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 institution

Step-by-step

1
If you work for a multilateral, start with its credit union
The World Bank Group, IMF and several other organisations have their own credit unions serving staff and dependants. They understand G-4 status, do not require a US credit history, and will issue a card and a car loan on the strength of your employment. This is the single biggest local advantage and it is easy to miss.
Via employerWho: YouWeek 1
2
Otherwise open a checking account in branch
Bring your passport, DC 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
3
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
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
Pay in full every month and keep utilisation low
Autopay the statement balance and keep the balance below about 30% of the limit. Carrying a balance builds interest, not credit.
Mobile appWho: 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 DC address
Organisation employment letter, which the multilateral credit unions accept in place of credit history

Things most newcomers don’t know

The multilateral credit unions are the best newcomer banking in the country.

Institutions serving World Bank and IMF staff have spent decades underwriting people who arrive with no US credit file at all. They will issue credit cards and car loans on employment alone. If you or your spouse is eligible through an organisation, this skips the entire six-month secured-card apprenticeship.

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 phone contract 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. DC branches near the multilaterals handle this constantly.

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

Not checking whether your employer gives access to a credit union that ignores credit history.
Waiting for an SSN before trying to open an account.
Delaying a secured card until credit is needed.
Carrying a balance in the belief it helps your score.
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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