Before you start

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

Step-by-step

1
Open a checking account in branch
Bring your passport, Indiana address and SSN or ITIN if issued. Federal Customer Identification Program rules explicitly permit 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
Try a Midwestern regional bank or a credit union
Indianapolis is well served by regional banks and by credit unions with broad membership routes — employer, county of residence, or association. Both are usually more willing to open an account and to price a first car loan for someone with no credit file than a national bank's branch script allows.
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 around $500, and get a card with a matching limit that reports to the credit bureaus. Age of history matters as much as behaviour, so the clock is the thing you are buying.
OnlineWho: YouMonth 1
6
Model the car loan, the insurance and the excise tax together
A newcomer with no credit file will be quoted a punitive finance rate exactly when they most need a car. Price the loan payment, the insurance premium and Indiana's annual vehicle excise tax as one number rather than three, and consider paying cash for a cheaper first car while the credit file builds.
In personWho: You
7
Set up AES Indiana, Citizens Energy and expect a deposit
AES Indiana supplies electricity and Citizens Energy Group supplies gas, water and sewer across most of Marion County. Without a US credit file expect a security deposit on the utility accounts, refundable after a period of on-time payment. Ask up front rather than discovering it on connection day.
OnlineWho: 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 an Indiana address
Employer offer letter, accepted by some institutions as supporting evidence

Things most newcomers don’t know

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 politely, or try a credit union, before concluding you must wait for the SSN.

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

The low cost base is a credit-building advantage, and most people waste it.

Indianapolis rents and utilities are among the lowest of any large US city. That produces surplus cash in the first year that can go into a secured card, a small deposit on a cheap car and an emergency buffer — which compounds into a usable credit file by month twelve. In a high-cost city the same salary produces none of that slack.

Source: community-reported

The car is the credit decision, not the credit card.

In a metro where almost every job needs a car, a thin-file borrower buying a vehicle in month one pays a rate that can add thousands over the loan. Buying a cheaper car for cash and financing the second one at month twelve, once a file exists, is frequently the better arithmetic here.

Source: community-reported

Carrying a balance builds interest, not credit.

Scores respond to on-time payment and low utilisation, not to interest paid. Paying in full each month builds history identically and saves a rate 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.
Financing a car in month one with no credit file at a punitive rate.
Being surprised by utility deposits in the same week as the rental deposit.
Delaying a secured card until credit is actually needed.
Paying an avoidable monthly maintenance fee by never setting up direct deposit.

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

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