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.
