ImmiBits

Immigration Resource Guide Online

Welcome! ImmiBits is the Filipino immigrant's one-stop resource guide on US visa applications (currently focused on K1 Visa), immigration, and everything in between - personal, professional and social. 

The site is fairly new and I’ll be adding more resources for first-time US drivers, job hunting, English as a Second Language (ESL), continuing education, sustaining cross-cultural relationships, and of course, immigration. But to start with, I re-posted my blogs from BitsandPieces as my way of helping fellow Filipina fiance's of American citizens as they start their journey to a new life, in a new country - all for love.

(Old comments from www.bitsnpieces.i.ph have been edited and compiled under the FAQs section - right hand side of the page)

Building Credit As A New Immigrant

Immigrants to a new country usually don't realize that their credit history does not follow them into their new country. This can benefit a individual with bad credit history, but for someone who had excellent credit, it would be frustrating.

On the positive side, financial institutions may be willing to recognize your earlier credit history outside of a country if you ask them to do so. This may involve, for example, requesting a copy of your credit report from the credit-reporting agency in the other country and sitting down with a branch officer to discuss your credit or loan application.

Other tips to help you start to build a new credit history from scratch are:

1) Secured credit cards are a excellent way to build a credit history. You would need to deposit money with a financial institution that handles secured credit cards, and in return they will provide you with credit equal to the deposit amount.

2) If your spouse has a good credit history in your new country, have him/her co-sign on a loan or credit card application.

3) Apply for a department store credit card, they sometimes will approve credit to people with no credit history.

In addition, creditors like to see a mixture of credit. This involves having both a credit card and a installment loan (personal loan or auto loan) of some kind. This will lead the way to building a great credit rating over time.

When building a fresh credit history as a new immigrant you will want to make sure to pay all your monthly bills on time. It is also equally important that you do not over extend yourself on credit.

Source: http://www.consumerbadcreditguide.com/buildingcreditnewimmigrant.html