask your bank if they can arrange for a bank account to be opened for you in America.

Some years ago, I went to work/study in the USA and HSBC in the UK were able to open an account for me with HSBC USA before I left the UK - based on the fact I was an existing customer here.

For what its worth, I believe HSBC is the largest bank in the State of New York.

Regards
Sunil

chloe_henderson

thanks for the reply!

il have a j-1 visa which i think gives me a social securitie number?

Yeah im aware HSBC offers that but i still owe from an old overdraft there as some other banks which is why my credit is so bad! i pay it off in small amounts but they wont give me another account im sure.

so i cant really approuch them!

i do have an a&l account which they will charge me £16 for transfering funds which i can handle just want to know il be able to actually open an account when im there!

i thought the US use the same credit scoring agencies (equifax/experian etc ) as the UK?

guynextdoor82

chloe_henderson wrote: »

thanks for the reply!

il have a j-1 visa which i think gives me a social securitie number?

Yeah im aware HSBC offers that but i still owe from an old overdraft there as some other banks which is why my credit is so bad! i pay it off in small amounts but they wont give me another account im sure.

so i cant really approuch them!

i do have an a&l account which they will charge me £16 for transfering funds which i can handle just want to know il be able to actually open an account when im there!

i thought the US use the same credit scoring agencies (equifax/experian etc ) as the UK?

J-1 is an exchange visam but is slighly different to H-1B and H2-B visa which does NOT GUARANTEE SSN (social security) you need to file for it with your visa AND EMPLOYMENT documents to the nearest SSN office.
secondly, you dont need an SSN to open a bank account ! work visa will suffice.
thirdly, the opening credit line is of $500 with credit reference agency as SSN relies on TAX PAYMENTS to the IRS (Inland revenue service) and therefore, as many people think SSN does NOT UNLOCK credit.... as here you need to build your credit profile there as well..

with regards to your credit refence scoring US and UK use FAIR ISSAC rating system.... but lenders judge mostly by their internal rating anf lending creitera.

with regards to your bank account opening i would suggest talking to bank of america as they currentley have free basic banking and once again do not require SSN.

guynextdoor82

guynextdoor82 wrote: »

J-1 is an exchange visam but is slighly different to H-1B and H2-B visa which does NOT GUARANTEE SSN (social security) you need to file for it with your visa AND EMPLOYMENT documents to the nearest SSN office.
secondly, you dont need an SSN to open a bank account ! work visa will suffice.
thirdly, the opening credit line is of $500 with credit reference agency as SSN relies on TAX PAYMENTS to the IRS (Inland revenue service) and therefore, as many people think SSN does NOT UNLOCK credit.... as here you need to build your credit profile there as well..

with regards to your credit refence scoring US and UK use FAIR ISSAC rating system.... but lenders judge mostly by their internal rating anf lending creitera.

with regards to your bank account opening i would suggest talking to bank of america as they currentley have free basic banking and once again do not require SSN.

forgot to mention ONE MAJOR thing...being on J-1 you cannot apply for SSN yourself.. your university or college will apply on your behalf and that is only after 6 months of continous education so that you can work IN-CAMPUS its only after 1 year you are allowed to work outside campus.

secondly, with J-1 SSN you can ONLY work 25 hrs per week in semester and full time during holdiays.

as SSN for students require approval from university and USCIS