How Can a New Immigrant Build Their Credit?

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Immigrants can build their credit by starting at home before moving to a new country, as credit can transfer between many banks, and choosing a bank with branches in other countries can help make the process smoother. Maintain good credit in a home country before moving internationally with information from a financial manager and currency trader in this free video on finance.

Part of the Video Series: Credit Information & Tips
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Video Transcript

I'm Roger Groh. We're here today, to talk about how an immigrant can build their credit. In the old days, each country was really independent of their own self. Nowadays though, there's not a whole lot of difference, where if you're in the United States versus Canada, or the United States versus China, or wherever it is that you are shifting to and from, so the best place to start building your credit, is at home, because your local bank, can then supply that data to the bank in the country where you're immigrated to, so step one, start at home. Tell your banker what you're doing, your local banker what you're doing. Be sure and get your name into databases, that will come up, when you then shift to your new country, and then last, pick a bank in your original country, that has branches where you're going. Take Citibank, they're everywhere, or take HSBC, which is everywhere, as an example, and use them, because then you don't have to worry about it. Your credit will come with you. When you get to your new country, it's really the same process. You then have to go, and get your name in the databases, that will track the payments that you make for credit cards. Again, you can go back to your local bank, and get a credit card automatically, and just make your payments. They'll know it on databases, that you've made your payments on time, or have been late, or whatever the story might be, so there are two steps. One, start at home in your local bank. That's very important, it's your best bet, best most expeditious bet, and then last, when you get to your new country, start again. Get your old banker to call your new banker. Have a discussion, they'll love it, and they'll really help you then to get loans at cheaper rates, and build better credit. I'm Roger Groh, and that's how you as an immigrant, can build credit.

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