We’ve talked about SelfScore before, SelfScore offers credit cards to international students without the need for a social security number or credit score. They have just launched a new card called the SelfScore Achieve credit card, unlike their previous offering this card offers rewards as well.
Card Basics
- No annual fee
- No SSN or security deposit required
- APR of 19.49%
- Reports to all three nationwide consumer reporting agencies
- 1% cash back on all purchases
- Credit limit of up to $5,000
The main difference between this and their classic card is the fact this earns 1% cash back on all purchases and the maximum credit limit is $5,000 instead of $1,500.
Eligiblity
Because there is no SSN or security deposit required, SelfScore requires other data to see if you’re eligible for credit. Here is what they required:
- Must be at least 18 years of age
- Passport or Visa (this is used to prove they have a right to study in the U.S.)
- Proof of enrollment at a qualified program of study in the United States
- Standard personal information (full name, address etc.)
It looks like in most cases people will be approved for the classic card and then there is the ability to be upgraded to the rewards card after six months if you use your card and pay it on time.
How Does It Work?
SelfScore uses two main lending criteria that other card issuers don’t use:
- Your income potential. This is based on your school and also field of study.
- Your identity stability. This is based on how much your contact information has changed over time.
Alternatives
There are alternatives out there other than this product for international students, for example:
- Secured credit cards will approve most people even with no credit history. Downside is that usually a SSN is still required.
- American Express will allow you to bring over your credit history from another country
- Citi will also allow you to bring your credit history over
- Other card issuers will allow you to apply with an ITIN
Our Verdict
I’m a fan of cards that focus on those with no credit history/bad credit history and don’t charge outrageous fees, it’s even better if they also offer a rewards program and the SelfScore card falls into this category. If you can afford to put down a security deposit, then I think most students would be better off with the Discover it Secured card as the rewards program is significantly better. If you can’t afford a security deposit and none of the other above alternatives suit you then I actually would recommend the SelfScore card.
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This credit card is the No.1 choice for international students. Firstly, it does not necessarily need an SSN to apply. I know it is hard to obtain the SSN sometimes, and it is hard to build a credit score with no history. All you need to provide is your I-20. They will report your credit card usage to most bureaus and help you build your credit history. Secondly, it has NO FTF and has 1% cashback on everything. This means you can even earn bonuses when you were in home country on breaks. Thirdly, they generously give away a lot! I am a card holder and I was selected for a 500USD airline gift card. Amazing! Again, strong recommendation! Five stars!
Citibank also offers “Citi ThankYou® Preferred Credit Card for College Students”, which doesn’t require SSN or ITIN. I simply opened the account in a local branch with my passport and I-20. You can also convert it to cards with better reward rates like Citi Double Cash.
Not sure about this offer for people holding other non-immigrant visas.
Although no security deposit is required, but I did open a free checking account.
Sorry for the grammar mistake, it should read:
Although no security deposit is required, I did open a free checking account.
How would they know how much your contact info has changed over time if there isn’t a credit report in your name?
The post office has this information from when you are putting in a permanent mail forwarding request, and will sell this information to companies such as LexisNexis, which is where ChexSystems is getting this information from.
For one, there are no permanent mail forwarding requests.. They last for one year for a permanent relocation, if that’s what you meant.
Also, under this system would a brand new international student get a perfect score..? How does LexisNexis or ChexSystems know when someone started living at their first known address in this country?
If one files an address change with USPS as a family, one just needs to fill in the last name (can’t remember if a first name is required but even if it is there is no requirement for it to be a legal name or even real).
International students might not even know about the option of getting their mail forwarded from USPS.
I’m just very skeptical about any reliable and consistent data that can be used to gauge the risk of lending to international students.