How can you establish credit or improve your credit score in the United States if you do not have a bank account?

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Seven months after my arrival in the United States, I finally was financially ready to buy a car. The best solution for me was to finance one. In my head, this process was very clear: I had a visa, employment and earned decent wages. All I had to do was to go to a dealership and apply for financing. My earnings were enough to substantiate my ability to make the required monthly payments. That is how it works in my home country, so I thought to myself logically this is how it works in the US as well.

In fact, I was about to find out how wrong I was. I learnt that in the United States, one’s CREDIT SCORE is key to financing opportunities and that a good score can be achieved without a high salary.

Lenders use the credit score to evaluate credit worthiness. It summarizes your credit risk based on a snapshot of your credit report. Basically, the credit score determines your ability to pay back a loan, based on your previous credit history.

So, if you make timely payments and are able to manage different credit cards, you may have a good credit score , regardless of the amount of your earnings.

In my case, as a new resident in the United States, it meant starting from scratch and trying to figure out the best fit for my profile, having a choice between banks and other specialized companies providing financing. But, how do you raise your score if you are unbanked or financially underserved? How can you have your score reported to the major credit bureaus?

And this is where PAYTOO was the solution to my problem!

PAYTOO Mobile Wallet™ has created PAYTOO Safe, a program designed to help you establish credit and improve your credit score without the need of a bank account or credit card,

This program requires a cash collateral deposit in the same amount of the desired credit line. Repayment activity is then reported to major credit bureaus. So, to be clear, you open your PAYTOO Mobile Wallet account (if you do not already have one), you make a cash collateral deposit of $300 to up to $1,000 depending on the desired credit line, start using it and making repayment in a timely fashion and you will be on your way to improve your credit score!

If I would to summarize it, I would say that the benefits of PAYTOO Safe are:

  1. No Credit Check for approval.
  2. Instant acceptance.
  3. Works for everyone.
  4. Reports to major credit bureaus.
  5. No checking account required.
  6. No additional monthly fees.
  7. Credit limit determined by your cash collateral deposit of $300 to up to $1,000.

Stay tuned! In my next article I will share with you a tip to transfer money worldwide at low cost!

Deborah Accos
PR and Communications
(954) 414-9623 / 



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