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If you’re a non-U.S. citizen spending time in America, you’ll likely want a safe place to stash your cash and provide a foothold for your financial life in this country. One of the best ways to accomplish this can be opening a bank account. However, there can be some hurdles when you are not a citizen. Fortunately, with a little knowledge, you can probably establish a relationship with a bank when arriving on U.S. soil.

Here, you’ll learn how to open a bank account in the 50 states, including the answers to:

•   Can a foreigner open a bank account in the U.S.?

•   What kind of identification is needed to open a bank account?

•   How can you get an ITIN for identification purposes?

•   What are alternatives to a U.S.-based bank account?

Can a Foreigner Open a US Bank Account?

Yes, it is possible to open a U.S. bank account as a non-resident. You may find, however, that not all banks may allow this. You’ll need to check with a specific financial institution to learn their policies, including what forms of identification will be required.

For example, you might ask about the process of opening a checking account for a non-U.S. citizen or what is needed to start a savings account. Find out in advance what the requirements are so you know what types of ID and other credentials are going to be necessary. Then you can prepare just what it takes to get your bank account up and running. The goal is no surprises, right?

Recommended: What is a Savings Account and How Does it Work?

Typical Requirements for Opening a Bank Account

Ready to open a bank account? Even if you are a U.S. citizen, you will have a number of documentation requirements to open a bank account. According to the USA PATRIOT Act of 2001, financial institutions must verify the identity of someone who wants to open a bank account to the “extent reasonable and practical.”

How financial institutions choose to manage this process can vary, but here are typical requirements whether you are opening a bank account online or in person:

•   Contact information (name, address, phone number, email address).

•   Two forms of current government ID, such as a driver’s license and Social Security card.

•   If you haven’t used a Social Security card as a form of ID, the financial institution will still ask for your Social Security number (SSN).

•   A current bill (such as a water, electric, or other utility bill) to confirm your current address.

•   Minimum opening deposit (this is often $25, but may be as little as $1 or even zero).

Check with your bank of choice (or a couple of financial institutions that you are considering) for more details.

Alternative Forms of Identification You Can Use

If you are new to America, you may not have all of the documents mentioned above. Opening a bank account in a foreign country can therefore seem problematic. But don’t panic: When applying for an account, you may be able to submit alternative paperwork. Other options can include the following:

•   If you don’t have a driver’s license, then you may provide a government-issued state ID or a U.S. military ID. All must be current/unexpired.

•   Other forms of secondary governmental IDs (besides a Social Security card) can include your original or certified birth certificate or your passport; a passport can also serve as your primary form of ID.

•   An ITIN, or Individual Taxpayer Identification Number, if you’re not eligible for a Social Security number.

Next up: More about an ITIN, which can be a vital piece of identification for non-U.S. citizens, allowing them to bank in America.

What is ITIN?

You may wonder, “What is an ITIN?” as you pursue a bank account as an immigrant. It’s an important point to learn more about and can unlock financial services for you. ITIN stands for an “Individual Taxpayer Identification Number,” as noted above, and, according to the IRS, this serves as a tax processing identification number.

The IRS issues this nine-digit number to people who need to have an identification number in the United States but are not eligible to get a Social Security number. A person’s immigration status is not relevant when applying for an ITIN because resident and non-resident aliens may each need to have this number.

Worth noting: Getting an ITIN does not authorize you to work in America. It is simply a number that is used for tax-reporting purposes.

How to Apply for an ITIN

If you are not a U.S. citizen and want to apply for an ITIN, you have a few options. The IRS lists the steps for a couple of different options:

•   If you’d like to apply by mail, provide your IRS Form W-7 , proof of identity, tax return, and foreign status documents to the following address:

◦   IRS Austin Service Center, ITIN Operation, PO Box 149342, Austin, TX 78714-9342

◦   No return envelope is required for your documents to be returned. However, if you want your documents returned more quickly, you can include a prepaid express mail envelope or courier envelope.

•   If you will need these original documents within the next 14 weeks (which can be how long processing takes), you may decide to apply in person at a Certifying Acceptance Agent (CAA). You can submit certified copies rather than the originals.

◦   If you’re waiting for your original documents and 14 weeks have passed, call 800-908-9982 in the United States or 267-941-1000 outside the country for an update on their return.

•   Make an appointment at an official IRS Taxpayer Assistance Center . Multilingual operators are available.

Once you receive your ITIN, you can move ahead with opening a bank account.

Opening a Bank Account Without a SSN or ITIN

Can you open a bank account without an SSN or ITIN? You may well find that some banks and credit unions are willing to accept other forms of identification. For example, they might use:

•   A passport number and the country that issued it.

•   An alien identification card number.

•   Another ID number issued by the government.

It can be a wise move to check in with a financial institution and see what their requirements are. By doing this, you can likely identify the right spot to open a bank account as a foreigner, using the forms of identification you can access.

Can Undocumented Immigrants Open a Bank Account?

What if you are an undocumented immigrant who wants to open a bank account? There are financial institutions which will accept you as a client without a Social Security number or ITIN.

You will likely need to provide:

•   Proof of your name and date of birth. Acceptable documentation might be an unexpired passport, a domestic or foreign government-issued driver’s license, a birth certificate, or consular ID.

•   Proof of your address. This might mean showing your driver’s license, a lease, or utility bill.

•   An identification number. Assuming you don’t have an SSN or ITIN, an alien identification card number could be sufficient, or else a government-issued document (like a passport or foreign driver’s license) that proves your nationality or your residence.

There could be other requirements, depending on the financial institution where you want to open the account. However, the answer to “Can a non-U.S. citizen open a bank account?” (including those who are undocumented) is likely to be yes.

Benefits of Opening a Bank Account

Opening a bank account can be a vital step in establishing and maintaining your day-to-day financial life in the U.S. Let’s spell out some of the benefits. The Federal Deposit Insurance Corporation, or FDIC, lists numerous reasons why opening a bank account can be beneficial:

•   Safety: A bank account can keep your money safe, and not only from theft. FDIC insurance keeps your money secure even if a bank fails, though that is a very rare occurrence.

•   Convenience: You can seamlessly have a paycheck directly deposited into your account, eliminating the possibility of a lost or stolen paper check. You can pay bills from your account, and, with a debit card (provided by many accounts), you can easily swipe to pay for goods and services. You can also transfer money via P2P apps (or peer-to-peer apps), like Venmo and PayPal.

•   Accountability: You can track your balance and the transactions made, and you’ll have a record of everything. You can set up alerts to stay informed about transactions and low balances. Also, once you have an account with a bank, you can then benefit from other services that the financial institution offers.

Depending on your situation, you may want to open an individual account solo or you might want to bank with another person, which will provide some joint bank account benefits. In either case, if you are a new owner of a checking account, it’s important to learn how to balance bank accounts and keep on top of your cash flow to avoid overdraft fees and the like.

Alternative Accounts for Non-US Citizens

What if you are not a citizen, want to open a bank account, but don’t have or can’t get one of the standard accounts? Consider these options:

•   See if a bank in your home country has a relationship with a bank in America. If a financial institution does have this kind of connection, it might pave the way for you to open an account at a U.S. bank.

•   You can investigate an offshore account, which would be neither in your home country nor in the U.S. These accounts can have high minimum deposit and other requirements, but may suit some individuals.

•   Another route may be to open an account with a financial services company which will allow you to receive your wages and move funds. Services such as Majority and Wise may provide options, though this may not give you all the benefits you seek from an online or traditional bank.

The Takeaway

Yes, you can open a bank account as a non-U.S. citizen and enjoy the convenience and security of a checking or savings account. However, extra steps are likely involved when it comes to providing forms of ID. An ITIN can be helpful when opening a bank account as a non-U.S. citizen. This form of identification can be worthwhile in getting your financial life up and running in America.

Are you looking for a better way to bank? If you need a home for your money, SoFi online banking can offer the right combination of a competitive annual percentage yield (APY) when you set up direct deposit, plus not charging any account fees. Together, these can help your money grow even faster. And with our Savings and Checking account, you’ll also enjoy the benefit of spending and saving in one convenient place.

Better banking is here with up to 3.75% APY on SoFi Checking and Savings.

FAQ

Can a non-resident open a bank account in the US?

The answer to “Can an immigrant open a bank account?” is yes. Opening a bank account in the U.S. as a foreigner comes with added steps: Those who don’t qualify for an SSN, or Social Security number, must identify themselves in another way, such as with an Individual Taxpayer Identification Number, or ITIN, that is acceptable to the financial institution.

How do I open a non-resident bank account?

You can check with a financial institution of choice to see whether they offer accounts to non-citizens and their specific policies on how a non-resident can open a bank account in the U.S. Ask what forms of ID you’ll need; you will likely be required to have an ITIN or an alternative document.

What identification is needed to open a bank account in the US?

Although specifics may vary by financial institution, in general, a bank will ask for contact information along with a document (say, a recent utility bill) that confirms your address; two forms of a government-issued ID; your Social Security number; and a minimum opening deposit. If someone isn’t eligible for a Social Security number, an ITIN may be an acceptable alternative. You may be able to open an account with neither an SSN nor an ITIN; check with financial institutions you are considering for details.

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Photo credit: iStock/Nuthawut Somsuk

SoFi members with direct deposit can earn up to 3.75% annual percentage yield (APY) interest on Savings account balances (including Vaults) and up to 2.50% APY on Checking account balances. There is no minimum direct deposit amount required to qualify for these rates. Members without direct deposit will earn 1.20% APY on all account balances in Checking and Savings (including Vaults). Interest rates are variable and subject to change at any time. These rates are current as of 12/16/2022. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet
SoFi members with direct deposit can earn up to 3.75% annual percentage yield (APY) interest on Savings account balances (including Vaults) and up to 2.50% APY on Checking account balances. There is no minimum direct deposit amount required to qualify for these rates. Members without direct deposit will earn 1.20% APY on all account balances in Checking and Savings (including Vaults). Interest rates are variable and subject to change at any time. These rates are current as of 12/16/2022. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet
SoFi® Checking and Savings is offered through SoFi Bank, N.A. ©2022 SoFi Bank, N.A. All rights reserved. Member FDIC. Equal Housing Lender.
Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.
Tax Information: This article provides general background information only and is not intended to serve as legal or tax advice or as a substitute for legal counsel. You should consult your own attorney and/or tax advisor if you have a question requiring legal or tax advice.
External Websites: The information and analysis provided through hyperlinks to third-party websites, while believed to be accurate, cannot be guaranteed by SoFi. Links are provided for informational purposes and should not be viewed as an endorsement.
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Borrowing money to pay for goods and services, with the expectation to repay it, is considered purchasing on credit, and responsibly repaying that debt helps build your credit. However, your cable bill doesn’t quite affect your credit the same way. That’s because your payments on your cable bill generally are not reported to the credit bureaus — unless they’re seriously late.

In other words, if you’re responsible about paying your cable bill on time, your cable bill likely won’t affect your credit score, either positively or negatively. But not paying a cable bill can affect your credit, namely if your account becomes delinquent and gets sent to collections.

Recommended: Does Applying For a Credit Card Hurt Your Credit Score?

What’s a Cable Bill?

A cable bill is a statement for an unpaid entertainment service or subscription, like a cable television subscription or package plan. It might include costs like the base price of the plan or service, along with other fees.

Cable bills fall under the “utility bills” category, which includes other household expenses, like electricity, water, and gas. However, unlike those essential utilities, cable service might be one of the first expenses to cut if you’re living on a budget.

How Not Paying Your Cable Bill Affects Your Credit

Your cable bill generally doesn’t affect your credit score — that is, unless you fail to pay it.

On-time cable bill payments won’t help you build credit, nor will they strengthen it. That’s due to the fact that cable servicers don’t traditionally report timely payments to the major credit bureaus (Experian, Equifax, and TransUnion).

If you’ve missed multiple payments, servicers can do one of two things: charge off the unpaid balance or send it to collections. In both situations, your credit score will take a hit.

Recommended: What is a Charge Card?

How Do Late Cable Bill Payments Affect Credit Score?

Whether paying a cable bill late affects your credit depends on how late you are with payment. Typically, late payments are reported to credit bureaus when they’re at least 30 days overdue and are marked delinquent.

If you provide a late payment after your due date, but before it’s sent to the bureaus, the consequences are at your service provider’s discretion. However, if the payment was made after the late payment was reported, or you missed a payment entirely, your credit score will drop.

Recommended: When Are Credit Card Payments Due?

How Long Does Late Cable Bill Payment Hurt Your Credit?

Late payments that are reported to the credit bureaus have a lasting effect, whether it was one indiscretion or a chronic occurrence. Late cable bill payments can stay on your credit report for up to seven years.

As such, if you’re finding yourself routinely struggling to put aside enough for your cable bill, you might look into methods for saving on streaming services.

How to Use Your Cable Bill to Build Credit

Paying bills with a credit card is a straightforward way to establish credit when you’re new to it. If you’ve been approved for your first credit card, you might consider using it to pay for your cable bill.

Then, when your credit card statement is due, make a manual payment. Even better, set up automated bill payments ahead of time so you never miss a bill.

As you make on-time payments on your credit card, your card issuer will routinely report your positive payment data to the credit bureaus. Over time, with responsible credit card repayment and keeping your revolving debt manageable, you can build your credit.

Recommended: Tips for Using a Credit Card Responsibly

Alternative Ways to Build Credit

If you’re credit invisible, meaning you’ve never had credit, or you want to take steps to mature your credit profile, here are a few other strategies to build credit.

•   Get a secured credit card. A secured card can offer a small credit line to new credit users. It requires a small deposit, which the card issuer mirrors for your credit limit. As you use your card up to this limit and repay it, the issuer reports your payment activity to the bureaus.

•   Get a retail card. Store-branded credit cards, such those from department stores, gas stations, or retail brands, can be easier to get than traditional credit cards. However, they usually have lower credit lines.

•   Make payments on time. When you do open a new credit card or installment loan, stay on top of monthly payments as they account for 35% of your credit score. Organize bills to identify when your due dates are, and consider enrolling in auto-pay to conveniently pay your bills on time.

•   Apply for an installment loan. This might include consumer loans, like a secured personal loan or an auto loan. If you’re a college student and need additional financial aid beyond scholarships, grants, or work-study, a student loan can help pay for your education and establish your credit profile. Always seek out federal student loans first, before a private student loan. Federal loans offer greater borrower protections and benefits.

•   Ask your landlord to report rent payments. Most landlords don’t report your on-time rental payment data to the credit bureaus. However, more third-party services, including Experian’s own Experian RentBureau, are making this possible. Ask your landlord if they are willing to share your good rent payment activity with credit bureaus for your credit file.

•   Become an authorized user. Ask someone with whom you have a close relationship, like a parent, grandparent, spouse, or sibling, if they will add you to their credit card account as an authorized user. Some lenders report good payment habits to the credit bureaus for all users on the account. Even if you’re not liable for making payments on the credit card, the reported data can establish your credit and help your score.

The Takeaway

Although your cable bill has little positive effect on your credit score, staying in good standing on the account can help keep your credit out of trouble. That’s because seriously overdue payments can show up on your credit report, where they’ll remain for up to seven years.

One way that you can get your cable bill payments to have an effect on your credit is by using your credit card to pay it. If you’re looking for a credit card to help cover everyday expenses like your cable bill, a SoFi credit card is a great place to start. It offers cash-back rewards on every dollar you spend on eligible purchases made with the card.

For a limited time, new credit card holders† who also sign up for a SoFi Checking and Savings with direct deposit can start earning 3% cash back rewards on all eligible credit card purchases for 365 days*. Offer ends 12/31/23.

Take advantage of this offer by applying for a SoFi credit card today.

FAQ

Does paying cable bills on time build your credit score?

Cable providers typically don’t report on-time payments to the credit bureaus. Since this data isn’t shared with the bureaus, timely payments don’t directly affect your credit score.

Do late cable bill payments hurt your credit score?

Late cable bills affect credit scores if they’re marked as a charge-off by your provider or are sent to a debt collector. Accounts with these statuses are reported to credit bureaus and harm your score.

Are cable bill payments reported to a credit bureau?

Cable bill payments typically aren’t reported to credit bureaus, unless you’ve missed multiple payments that have been charged-off or are in collections.

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Photo credit: iStock/damircudic

¹See Rewards Details at SoFi.com/card/rewards.
Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.
The SoFi Credit Card is issued by The Bank of Missouri (TBOM) (“Issuer”) pursuant to license by Mastercard® International Incorporated and can be used everywhere Mastercard is accepted. Mastercard is a registered trademark, and the circles design is a trademark of Mastercard International Incorporated.
Disclaimer: Many factors affect your credit scores and the interest rates you may receive. SoFi is not a Credit Repair Organization as defined under federal or state law, including the Credit Repair Organizations Act. SoFi does not provide “credit repair” services or advice or assistance regarding “rebuilding” or “improving” your credit record, credit history, or credit rating. For details, see the FTC’s
website .
Third-Party Brand Mentions: No brands, products, or companies mentioned are affiliated with SoFi, nor do they endorse or sponsor this article. Third-party trademarks referenced herein are property of their respective owners.
†SOFI RESERVES THE RIGHT TO MODIFY OR DISCONTINUE PRODUCTS AND BENEFITS PROSPECTIVELY BASED ON MARKET CONDITIONS AND BORROWER ELIGIBILITY. Your eligibility for a SoFi Credit Card Account or a subsequently offered product or service is subject to the final determination by The Bank of Missouri (“TBOM”) (“Issuer”), as issuer, pursuant to license by Mastercard® International Incorporated and can be used everywhere Mastercard is accepted. Mastercard is a registered trademark, and the circles design is a trademark of Mastercard International Incorporated. Please allow up to 30 days from the date of submission to process your application. The card offer referenced in this communication is only available to individuals who are at least 18 years of age (or of legal age in your state of residence), and who reside in the United States.

*You will need to maintain a qualifying Direct Deposit every month with SoFi Checking and Savings in order to continue to receive this promotional cash back rate. Qualifying Direct Deposits are defined as deposits from enrolled member’s employer, payroll, or benefits provider via ACH deposit. Deposits that are not from an employer (such as check deposits; P2P transfers such as from PayPal or Venmo, etc.; merchant transactions such as from PayPal, Stripe, Square, etc.; and bank ACH transfers not from employers) do not qualify for this promotion. A maximum of 36,000 rewards points can be earned from this limited-time offer. After the promotional period ends or once you have earned the maximum points offered by this promotion, your cash back earning rate will revert back to 2%. 36,000 rewards points are worth $360 when redeemed into SoFi Checking and Savings, SoFi Money, SoFi Invest, Crypto, SoFi Personal Loan, SoFi Private Student Loan or Student Loan Refinance and are worth $180 when redeemed as a SoFi Credit Card statement credit.

Promotion Period: The Program will be available from 10/1/22 12:01 AM ET to 12/31/23 11:59PM ET

Eligible Participants: All new members who apply and get approved for the SoFi Credit Card, open a SoFi Checking and Savings account, and set up Direct Deposit transactions (“Direct Deposit”) into their SoFi Checking and Savings account during the promotion period are eligible. All existing SoFi Credit Card members who set up Direct Deposit into a SoFi Checking & Savings account during the promotion period are eligible. All existing SoFi members who have already enrolled in Direct Deposit into a SoFi Checking & Savings account prior to the promotion period, and who apply and get approved for a SoFi Credit Card during the promotion period are eligible. Existing SoFi members who already have the SoFi Credit Card and previously set up Direct Deposit through SoFi Money or SoFi Checking & Savings are not eligible for this promotion.
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While there are many things that determine your credit score — including your payment history, credit utilization, and the average age of your credit accounts — investing in stocks is not one of them.

That being said, while investing or opening an investment account does not directly affect your credit score, it’s possible for it to have an indirect effect. For instance, if you open a margin investment account that comes with a loan or line of credit, that debt may show up on your credit score. Additionally, your investment performance may have an impact on your overall financial picture, which can affect your ability to pay off your debts.

Recommended: Does Applying For a Credit Card Hurt Your Credit Score?

How Does Trading Stocks Affect Your Credit Score?

There are many factors to consider before investing in stocks, like how to choose good investments or making sure that your overall finances are sound. The good news is that in most cases, you won’t need to worry about how trading stocks affects your credit score.

That’s because the amount of money you have in investment accounts (and how well you do at investing in stocks) does not usually show up on your credit report or impact your credit score. As such, investing isn’t a path toward establishing credit.

Recommended: Tips for Using a Credit Card Responsibly

What Happens to Your Credit Score if You Open a Brokerage Account?

If you’re looking to get started with investing in stocks by working with a broker, know that brokerage accounts are not typically reported to the major credit bureaus. This means that opening a brokerage account generally should not have any overall impact on your credit score.

One possible exception is if you open a margin account. Margin accounts allow you to borrow money and buy stocks for more than the actual cash you have in your account. Because some brokerages consider margin accounts as loans, there may be a credit check involved. This could have a small impact on your credit score, but it usually goes away after a few months.

How Does Opening an Investment Account Affect Your Credit Score?

Most investment accounts do not show up on your credit report. So, opening an investment account will generally not affect your credit score. Whether you are buying stocks with a credit card or investing by depositing cash into your account, your balance and investment performance will not impact your credit score.

That being said, opening an investment account and actively investing in stocks or other investments can indirectly affect your credit score. If you end up losing money in the stock market, it might negatively impact your ability to meet your other debt obligations. Should you have money tied up in your investment account and end up leaning more on your credit cards to cover costs or missing payments, that can have a negative impact on your credit score and hamper your efforts at building credit.

Recommended: When Are Credit Card Payments Due?

How Making Investments May Affect Your Credit Score

There are many different ways to invest your money, and many different types of investments. But nearly all investment accounts do not show up in your credit score. So regardless of what type of investing you prefer — whether stocks, bonds, mutual funds, precious metals, or something else — your investing activity should not impact your credit score.

The Takeaway

Investing in stocks is one popular way that some people build wealth. While there are pros and cons to investing in stocks, it’s important to realize that investing in stocks — or most types of investments, for that matter — does not show up on your credit report and does not affect your score.

If you’re looking to build credit, one option might be applying for a cash-back rewards credit card like the SoFi credit card. If you’re approved for the SoFi credit card, you can earn unlimited cash-back rewards. You can use those rewards as a statement credit, invest them in fractional shares, or put them toward other financial goals you might have, like paying down eligible SoFi debt.

For a limited time, new credit card holders† who also sign up for a SoFi Checking and Savings with direct deposit can start earning 3% cash back rewards on all eligible credit card purchases for 365 days*. Offer ends 12/31/23.

Take advantage of this offer by applying for a SoFi credit card today.

FAQ

Can I open a brokerage account with a bad credit score?

Yes, you can open a brokerage account with a bad credit score. Generally speaking, your broker will not issue a credit check to open a brokerage account. Additionally, in most cases, your brokerage account will not show up on your credit report. One exception may be if you apply for a margin account. Margin accounts can be considered loans, so your broker may not approve you for one if you have bad credit.

Can I open an investment account with a bad credit score?

There generally is not a credit check to open an investment account, so it is usually possible to open an investment account even if you have a bad credit score. Further, most investment accounts will not show up on your credit report, help you build credit, or impact your credit score.

Do stocks show up on your credit report?

In most cases, stocks (as well as bonds, mutual funds, and other investments) do not show up on your credit report. Your account information, balance, and investment performance do not usually impact your credit score.

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Photo credit: iStock/tdub303

Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.
The SoFi Credit Card is issued by The Bank of Missouri (TBOM) (“Issuer”) pursuant to license by Mastercard® International Incorporated and can be used everywhere Mastercard is accepted. Mastercard is a registered trademark, and the circles design is a trademark of Mastercard International Incorporated.
¹See Rewards Details at SoFi.com/card/rewards.
SoFi cardholders earn 2% unlimited cash back rewards when redeemed to save, invest, or pay down eligible SoFi debt. Cardholders earn 1% cash back rewards when redeemed for a statement credit.¹
Members earn 2 rewards points for every dollar spent on eligible purchases. If you elect to redeem points for cash deposited into your SoFi Checking or Savings account, SoFi Money® account, fractional shares or cryptocurrency in your SoFi Active Invest account, or as a payment to your SoFi Personal, Private Student, or Student Loan Refinance, your points will redeem at a rate of 1 cent per every point. If you elect to redeem points as a statement credit to your SoFi Credit Card account, your points will redeem at a rate of 0.5 cents per every point. For more details please visit the Rewards page. Brokerage and Active investing products offered through SoFi Securities LLC, member FINRA/SIPC. SoFi Securities LLC is an affiliate of SoFi Bank, N.A.
Disclaimer: Many factors affect your credit scores and the interest rates you may receive. SoFi is not a Credit Repair Organization as defined under federal or state law, including the Credit Repair Organizations Act. SoFi does not provide “credit repair” services or advice or assistance regarding “rebuilding” or “improving” your credit record, credit history, or credit rating. For details, see the FTC’s
website .
†SOFI RESERVES THE RIGHT TO MODIFY OR DISCONTINUE PRODUCTS AND BENEFITS PROSPECTIVELY BASED ON MARKET CONDITIONS AND BORROWER ELIGIBILITY. Your eligibility for a SoFi Credit Card Account or a subsequently offered product or service is subject to the final determination by The Bank of Missouri (“TBOM”) (“Issuer”), as issuer, pursuant to license by Mastercard® International Incorporated and can be used everywhere Mastercard is accepted. Mastercard is a registered trademark, and the circles design is a trademark of Mastercard International Incorporated. Please allow up to 30 days from the date of submission to process your application. The card offer referenced in this communication is only available to individuals who are at least 18 years of age (or of legal age in your state of residence), and who reside in the United States.

*You will need to maintain a qualifying Direct Deposit every month with SoFi Checking and Savings in order to continue to receive this promotional cash back rate. Qualifying Direct Deposits are defined as deposits from enrolled member’s employer, payroll, or benefits provider via ACH deposit. Deposits that are not from an employer (such as check deposits; P2P transfers such as from PayPal or Venmo, etc.; merchant transactions such as from PayPal, Stripe, Square, etc.; and bank ACH transfers not from employers) do not qualify for this promotion. A maximum of 36,000 rewards points can be earned from this limited-time offer. After the promotional period ends or once you have earned the maximum points offered by this promotion, your cash back earning rate will revert back to 2%. 36,000 rewards points are worth $360 when redeemed into SoFi Checking and Savings, SoFi Money, SoFi Invest, Crypto, SoFi Personal Loan, SoFi Private Student Loan or Student Loan Refinance and are worth $180 when redeemed as a SoFi Credit Card statement credit.

Promotion Period: The Program will be available from 10/1/22 12:01 AM ET to 12/31/23 11:59PM ET

Eligible Participants: All new members who apply and get approved for the SoFi Credit Card, open a SoFi Checking and Savings account, and set up Direct Deposit transactions (“Direct Deposit”) into their SoFi Checking and Savings account during the promotion period are eligible. All existing SoFi Credit Card members who set up Direct Deposit into a SoFi Checking & Savings account during the promotion period are eligible. All existing SoFi members who have already enrolled in Direct Deposit into a SoFi Checking & Savings account prior to the promotion period, and who apply and get approved for a SoFi Credit Card during the promotion period are eligible. Existing SoFi members who already have the SoFi Credit Card and previously set up Direct Deposit through SoFi Money or SoFi Checking & Savings are not eligible for this promotion.
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While joining a credit union likely won’t affect your credit score in and of itself, some of the financial products offered by credit unions can have an impact on your score. For example, a credit union may offer lower interest rates on loans, which can help you keep an affordable monthly payment that’s easier to make on time. You also may be more likely to get approved for a credit union credit card than one from a bank, and responsibly using that card could help you build your credit score.

If you’re considering a credit union membership in the hopes that a credit union can help build credit, it helps to first understand how you can accomplish this. That way, you can better determine if joining a credit union is worthwhile for you.

Recommended: What is the Average Credit Card Limit?

What Is a Credit Union?

A credit union is a non-profit financial organization that exists to serve its members, who are also its owners. This can mean that credit unions are able to offer higher interest rates on savings and lower interest rates on loans and credit cards, as well as charge fewer fees.

Credit unions can offer many of the same financial services and products as banks and online lenders, though their lineup and number of locations can be a bit more limited. To gain access to a credit union’s products, you’ll need to become a member, which entails meeting certain requirements. Credit unions often target certain communities or regions.

Recommended: What is a Charge Card?

Credit Unions vs Banks vs Online Lenders

Here’s a brief look at how credit unions compare with both banks and online lenders:

Credit Unions	Banks	Online Lenders
Not-for-profit	Usually for-profit	Usually for-profit
Typically offer lower interest rates on loans than banks or online lenders	Typically charge higher interest rates on loans than credit unions	Typically charge higher interest rates on loans than credit unions
May offer an array of basic financial products	Often offers a full spectrum of financial products and services	May offer an array of basic financial products

What Is a Credit Union Credit Card?

Many credit unions partner with credit card issuers to issue a co-branded credit card. The types of credit cards that are offered by credit unions vary widely depending on the particular credit union. They can include rewards credit cards that offer points or cash back or secured cards designed for those looking to build their credit.

Recommended: Does Applying For a Credit Card Hurt Your Credit Score?

What Credit Score Is Typically Needed for a Credit Union Credit Card?

Each credit union is owned by its respective members, so there isn’t a set credit score that’s needed for a credit union credit card. Rather, each credit union sets its own parameters for the credit score and other financial requirements for approval.

That being said, you may have better luck getting approved at a credit union compared to a traditional bank, even if you are still building your credit.

How a Credit Union Credit Card Can Help Build Your Credit Score?

Here are some of the ways a credit union credit card could help you to build your credit score.

Potentially Easier Approval

Getting approved for and opening a credit card or loan is key to establishing credit. However, it can be challenging to get credit if you’ve never had it before. Because credit unions are owned by their members, you may find it easier to get approved for a new credit card. And if you are denied, it may be easier to talk with a customer service representative.

Lower Interest Rates

While this isn’t necessarily true across the board, many credit unions offer lower interest rates on debt products like loans and credit cards. Having a lower interest rate can help you build your credit score by making it easier to stay on top of paying down debt.

Recommended: How to Avoid Interest On a Credit Card

Fewer Fees

Along with lower interest rates, it ‘s common for credit unions to charge fewer fees than traditional banks or other lenders. Since credit unions are not-for-profit, they don’t need to charge some of the fees that banks and other financial institutions do. Paying fewer fees can help you keep more of your money in your pocket to pay down debt and save for the future.

Automatic Payments Option

Many credit unions allow you to set up automatic payments on your credit union credit card account. Additionally, most credit unions offer different checking and savings account options, so you can easily pay your credit card from your checking account. This setup helps avoid missing payments, which can help to build your credit score, given one of the best tips for building credit is to pay your debt obligations in full and on time, each and every month.

Recommended: When Are Credit Card Payments Due?

Are Credit Unions Safe?

Just like money in banks is insured by the Federal Deposit Insurance Corporation (FDIC), the funds you keep in credit union accounts are insured by the National Credit Union Administration (NCUA). The NCUA is an organization of the federal government that insures up to $250,000 per account that you have at a federally insured credit union.

Still, you’ll also want to take simple steps to keep your credit union account safe online, such as verifying transactions and choosing strong passwords.

Is It Worth it to Join a Credit Union?

Joining a credit union can be a wise financial move, especially if you find one that is a good fit for you and that offers the products and services you need. Many people enjoy being a partial owner of a credit union rather than just being one more customer at a for-profit bank, as credit unions tend to be more community-oriented. And the good news is that switching banks is usually not that difficult.

Alternative Ways to Build Your Credit Score

Joining a credit union won’t help build your credit score on its own, but it can be a good first step toward building your credit. Here are a few other ways that you can build your credit score:

•   Use a credit card cosigner to increase your approval odds.

•   Apply for a secured credit card, which requires making a deposit.

•   Get a traditional credit card, like the SoFi credit card.

•   Review your credit report regularly for any inaccurate information.

•   When you buy your next vehicle, use an auto loan and then responsibly make payments.

•   Take out and responsibly use a personal loan.

•   Become an authorized user on the account of someone with strong credit.

Recommended: Tips for Using a Credit Card Responsibly

The Takeaway

Credit unions are nonprofit financial institutions that offer many of the same financial products as banks and other online lenders. But unlike banks, credit unions are owned by their members, which can help keep interest rates high and fees low. Joining a credit union won’t help you build your credit by itself, but taking advantage of credit union perks and financial products may help you build your credit.

Another way to build credit can be by applying for a credit card like the SoFi credit card. If you’re approved for a cash-back rewards credit card with SoFi, you can earn unlimited cash-back rewards. You can use those rewards as a statement credit, invest them in fractional shares, or put them toward other financial goals you might have, like paying down eligible SoFi debt.

For a limited time, new credit card holders† who also sign up for a SoFi Checking and Savings with direct deposit can start earning 3% cash back rewards on all eligible credit card purchases for 365 days*. Offer ends 12/31/23.

Take advantage of this offer by applying for a SoFi credit card today.

FAQ

Will joining a credit union improve my credit score?

Joining a credit union in and of itself will not improve your credit score, since the fact that you are a member of a credit union does not usually appear on your credit report. However, credit unions offer many financial products, including loans and credit cards. Making responsible use of some of these credit union offerings can help you build your credit.

What are the disadvantages of joining a credit union?

Because credit unions are owned by their members, you generally can’t simply open up an account. Instead, you may have to belong to a specific group or pay a small membership fee to get an account. Many credit unions are also smaller than most banks, so they may not offer all of the financial products you’d find at a larger bank.

Will credit union credit card payments show up on my credit report?

Most credit card payments — including credit union credit card payments — are reported to the major credit bureaus. Paying your statement balance on time and keeping your balance low can be great ways to help build your credit.

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Photo credit: iStock/sshepard

Disclaimer: Many factors affect your credit scores and the interest rates you may receive. SoFi is not a Credit Repair Organization as defined under federal or state law, including the Credit Repair Organizations Act. SoFi does not provide “credit repair” services or advice or assistance regarding “rebuilding” or “improving” your credit record, credit history, or credit rating. For details, see the FTC’s
website .
Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.
SoFi cardholders earn 2% unlimited cash back rewards when redeemed to save, invest, or pay down eligible SoFi debt. Cardholders earn 1% cash back rewards when redeemed for a statement credit.¹
The SoFi Credit Card is issued by The Bank of Missouri (TBOM) (“Issuer”) pursuant to license by Mastercard® International Incorporated and can be used everywhere Mastercard is accepted. Mastercard is a registered trademark, and the circles design is a trademark of Mastercard International Incorporated.
¹See Rewards Details at SoFi.com/card/rewards.
Members earn 2 rewards points for every dollar spent on eligible purchases. If you elect to redeem points for cash deposited into your SoFi Checking or Savings account, SoFi Money® account, fractional shares or cryptocurrency in your SoFi Active Invest account, or as a payment to your SoFi Personal, Private Student, or Student Loan Refinance, your points will redeem at a rate of 1 cent per every point. If you elect to redeem points as a statement credit to your SoFi Credit Card account, your points will redeem at a rate of 0.5 cents per every point. For more details please visit the Rewards page. Brokerage and Active investing products offered through SoFi Securities LLC, member FINRA/SIPC. SoFi Securities LLC is an affiliate of SoFi Bank, N.A.
†SOFI RESERVES THE RIGHT TO MODIFY OR DISCONTINUE PRODUCTS AND BENEFITS PROSPECTIVELY BASED ON MARKET CONDITIONS AND BORROWER ELIGIBILITY. Your eligibility for a SoFi Credit Card Account or a subsequently offered product or service is subject to the final determination by The Bank of Missouri (“TBOM”) (“Issuer”), as issuer, pursuant to license by Mastercard® International Incorporated and can be used everywhere Mastercard is accepted. Mastercard is a registered trademark, and the circles design is a trademark of Mastercard International Incorporated. Please allow up to 30 days from the date of submission to process your application. The card offer referenced in this communication is only available to individuals who are at least 18 years of age (or of legal age in your state of residence), and who reside in the United States.

*You will need to maintain a qualifying Direct Deposit every month with SoFi Checking and Savings in order to continue to receive this promotional cash back rate. Qualifying Direct Deposits are defined as deposits from enrolled member’s employer, payroll, or benefits provider via ACH deposit. Deposits that are not from an employer (such as check deposits; P2P transfers such as from PayPal or Venmo, etc.; merchant transactions such as from PayPal, Stripe, Square, etc.; and bank ACH transfers not from employers) do not qualify for this promotion. A maximum of 36,000 rewards points can be earned from this limited-time offer. After the promotional period ends or once you have earned the maximum points offered by this promotion, your cash back earning rate will revert back to 2%. 36,000 rewards points are worth $360 when redeemed into SoFi Checking and Savings, SoFi Money, SoFi Invest, Crypto, SoFi Personal Loan, SoFi Private Student Loan or Student Loan Refinance and are worth $180 when redeemed as a SoFi Credit Card statement credit.

Promotion Period: The Program will be available from 10/1/22 12:01 AM ET to 12/31/23 11:59PM ET

Eligible Participants: All new members who apply and get approved for the SoFi Credit Card, open a SoFi Checking and Savings account, and set up Direct Deposit transactions (“Direct Deposit”) into their SoFi Checking and Savings account during the promotion period are eligible. All existing SoFi Credit Card members who set up Direct Deposit into a SoFi Checking & Savings account during the promotion period are eligible. All existing SoFi members who have already enrolled in Direct Deposit into a SoFi Checking & Savings account prior to the promotion period, and who apply and get approved for a SoFi Credit Card during the promotion period are eligible. Existing SoFi members who already have the SoFi Credit Card and previously set up Direct Deposit through SoFi Money or SoFi Checking & Savings are not eligible for this promotion.
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Store credit cards can help you get started with building credit as long as you use them responsibly and the activity is reported to the major credit bureaus. If you’re not sure if you’re ready for a traditional credit card, you might consider a retail store credit card as an alternative.

Retail credit cards, also known as store credit cards, are credit cards issued by specific retailers. Some store credit cards are good only at the issuing store (or their partners). Others are co-branded by a network like Visa or Mastercard and accepted anywhere those networks are.

What Is a Store Credit Card?

A store credit card is a credit card that is issued by a specific retailer, and usually has perks and benefits associated with that specific store or chain. This category of credit card generally works much like other credit cards, which means they can be useful in building credit as long as they’re used responsibly. However, store credit cards tend to have higher interest rates and easier approval requirements compared to traditional credit cards.

Recommended: How to Avoid Interest On a Credit Card

Types of Store Credit Cards

Similarly to prepaid credit cards, there are two main types of store credit cards:

•   Close-loop store credit cards: The first type of store credit card is a closed-loop store credit card. These can typically only be used at the retailer that issues the card.

•   Open-loop store credit cards: Open-loop store credit cards are another type of store credit card. They’re typically co-branded alongside a credit card payment network like Mastercard, American Express, or Visa, and are good anywhere those networks are accepted.

Is Getting a Store Credit Card a Good Idea?

Getting a store credit card can be a good option if you are working on establishing credit. If your store credit card reports usage to the major credit bureaus, then responsibly using a store credit card can be helpful. However, this can work against you, too, if you open a store credit card and don’t follow good credit card habits.

Factors to Consider When Getting a Store Credit Card

The biggest factor you’ll want to consider when getting a store credit card is whether it’s a closed-loop or open-loop card. That will let you know whether you can only use it at the issuing store or whether it’s good at other places.

You’ll also want to understand whether your store card is a charge card or credit card (with a charge card, you won’t have the option to carry a balance). Also find out whether the issuer reports usage to the major credit bureaus, especially if you intend to use the card to build your credit from scratch.

Recommended: What is a Charge Card?

How a Store Credit Card Can Help Build Credit

Store credit cards can help build your credit, as long as the card reports usage information to the major credit bureaus. Responsibly using a store credit card can show a history of on-time payments and add an additional line of credit to your credit mix. Additionally, it has the potential to positively affect your overall credit utilization — the amount of your total available credit limit you’re using — by bolstering your overall credit limit.

Recommended: What is the Average Credit Card Limit?

Can a Store Credit Card Set Back Your Credit Progress?

It’s important to use credit cards wisely, and that includes store credit cards. A store credit card certainly can set back your credit progress if you don’t use it responsibly. If you have late or missed payments or carry a balance that’s near your total credit limit, it may have a negative impact on your credit score.

Recommended: When Are Credit Card Payments Due?

Do Store Credit Cards Applications Require Hard Inquiries?

Yes, in most cases a store credit card application will generate a hard inquiry on your credit report. A hard credit inquiry shows up on your credit report when a potential lender asks for your complete credit report. This inquiry may lower your credit score by a few points for a short period of time, so you’ll want to limit how many credit accounts you apply for.

Benefits of Store Credit Cards

One benefit of a store credit card is that it may be easier to get approved for, especially if it’s a closed-loop store card. Retailers know that cardholders are likely to shop more frequently at their store. As such, they may be more inclined to approve you for a card, even if you don’t have an extensive history of good or excellent credit.

Another potential benefit is the store-specific perks, rewards, or benefits that a store may offer to its cardholders.

Drawbacks of Store Credit Cards

There are downsides to store credit cards to consider as well. For one, they may come with higher interest rates and lower credit limits. It can be easier to drive up your credit utilization ratio, a factor that affects your credit score, with a lower credit limit. Further, if your store credit card is a closed-loop card, you’ll be limited to using it at that specific retailer.

To recap, here are some of the pros and cons of applying for and using a store credit card:

Pros of Store Credit Cards	Cons of Store Credit Cards
Easier to get approved for than a traditional credit card	May come with higher interest rates
Can offer solid store-specific perks, benefits, and rewards	May have lower credit limits, which can make it easier to drive up credit utilization
Can help you build credit when used responsibly	Closed-loop store cards can only be used at that specific store or chain

Recommended: Tips for Using a Credit Card Responsibly

Alternative Ways to Build Credit

If applying for and using a store credit card doesn’t fit into your financial plans, here are a few other ways to build credit that you might consider:

•   Apply for a traditional credit card, like the SoFi credit card

•   Consider getting a secured credit card, which requires a deposit

•   Take out and responsibly use a personal loan

•   Use an auto loan to purchase your next vehicle

•   Get a supplementary credit card, also known as an authorized user credit card

•   Regularly review your credit report for any inaccurate information

•   Use a credit card cosigner for your application

Recommended: Does Applying For a Credit Card Hurt Your Credit Score?

The Takeaway

A store credit card can help you build credit, as long as it reports usage to the major credit bureaus. In fact, opening a store credit card and using it wisely can be a smart step toward establishing credit since, in many cases, they’re easier to get approved for than a traditional credit card.

Still, there are other options to consider as well if you’re hoping to build your credit. If you feel ready to apply for a traditional credit card, you might look at a cash-back rewards credit card like SoFi’s credit card. If you’re approved for a credit card with SoFi, you can earn unlimited cash-back rewards. You can use those rewards as a statement credit, invest them in fractional shares or put them toward other financial goals you might have, like paying down eligible SoFi debt.

For a limited time, new credit card holders† who also sign up for a SoFi Checking and Savings with direct deposit can start earning 3% cash back rewards on all eligible credit card purchases for 365 days*. Offer ends 12/31/23.

Take advantage of this offer by applying for a SoFi credit card today.

FAQ

Do store credit cards affect your credit?

Yes, store credit cards can affect your credit if they report usage and history to the major credit bureaus. If you regularly pay off your bill each month and keep your statement balance low, it should help build a positive credit history.

Do store credit cards require hard credit checks?

Yes, most store credit cards require a hard credit check when you apply. A hard credit check (or hard pull) happens any time a potential lender asks for your full credit history to help decide whether they will extend you credit. Because each hard pull can temporarily lower your credit score by a few points, you’ll want to limit how many new credit accounts you apply for in a short period of time.

Will closing store credit cards hurt my credit score?

There are some cases where closing a credit card — either a store credit card or a traditional credit card — can hurt your credit score. The main reason why closing a credit card can impact your credit score is by possibly driving up your credit utilization percentage, as your overall credit limit will decrease. Make sure that you understand the possible ramifications before you close a credit card account.

Do retail credit cards build credit?

Retail credit cards can help you build credit as long as they report to the major credit bureaus. Just make sure to use your store or retail credit cards wisely so that it will have a positive impact on your credit score.

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Photo credit: iStock/Nastasic

†SOFI RESERVES THE RIGHT TO MODIFY OR DISCONTINUE PRODUCTS AND BENEFITS PROSPECTIVELY BASED ON MARKET CONDITIONS AND BORROWER ELIGIBILITY. Your eligibility for a SoFi Credit Card Account or a subsequently offered product or service is subject to the final determination by The Bank of Missouri (“TBOM”) (“Issuer”), as issuer, pursuant to license by Mastercard® International Incorporated and can be used everywhere Mastercard is accepted. Mastercard is a registered trademark, and the circles design is a trademark of Mastercard International Incorporated. Please allow up to 30 days from the date of submission to process your application. The card offer referenced in this communication is only available to individuals who are at least 18 years of age (or of legal age in your state of residence), and who reside in the United States.

*You will need to maintain a qualifying Direct Deposit every month with SoFi Checking and Savings in order to continue to receive this promotional cash back rate. Qualifying Direct Deposits are defined as deposits from enrolled member’s employer, payroll, or benefits provider via ACH deposit. Deposits that are not from an employer (such as check deposits; P2P transfers such as from PayPal or Venmo, etc.; merchant transactions such as from PayPal, Stripe, Square, etc.; and bank ACH transfers not from employers) do not qualify for this promotion. A maximum of 36,000 rewards points can be earned from this limited-time offer. After the promotional period ends or once you have earned the maximum points offered by this promotion, your cash back earning rate will revert back to 2%. 36,000 rewards points are worth $360 when redeemed into SoFi Checking and Savings, SoFi Money, SoFi Invest, Crypto, SoFi Personal Loan, SoFi Private Student Loan or Student Loan Refinance and are worth $180 when redeemed as a SoFi Credit Card statement credit.

Promotion Period: The Program will be available from 10/1/22 12:01 AM ET to 12/31/23 11:59PM ET

Eligible Participants: All new members who apply and get approved for the SoFi Credit Card, open a SoFi Checking and Savings account, and set up Direct Deposit transactions (“Direct Deposit”) into their SoFi Checking and Savings account during the promotion period are eligible. All existing SoFi Credit Card members who set up Direct Deposit into a SoFi Checking & Savings account during the promotion period are eligible. All existing SoFi members who have already enrolled in Direct Deposit into a SoFi Checking & Savings account prior to the promotion period, and who apply and get approved for a SoFi Credit Card during the promotion period are eligible. Existing SoFi members who already have the SoFi Credit Card and previously set up Direct Deposit through SoFi Money or SoFi Checking & Savings are not eligible for this promotion.
SoFi cardholders earn 2% unlimited cash back rewards when redeemed to save, invest, or pay down eligible SoFi debt. Cardholders earn 1% cash back rewards when redeemed for a statement credit.¹
Members earn 2 rewards points for every dollar spent on eligible purchases. If you elect to redeem points for cash deposited into your SoFi Checking or Savings account, SoFi Money® account, fractional shares or cryptocurrency in your SoFi Active Invest account, or as a payment to your SoFi Personal, Private Student, or Student Loan Refinance, your points will redeem at a rate of 1 cent per every point. If you elect to redeem points as a statement credit to your SoFi Credit Card account, your points will redeem at a rate of 0.5 cents per every point. For more details please visit the Rewards page. Brokerage and Active investing products offered through SoFi Securities LLC, member FINRA/SIPC. SoFi Securities LLC is an affiliate of SoFi Bank, N.A.
Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.
The SoFi Credit Card is issued by The Bank of Missouri (TBOM) (“Issuer”) pursuant to license by Mastercard® International Incorporated and can be used everywhere Mastercard is accepted. Mastercard is a registered trademark, and the circles design is a trademark of Mastercard International Incorporated.
¹See Rewards Details at SoFi.com/card/rewards.
Disclaimer: Many factors affect your credit scores and the interest rates you may receive. SoFi is not a Credit Repair Organization as defined under federal or state law, including the Credit Repair Organizations Act. SoFi does not provide “credit repair” services or advice or assistance regarding “rebuilding” or “improving” your credit record, credit history, or credit rating. For details, see the FTC’s
website .
Third-Party Brand Mentions: No brands, products, or companies mentioned are affiliated with SoFi, nor do they endorse or sponsor this article. Third-party trademarks referenced herein are property of their respective owners.
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