How Can New Immigrants to the U.S. Build Credit
So does newly immigrant does newly immigrant nurses are able to get a good credit limit upon arriving in the US, even without credit history in the US. So Blair, one of the, you know, the things that nurses, you know, we hear all the time is like, how do I get started?
Yes, um, this is probably one of my favorite things to talk about. I'm so sorry if you've been on here before, because you're gonna hear me like a broken record. But you have to do your research and find a financial institution or a lender, or a company that has a program specifically designed for people in your situation. If you walk into any financial institution, or bank, excuse me off the street, and go in and say, Hi, this is my situation, I would like a credit card, you're not going to get a very high limit, if you are even able to get the credit card and your APR is going to most likely be very astronomical, same for a car loan. Same for a mortgage, any lending type products that were that require credit, your APR, which is your annual percentage rate, which is the interest that you're going to be paying back is going to be extremely, extremely high because you will put into a tear of people with people that have a very low credit score being that you do not have any credit.
So what you need to do is find a company a bank, a credit union, an institution that has a program specifically designed as a tear, individualize for somebody in your situation, and has pre approved limits for you guys.
So for example, at Advancial our inbound USA program grants all of the nurses and again, you have to be employed through one of our select employers just like Connetics. But you are guaranteed a $2,500 limit on a credit card, and you are guaranteed a $30,000 limit on an auto loan. From there. Once you are here and have established residency in the United States after two years, you are eligible for mortgages. You can get a mortgage earlier if you have enough money to put a down payment. And there are a couple other requirements.
But all of our loan products in that program are designed for people in your situation. They're not a bank trying to take advantage of you or chances are a bank that may not even be able to do business with you because of their requirements. So the first step in getting started is absolutely doing your research, whether that's going through someone who partners with your company like us, or doing a simple Google search on financial institutions that have programs for immigrants and people relocating to the United States.