Opening a bank account; building a credit score

This page is for those who will open their first bank account in the United States and want to build a credit history from scratch. Your credit history may be checked when renting a home and using credit in the United States; for a mortgage, your credit score significantly affects interest rates and fees. Below, you will find the documents required to open an account, deposit insurance, how credit scores are created, your free credit report, and your rights when sending money to Türkiye.

• Banks: Your deposits at an FDIC-insured bank are automatically protected up to at least $250,000 at each bank. Insurance covers deposits only at FDIC-insured banks.
• Credit unions: Accounts at federally insured credit unions are protected up to $250,000 per person through the NCUA Share Insurance Fund. Protection begins automatically when you become a member.
• Check whether the bank is legitimate and insured using the FDIC's BankFind tool, and check the credit union using the NCUA's Research a Credit Union tool. The FDIC warns about fake bank websites, applications, and messages.
• Questions to ask when choosing an account (FDIC list):
  • Is there a monthly fee? Can it be waived with a certain balance or regular deposits?
  • Will you be charged an overdraft fee if you spend more than you have in your account?
  • Do the bank's and other banks' ATMs charge fees?
  • Are notifications available by email or text message?
  • Can you pay bills online for free?
  • Are teller or customer service transactions subject to fees?
• If you have had problems with a bank in the past, some banks offer a "second chance" account.

• Federal identification rule (CIP): a bank obtains one or more of the following from a non-U.S. customer:
  • tax identification number (SSN or ITIN)
  • passport number and the country that issued the passport
  • alien identification card number
  • the number and issuing country of another official photo document showing your nationality or residence
• The bank may have a separate account-opening procedure for people who have applied for a tax identification number but have not received it yet.
• According to the FDIC: Bring your SSN or ITIN. A driver's license, state ID, or passport can be used for identification. Noncitizens may be asked for different documents, such as a foreign passport, consular ID, or ITIN. Some banks also accept other documents.
• Banks may impose their own additional requirements. Ask which documents they require before you go.
• In most places, you must be at least 18 to open an account. A parent, guardian, or custodian may help people under 18.
• What is an ITIN? It is a number issued by the IRS for tax purposes. It is obtained using Form W-7. An ITIN does not grant work authorization or create eligibility for Social Security benefits. See 15.2 Tax identification number: SSN or ITIN.
• If you are opening a business account, see 14.5 Business bank account and other steps.

1. Choose a bank. Check its FDIC insurance in BankFind. You can find nearby banks by ZIP code on the FDIC's GetBanked page.
2. Bring the documents: passport, SSN or ITIN if you have one, proof of address, and any other documents the bank requests.
3. Make the initial deposit. The amount varies by bank; according to the FDIC, an account may be opened with as little as $25.
4. Sign the signature card and other documents at the branch or electronically.
5. Activate online and mobile banking and your debit card. Turn on notification options.

• A credit report is a record of your debt and payment history. A credit score is a number calculated from this report. They serve different purposes.
• There are three national credit bureaus in the United States: Equifax, Experian, and TransUnion.
• Most people who are new to the United States have no credit file or have a very thin one.
• According to the CFPB, the main factors affecting a score include:
  • On-time payments: the most important factor in most credit-scoring models.
  • Utilization rate: experts recommend keeping the credit you use at no more than 30% of your total limit.
  • You do not need to carry a balance: paying your card balance in full every month produces the best score, and you will not pay interest.
  • Length of history: a long record of on-time payments gives scoring models more information.
  • Few applications: applying for many credit products in a short period may be considered a sign of financial difficulty.
• Requesting your own credit report does not lower your score.

1. Open a bank account in the United States.
2. Ask about products designed to build credit history: a secured credit card and a credit-builder loan.
3. Set up automatic payments or reminders for bills. If you missed a payment, bring the account up to date immediately.
4. Use less than 30% of your limit on your card; pay the balance in full every month.
5. Open a new credit account only when you need one.
6. Check your credit reports regularly. Dispute errors and monitor old accounts you no longer use for identity theft.

• AnnualCreditReport.com is the only site authorized to provide legally free reports.
• The three bureaus have made the option to receive a free report once a week from each bureau permanent. This is an additional right beyond the legally required free annual report.
• To order by phone: +1 877 322 8228. By mail: complete the request form and send it to: Annual Credit Report Request Service, P.O. Box 105281, Atlanta, GA 30348-5281.
• Online reports are available immediately. Phone and mail requests are processed and mailed within 15 days.
• Your name, address, SSN, and date of birth are requested when ordering.
• Fake sites may appear to be associated with AnnualCreditReport.com. This site and the credit bureaus will not ask for your SSN by email.
• Credit freeze: placing and lifting a freeze are free. You apply separately to each of the three bureaus.
• Fraud alert: the initial alert lasts one year and can be renewed; notifying one bureau is enough, and that bureau will notify the others. An extended alert lasts seven years and requires an identity theft report, such as an IdentityTheft.gov report or police report.
• Specialty reporting companies: some companies collect bank account history (returned checks, overdrafts), rental history (evictions, unpaid debts), insurance claims, and employment history. These reports may lead to denial of a bank account, rental application, or insurance. The CFPB publishes a list of these companies.

• A money transfer company must disclose its fees and taxes before you pay.
• Right to cancel: under certain conditions, you may cancel the transfer and request a refund within 30 minutes after payment.
• Error notice: notify the company within 180 days after the date you were told the money would reach the recipient. The company will investigate the error within 90 days and notify you of the result.
• 1% remittance tax (since January 1, 2026): for a remittance from the United States to a recipient abroad, a 1% tax applies if you give the money to the company in cash, a money order, a cashier's check, or a similar physical instrument. The sender pays the tax, and the company collects it.
• For your obligation to report accounts in Türkiye in the United States, see 15.6 Reporting accounts and assets in Türkiye.

• FDIC — deposit insurance questions and bank inquiries
  • Phone: +1 877 275 3342 (1-877-ASK-FDIC)
• NCUA — credit union insurance
  • Web: ncua.gov
• CFPB (Consumer Financial Protection Bureau) — complaints about banks, credit cards, credit reports, and money transfers
  • Phone: +1 855 411 2372 (TTY +1 855 729 2372) · Monday–Friday 09:00–18:00 (U.S. Eastern Time)
  • Complaint: consumerfinance.gov/complaint
  • Mail: P.O. Box 27170, Washington, DC 20038
• AnnualCreditReport.com — free credit reports
  • Phone: +1 877 322 8228
• For other complaint options, see 12.8 Consumer rights: complaint options.

• Depositing money without checking whether the bank is FDIC-insured.
• Opening an account without asking about monthly and overdraft fees.
• Using the entire limit of your first credit card.
• Applying for many credit cards in a short period.
• Providing information to sites other than AnnualCreditReport.com that claim to offer a "free report."
• Failing to keep the money transfer receipt and noticing the error after 180 days.

• I do not have an SSN. Can I open an account? The federal rule also accepts a passport number for non-U.S. customers. Ask about the bank's additional requirements in advance.
• Is my credit score from Türkiye valid in the United States? U.S. credit bureaus record your credit use in the United States. Most newcomers start from scratch here.
• I have no credit history. Where should I start? The CFPB recommends secured credit cards and credit-builder loans. On-time payments are the most important factor.
• Will checking my own report lower my score? No.
• Does a credit freeze cost money? No. Both placing and lifting it are free.
• If I send money to Türkiye in cash, will I pay tax? Since January 1, 2026, there is a 1% tax on remittances made with cash, a money order, or a cashier's check.

• FDIC BankFind (bank inquiry)
• NCUA – Credit union inquiry
• AnnualCreditReport.com (free credit report)
• CFPB – List of credit reporting companies
• IdentityTheft.gov (identity theft report)
• Form W-7 – ITIN application (PDF)
• CFPB complaint form
• FDIC – GetBanked guide
• Related: 10.0 Newcomers: first 30-day checklist · 15.7 Tax fraud