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Undocuhustle
  • Get Started
  • Inspiration
  • All Topics
    • Independent Contracting
    • Starting a Business
    • Finance & Capital
    • Taxes
    • Marketing & Promotion
  • Log In / Sign Up
    • Lost your password?

      Please enter your username or email address. You will receive a link to reset your password via email.

    • Sign Up
    • Create an account to access the interactive worksheets and save all of your information.
    • My Profile
    • My Plans

Finance & Capital

Accessing Credit

Now that you know what credit is all about you might ask “what if I don’t have credit yet but I still want to start a business and need to borrow money?”

The first thing you should do if you are ineligible for a SSN is apply for an ITIN. You can complete your ITIN application through the Internal Revenue Service by filling out form W-7 - Application for IRS Individual Taxpayer Identification Number. This number does not authorize work in the US or give you eligibility for Social Security benefits, but it does allow you to open bank accounts, establish credit, and file a US tax return.

While this may seem like a hurdle, it is well worth the effort to take charge of your US credit profile as good credit will give you more freedom and flexibility in the long run. Make sure all of your good borrowing activity gets reported to the credit bureaus and recorded to your credit report using your SSN or ITIN.

Undocumented immigrants in the U.S. face a number of challenges, but building credit doesn’t have to be one of them. Avoid predatory lenders, such as payday loan companies and other high-interest, high-fee loans, and seek out legitimate banks and credit card companies. If you are just starting out with your credit there are two great products that you can access to start building your credit history.

Lending Circles

LendingCircles is a zero interest social loan. It works by bringing a community of borrowers together to formalize their lending and to borrow with one another. This is a safe way to access money because it requires approval to participate, uses participants’ checking account funds, and is backed by a reliable organization that insures your money. These are small loans and are intended to be your first step in building credit. Most participants exit the program with a credit score of around 600. You can access this program through the Mission Asset Fund website

Founded in 2006, Immigrants Rising transforms individuals and fuels broader changes. With resources and support, undocumented young people are able to get an education, pursue careers, and build a brighter future for themselves and their community.

Connect with us

  • www.immigrantsrising.org
  • Making Money Resources
  • Undocuhustle Facebook Group

© Immigrants Rising 2020

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