Before you start

Passport, with visa and I-94 if applicable
A US residential address
An SSN or ITIN if you have one; a passport number if not
An opening deposit, which varies by bank

Step-by-step

1
Open a checking account in branch
Bring your passport, Illinois address and SSN or ITIN if issued. Federal Customer Identification Program rules explicitly allow a passport number and country of issuance instead of a taxpayer number for non-US persons.
In personWho: YouWeek 1
2
Mention a pending ITIN if you have no SSN
Banks may open accounts for people who have applied for but not yet received an ITIN. File IRS Form W-7 and keep the receipt.
In personWho: You
3
Consider a community bank or credit union
Chicago has a deep bench of neighbourhood banks and credit unions, several founded to serve specific immigrant communities. They are frequently more flexible with thin files and foreign documentation than the national banks.
In personWho: You
4
Set up direct deposit
Give payroll your routing and account numbers. Direct deposit waives the monthly maintenance fee on most US checking accounts.
Via employerWho: You and your employer
5
Open a secured credit card in month one
Post a deposit, typically $500, and get a card with a matching limit that reports to the credit bureaus like any other. Age of history matters as much as behaviour.
OnlineWho: YouMonth 1
6
Pay in full every month and keep utilisation low
Autopay the statement balance and keep the balance below about 30% of the limit. Carrying a balance builds interest, not credit.
Mobile appWho: You

Documents you’ll need

Passport, with country of issuance serving as the identifying number if you have no SSN or ITIN
Visa and I-94, where applicable
SSN card or ITIN letter, if issued
Proof of Illinois address
Employer offer letter, accepted by some banks as supporting evidence

Things most newcomers don’t know

Going car-free removes the sharpest edge of having no credit file.

In Austin or Miami a newcomer needs a car in week one and pays several points above market to finance it without a credit history. In Chicago the L covers most of the city, so you can let the file age for six months before you need it for anything expensive. It is a genuine financial advantage of a transit city.

Source: community-reported

Federal rules let a bank take your passport instead of an SSN.

The Customer Identification Program rule accepts a passport number and country of issuance for non-US persons. Branch staff often do not know this; escalate or try a community bank serving an immigrant neighbourhood, where it is routine.

Source: FFIEC BSA/AML Examination Manual — Customer Identification Program

No credit history is treated worse than bad credit history.

US underwriting scores a file, and a file that does not exist cannot be scored. A well-paid newcomer can be declined for an apartment and a phone contract in the same week. Nothing about your standing at home transfers.

Source: community-reported

Carrying a balance builds interest, not credit.

Scores respond to on-time payment and low utilisation, not interest paid. Paying in full each month builds history identically and saves a rate typically above 20% APR.

Source: Consumer Financial Protection Bureau — credit cards

Common mistakes to avoid

Waiting for an SSN before trying to open an account, when a passport is often enough.
Delaying a secured card until credit is needed.
Carrying a balance in the belief it helps your score.
Paying an avoidable monthly maintenance fee by never setting up direct deposit.
Buying a car on expensive finance when the L would have done.

Some of this may be out of date. Spotted something inaccurate? Help us keep it right for the next newcomer.