Recently, the U.S. Secretary of Homeland Security signed a proposed rule requiring immigrants to provide financial proof, including credit history and credit scores, to prevent those likely to become a "public charge" from becoming legal U.S. residents. The proposal is currently in the public comment period and also applies to immigrants seeking to extend their stay or change their status.
According to the proposal, credit reports and scores can reveal an applicant's bill payment history, current debt, employment and residential history, information regarding lawsuits, arrests, and bankruptcies, as well as whether the applicant is capable of being "self-sufficient."
What Constitutes Self-Sufficiency and Good Credit
U.S. Citizenship and Immigration Services (USCIS) views a "good" credit score as "a positive factor that, in conjunction with other sufficient financial records, indicates that an applicant may be able to support themselves and any dependents." The proposed rule defines the standard for "good" credit as "near or slightly above the average for U.S. consumers."
It is understood that FICO credit scores range from 300 to 850, and lenders generally consider a score between 670 and 739 to be "good."
At the same time, immigration applicants not only need a financial sponsor to guarantee their self-sufficiency, but they must also demonstrate that their income exceeds 125% of the poverty line. This means a family of three must have an annual income of over $25,975.
What About New Immigrants?
Some immigrants who have just arrived in the U.S. may not be able to obtain a credit score and have no credit history. In this regard, credit rating agencies point out that for such individuals, it is necessary to start from scratch, which takes 3 to 6 months. Without a credit card, this may only be achieved through lenders that provide secured accounts or by having a family member or friend co-sign a loan. Alternatively, they can use prepaid debit cards to report financial records to credit bureaus.
The proposal also notes that a lack of a credit report or score is "not necessarily a negative factor" when determining whether an applicant is likely to rely on public benefits. Applicants who can demonstrate that they have no or minimal debt, or a history of paying bills on time, may be considered to have good credit.
U.S. Immigration Policy Tightens; Immigrate Sooner Rather Than Later
Of course, the credit history and scores in this new rule will not be the only factors immigration authorities use to judge immigration applications. However, it does indicate that U.S. immigration rules are becoming increasingly stringent. Therefore, under tightening immigration policies, those planning to immigrate to the U.S. should seize the opportunity, plan ahead to obtain U.S. permanent residency, and reduce the impact of fluctuating U.S. policies to remain prepared for any changes.
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