Opening a bank account; building a credit score: checklist

Open your bank account, build your credit history, check your reports regularly, and know your rights regarding money transfers.

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Open a bank account

1. Choose a bank or credit unionUse BankFind or the NCUA's inquiry tools to check that the institution is legitimate and insured.
2. Prepare the required documentsBring your passport, SSN or ITIN if you have one, proof of address, and any other documents the bank requests.
3. Ask about the bank's additional requirementsFind out in advance about monthly fees, overdraft fees, ATM fees, and the documents required to open an account.
4. Make the initial depositDeposit the initial amount required to open the account; this amount may vary by bank.
5. Activate banking servicesSign the signature card and other documents; activate online and mobile banking, your debit card, and notifications.

6. Ask about credit-building productsAsk the bank about the terms of products such as secured credit cards and credit-builder loans.
7. Set up automatic payments or remindersSet up automatic payments or reminders for bills, and bring the account up to date immediately if you missed a payment.
8. Limit your credit utilizationUse less than 30% of your card limit and pay the balance in full every month.
9. Limit new credit applicationsOpen a new credit account only when you need one and do not submit many applications in a short period.
10. Check your credit reportsCheck your reports regularly, dispute errors, and monitor old accounts you no longer use for identity theft.annualcreditreport.com(Official site)