What is Credit?

It can be difficult and confusing to navigate credit without immigration status or eligibility for a Social Security Number (SSN). However, it’s important to know that even if you do not have a SSN, an Individual Tax Identification Number (ITIN) is an alternative that allows you to build credit, open a bank account, and file your taxes.

Why credit matters

So, you have a great idea for a new business or you want to start working for yourself. What things do you need to start delivering products and/or services?

Maybe you want to lease an office space, purchase a phone plan, or obtain a new computer. You may not have cash to purchase these things outright but you need them now to begin earning money.

This is where credit comes into play.

What is Credit?

Essentially, credit represents your willingness and ability to repay debt and allows you to borrow money. It’s a powerful tool in your financial toolbox that helps you get the things you want now based on your promise to pay later. Having good credit is important when you need to qualify for a loan or finance a large purchase.

Credit & Immigration Status

We know that gaining credit without immigration status can be extremely difficult and confusing. However, there are credit-building and financing products available with this in mind.

The following sections are aimed at providing you with the background information necessary to understand how credit works as well as actions you can take to build healthy credit and start accessing capital.

Starting a business and/or independent contracting are opportunities for anyone, regardless of immigration status, and credit is a tool available to help you achieve your goals.