Before you start

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

Step-by-step

1
Open a checking account in branch
Bring your passport, Colorado 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.
In personWho: You
3
Consider a Colorado credit union
The state has a strong credit union sector, several tied to the aerospace and federal laboratory employers. They are frequently more flexible with thin credit files than national banks, and price loans 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.
Via employerWho: You and your employer
5
Open a secured credit card in month one
Post a deposit, typically $500, and get a card with a matching limit that reports to the credit bureaus. Age of history matters as much as behaviour.
OnlineWho: YouMonth 1
6
Wait on the car if you can
Financing a vehicle with no credit file means a large deposit or several points above market. If your first months can be managed on the RTD network — the A Line reaches the airport and light rail covers much of the metro — six months of secured-card history first saves real money.
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 address
Employer offer letter, accepted by some banks as supporting evidence

Things most newcomers don’t know

Cannabis income is still a banking problem here.

Recreational cannabis has been legal in Colorado since 2014, but it remains federally controlled, so many banks will not serve businesses or, occasionally, individuals with cannabis-derived income. If you are moving to work in that industry, resolve your banking before you arrive rather than after.

Source: community-reported

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.

Source: community-reported

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 often do not know this; escalate or try a credit union.

Source: FFIEC BSA/AML Examination Manual — Customer Identification Program

Carrying a balance builds interest, not credit.

Scores respond to on-time payment and low utilisation, not interest paid. Paying in full each month builds history identically and saves a rate above 20% APR.

Source: Consumer Financial Protection Bureau — credit cards

Common mistakes to avoid

Waiting for an SSN before trying to open an account, when a passport is often enough.
Financing a car in month one with no credit file and accepting a punitive rate.
Delaying a secured card until credit is needed.
Assuming cannabis-sector income will be banked normally — it often is not.
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.