Even if you do not have a SSN, an Individual Tax Identification Number (ITIN) allows you to build credit, open a bank account, and file your taxes. Gaining credit without immigration status can be extremely difficult and confusing. However, there are ways to build good credit and to receive financing without a SSN. The following sections are aimed to help you understand how credit works, as well as actions you can take to build good credit and start accessing capital.
So, you have a great idea for a new business or you want to start working for yourself. What things do you need to start selling your products and/or services? Maybe you want to lease an office space, purchase a phone plan, or obtain a new computer. You may not have cash to purchase these things upfront but you need them to begin earning money. This is where credit becomes important.
Essentially, credit represents your willingness and ability to repay debt and allows you to borrow money. It’s a powerful tool that helps you get the things you want now based on your promise to pay later. Having good credit is important when you need to qualify for a loan or finance a large purchase.