Banking and credit in the U.S.: starting from zero

Many banks and credit unions open accounts with:

• A passport or photo ID (some accept a consular ID)
• A Social Security number or ITIN (some open accounts with a passport alone)
• Proof of address
• A small opening deposit

Avoid check-cashing stores: they take a percentage of every check, and by year’s end that adds up to hundreds of dollars.

• Get a secured credit card: you deposit $200–$500 and that’s your limit.
• Use it for one small purchase a month (gas, Netflix) and pay it in full every month.
• Don’t use more than 30% of your limit (under 10% is ideal).
• Consider a “credit builder” loan at a credit union.
• Check your report for free at annualcreditreport.com.
• After 6–12 months, ask to convert the secured card to a regular one and get your deposit back.

Paying on time matters most. A single payment more than 30 days late can drag your score down for years.

The fee isn’t the only cost: many companies make more on the exchange rate than on the fee. Before sending, compare how much your family actually receives, in local currency, across two or three services. App-based transfers are usually cheaper than walk-in agencies.

• No legitimate business asks you to pay with gift cards, Zelle to strangers or cryptocurrency.
• “Credit repair” that promises to erase debts for an upfront payment is illegal.
• Never share verification codes you receive by text.