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In the United States, a three-digit number can open or close doors: it determines whether a credit card, a loan, or even renting a home is approved.

The number is the credit score, and for someone just arriving in the country, understanding it and starting to build it as soon as possible makes a big difference.

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What is the credit score?

The credit score is a number that summarizes a person’s financial behavior and tells banks and lenders how “risky” it is to lend them money. The most widely used model is the FICO Score, which ranges from 300 to 850: the higher, the better.

That score influences very concrete day-to-day decisions: approval for credit cards, car loans, renting a home, mortgages, and even the interest rate you are charged.

How the score is interpreted

As a general reference, the FICO Score ranges are usually read as follows:

  • 300 to 579: poor (difficult to access credit or with very high rates).
  • 580 to 669: fair (limited options).
  • 670 to 739: good (acceptable for most products).
  • 740 to 799: very good (better rates and conditions).
  • 800 to 850: exceptional (the lowest perceived risk).

What factors make up the FICO Score

The score does not come from a single piece of data. According to FICO, the model weighs five factors with different weights:

  • Payment history (35%): whether you paid your bills on time. It is the most influential factor.
  • Amounts owed / credit utilization (30%): how much of the available limit you are using; it is advisable to keep it low.
  • Length of credit history (15%): how long your accounts have been open.
  • New credit (10%): how many new accounts you opened or applied for in a short time.
  • Credit mix (10%): the variety of products you manage (cards, loans, etc.).

How to build credit from scratch

For someone starting without a history, the usual path is:

  1. Open a bank account as the basis for the rest of the procedures.
  2. Get a secured credit card, which works with a security deposit and is designed precisely for those who do not have a history.
  3. Use it sparingly and keep usage low relative to the limit.
  4. Always pay on time and, if possible, the full statement balance.
  5. Review the credit report regularly to spot errors.

Another common route is to become an authorized user on a family member’s card with a good history, which can help start building a score.

Is a Social Security number needed to build credit?

Not necessarily. You can start building credit with an ITIN (the tax identification number for those without Social Security), although not all institutions accept it for all their products. The key is to look for banks or credit unions that work with ITINs and that report activity to credit bureaus.