Experts advise opening a bank account and perhaps, obtaining a secured credit card to establish credit-if credit can't be transferred from a foreign country to U.S. credit bureaus. Nevertheless, some financial services companies are beginning to recognize the importance of the immigrant segment of the population. HSBC Bank USA, Buffalo, New York, for example, recently introduced a "Premier" account, which allows an instant credit history transfer between affiliate banks in other countries for persons with deposit and investment account balances of at least $100,000. GMAC has launched a "Settle America" mortgage that allows borrowers with no credit history to prove creditworthiness through their employment status, utility and rent payment history. It also may consider income from household members.
And a Mexico City-based mortgage company, Hipotecaria Su Casita, is offering a special mortgage through its Denver affiliate, Su Casita USA (www.sucasita.com.mx), to cover property in Mexico. Payments for the mortgage, issued in pesos, may be made in U.S. dollars.