Can International Students Build Credit Without SSN (Social Security Number)?
As an international student, you may have been so frustrated being asked for credit scores when you apply for credit cards or sign leases with your landlords. A good credit score is not only important in your financial journey in the U.S, but is also affecting almost every aspect of your life. Landlords need it to see how likely you will pay your rent on time. Insurance companies calculate your premium based on your credit scores. Lenders check it to see if you’re qualified for a loan.
Many of you may think that you don’t have credit scores because international students don’t have Social Security Numbers (SSN). However, credit building is not as difficult as it seems, and SSN is only optional in the process. There are various ways in which you can build up your credit profiles and improve your credit scores.
Okay I get it. But why Is SSN (Social Security Number) Optional?
In order to put together a credit report, credit bureaus need to collect necessary information to locate your identity. That includes your name, date of birth, current address, previous addresses, employment history, and SSN (if available). Credit Bureaus such as TransUnion or Experian will be able to locate your credit information with name, date of birth and address. SSN is only one of the unique identifiers necessary to match credit account information to an individual’s credit file. Having an SSN may increase the accuracy of the matching process, but it isn’t always needed to compile your credit report.
It all comes down to the preference of your lenders. If a lender is willing to open a credit account for you without a SSN, you could still have a credit profile. Lenders are one of the major credit reporting sources that record your credit payment history, including how much debt you have and whether you’ve paid your bills on time, and report it to credit bureaus regularly. If an account has been opened for you and reported to credit bureaus, they will use all the provided identification information to compile a credit report when a request is made. When you obtain an SSN in the future, all your credit history will be automatically attached to your credit profile.
What are my options? Build Credit by Getting a Loan with Westbon
You need a loan to build credit history. But then you need a credit history to get approved for a loan. It seems to be the question of hen and egg. There is a solution: get a loan that doesn’t require a credit history and go from there.
Westbon Inc. was founded by a group of former international students who came to the U.S. many years ago and suffered from the lack of support from the traditional lenders, just like you did. We understand the painful process that international students need to go through to get a loan in the U.S., so we look beyond credit history and offer the best rate possible for you.
Unlike other traditional banks, Westbon offers auto loan and personal loan that doesn’t require SSN at low rates with flexible terms.
How can we do that?
We use an innovative model that uses big data to evaluate your educational background, financial status, and other factors to get a full picture of your financial potential.
As soon as you make your first payment, we will create a credit profile for you, and report your credit history to credit bureaus such as Experian and TransUnion every month so you can start building your credit score now.
We believe everyone has the right to access to the credit he/she deserves, and we take information security and customer experience very seriously. Whether you are looking for a car to drive around or just a small amount to buy a new laptop for school, we are here to help!
It only takes 10 minutes to apply and you will get a decision within 2 business days. Click here and start this amazing journey now!