Before you start

Passport, with visa and I-94 if applicable
A Colorado Springs residential address
An SSN or ITIN if you have one; a passport number if not
An opening deposit, which varies by institution

Step-by-step

1
Open a checking account in branch
Bring your passport, local address and SSN or ITIN if issued. Federal Customer Identification Program rules explicitly allow a passport number and country of issuance instead of a taxpayer number for non-US persons.
In personWho: YouWeek 1
2
Mention a pending ITIN if you have no SSN
Banks may open accounts for people who have applied for but not yet received an ITIN. File IRS Form W-7 and keep the receipt to show at the counter.
In personWho: You
3
Try a credit union before a national bank
The military presence has left Colorado Springs with a dense credit union sector, and several have open community charters that anyone living in El Paso County can join. They routinely approve loans and cards that a national bank declines on a thin file, and price them better.
In personWho: You
4
Set up direct deposit
Give payroll your routing and account numbers. Direct deposit waives the monthly maintenance fee on most US checking accounts, which is the easiest money you will save all year.
Via employerWho: You and your employer
5
Open a secured credit card in month one
Post a deposit, typically around $500, and get a card with a matching limit that reports to the credit bureaus. Age of history matters as much as behaviour, so starting immediately is worth more than starting well.
OnlineWho: YouMonth 1
6
Expect to need a car, and time the loan
Mountain Metro covers the core but the city sprawls east and a car is close to essential. Financing one with no credit file means a large deposit or several points above market — six months of secured-card history first saves real money, and a credit union will usually beat a dealership.
In personWho: You

Documents you’ll need

Passport, with country of issuance serving as the identifying number if you have no SSN or ITIN
Visa and I-94, where applicable
SSN card or ITIN letter, if issued
Proof of Colorado Springs address
Employer offer letter, accepted by some institutions as supporting evidence

Things most newcomers don’t know

The military credit unions are the local advantage, and several are open to everybody.

A city built around five installations has an unusually deep credit union sector. Some are restricted to serving members and veterans, but several hold community charters covering anyone who lives or works in El Paso County. For a newcomer with no credit file this is the difference between being declined and being underwritten by a human.

Source: National Credit Union Administration — find a credit union

Federal rules let a bank take your passport instead of an SSN.

The Customer Identification Program rule accepts a passport number and country of issuance for non-US persons. Branch staff frequently do not know this and will tell you to come back with a Social Security card. Escalate, or try a credit union.

Source: FDIC — Customer Identification Program requirements

No credit history is treated worse than bad credit history.

US underwriting scores a file, and a file that does not exist cannot be scored. A well-paid newcomer can be declined for an apartment and a car loan in the same week, and the fix takes months rather than days.

Source: Consumer Financial Protection Bureau — bank accounts

A pending ITIN is often enough to open an account.

You do not have to wait for the number to arrive. Form W-7 is filed with a tax return and takes weeks; many institutions will open an account on the receipt plus a passport, which unblocks payroll and rent.

Source: IRS — US taxpayer identification number requirement

Common mistakes to avoid

Waiting for an SSN before trying to open an account, when a passport is often enough.
Going straight to a national bank and never trying a credit union with an open community charter.
Financing a car in month one with no credit file and accepting a punitive rate.
Delaying a secured card until you actually need credit, and losing six months of history.
Paying an avoidable monthly maintenance fee by never setting up direct deposit.

Some of this may be out of date. Spotted something inaccurate? Help us keep it right for the next newcomer.

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