@Anonymous wrote:Hey everyone!
I've been lurking for a while, but this is my first forum thread post! I am an international college student, and I will be sponsored to work in the US when I graduate. I've never had a credit card, and I've heard you pretty much need to build credit early to live in the US. I know its harder for international students to be approved for credit cards and I've done some research on some newer fintech companies such as TomoCredit , and Petal that seem to approve international students with no credit history. I know Capital One also has a history of approving international students. Does anyone have experience with these companies?
Thank you so much!
IMHO neither credit cards nor fintechs should be very high on your priority list as a college student.
Does "will be sponsored to work in the US when I graduate" mean a written offer that can never be rescinded?
AFAIK many of the supposedly most financially sound corporations that ostensibly are still making loads of money have stopped hiring for months and are laying off groups if not departments full of people left and right. How sure are you about your odds against this backdrop?
Might be a better idea to spend your time on getting fruitful/meaty internships/research projects done rather than trying to collect 3% on your spend which won't be nearly as much as after you actually start to make good money at your first 'real' job
You can get a secured card or student card if you worry about AAOA, but even that isn't really worth it, 1 card x 4 years is quickly overwhelmed by 5 to 10 cards you can get in the year where your paychecks start to roll in.
I think you are doing the right thing in worrying about building credit in the US: credit is not what it used to be -- it's not something you use just to buy a house or lease a car.
- Employers now routinely check credit files as part of pre-hiring background checks: while I am sure no employer would be concerned by a lack of credit history (most background checks raise red flags in the case of bankruptcies only), having a history can speed things up.
- If you ever buy a car, even if paying cash, you will need to get insurance: guess what car insurance companies check before finalizing a quote? Your credit score.
- The list goes on with things you are less likely to need soon, such as life insurance. But credit is now very important at all stages in life.
I think it's never too soon to get started. A secured credit card from Citi could work. CapitalOne used to (and maybe still does) issue credit cards to folks like you with microscopic but still useful credit lines ($250/mo.). American Express used to (and maybe still does) transfer an internationally issued card that has been open for over a year to the US. A company called Nova Credit (I have only seen their ads) offers to procure US cards by looking up international credit histories (assuming you have a history and it is in one of the countries they are connected to).
Good luck with everything.
