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Your credit score measures how likely you are to pay back your loans calculated based on how you paid off previous loans in the US. A good credit score can be an asset in major financial landmarks in your life, from apartment rentals to mortgages.
As a recent immigrant to the US, you can have a stellar financial record in your home country and still get rejected for a loan in the US because you don’t have credit. So, immigrants usually have to start from scratch when building credit, which can take years.
That’s where Nova Credit – Editorial Name Only steps in. Nova Credit is a cross-border credit bureau that helps credit invisibles from abroad translate their international credit score to a US equivalent credit score, which may help them qualify for financial products.
Overview of Nova Credit
Nova Credit helps newcomers leverage their financial history from their country of origin to access prestigious products like American Express credit cards. But Nova Credit’s perks don’t stop at credit-specific products. The platform also partners with mobile companies as well as auto and student loan lenders, ensuring that immigrants have access to essential services.
Nova Credit makes money through commissions from its partners, so it’s free for customers. However, its services are only available for immigrants from 13 countries: Australia, Brazil, Canada, the Dominican Republic, India, Kenya, Mexico, Nigeria, the Philippines, South Korea, Spain, Switzerland, and the United Kingdom.
What Is Nova Credit?
Nova Credit is a one-stop shop for newcomers seeking easy access to various financial products. With its proprietary program, Credit Passport®, the company translates credit data from your country of origin and shares it with the company you’re applying for.
Here are some of the services you can qualify for with Nova Credit:
US credit cards — You can apply for credit cards from American Express, Petal, Open Sky, and more. Phone plans — Nova Credit partners with Verizon to provide phone plans and smartphone financing with 0% interest for up to 36 months. Auto loans — Nova Credit partners with Westlake and CarZing to help you pre-qualify for auto loans. International student loans — In partnership with MPOWER and Prodigy Finance, Nova Credit facilitates loan applications for international undergraduate and graduate college students. If you’re a US Visa holder, you can also use Nova Credit to find or refinance loans for your foreign student loans.
Note: Certain Nova Credit features aren’t available in all 13 countries it serves. For example, Swiss immigrants aren’t eligible for an auto loan through Nova Credit.
How to Use Nova Credit
Nova Credit’s user-friendly interface allows anyone to navigate and use their offerings effortlessly. With Nova Credit, applying for a credit card or other financial services is as easy as following four simple steps.
Step 1 — Verify the age of your US credit file
Before using Nova Credit, ensure your credit file is under six months old. Lenders will typically use your US credit history before your international one. Having a credit file older than six months might make you ineligible to use Nova Credit’s offerings.
You may have a credit history if you’ve opened a US credit card or loan. To check your credit file, you can pull a report from AnnualCreditReport.com. A credit score is usually an indication that your credit is older than six months.
If you have a score on file but it’s less-than-perfect, you’re not out of luck. Some ways to build your credit score include using a co-signer on a loan, an authorized user on a credit card, a credit builder product, or a bill or rent reporting service. You can find our guide on the best credit builder loans and best rent reporting services here.
Quick tip: You can get a free weekly copy of your credit report from Equifax, Experian, and TransUnion through the end of 2023.
Step 2 — Search products
When you arrive at Nova Credit’s homepage, click on the “Get Started” button. The process begins with a short questionnaire asking about your US status, like if you’ve already moved to the States or possess a Social Security number or ITIN. The form also asks about your credit card and loan history to help them tailor their offerings to suit your needs.
Once you’ve completed the questionnaire, you’ll get to sift through a menu of financial products from credit cards to phone providers. Once you find a product that resonates with you, click the “Apply Now” button, and you’ll be directed to the provider’s website.
Step 3 — Apply for a credit card
Before you begin, ensure you have a government-issued document or passport to verify your identity. Nova Credit will also need documentation to confirm your US address, like a utility bill or bank account statement with your name and address.
Once you have the necessary documents, complete the application with your personal information. As you go through the form, you may notice a box that says “apply without US credit history.” By checking that box, you grant Nova Credit permission to share your international credit history with the lender.
Step 4 — Share your foreign credit report
As you progress through the application, you may be redirected to Credit Passport®, which allows you to share your home country’s credit data with Nova Credit. Credit Passport® may ask for specific information based on your country of origin. Once Nova Credit authenticates and translates your data into a US-equivalent credit score, they’ll deliver this information to you and the lender.
Step 5 — Start building your credit history
If you are approved for a card, you can start your credit building journey. Remember, being approved is only half the battle. You’ll have to practice good credit management to improve your credit.
How Nova Credit Compares to Its Competition
Traditional credit card lenders often focus on individuals who already have a credit history on file, overlooking a significant portion of the population known as “credit invisibles.” These credit invisibles are typically newcomers to America, who often have to start from scratch in terms of building credit when they move.
This lack of credit history makes it challenging for them to establish roots and achieve financial success for themselves, their families, and future generations. Thankfully, Nova Credit has come up with an innovative solution. The Credit Passport utilizes advanced technology to translate an individual’s international credit history into a US-equivalent credit score.
This allows lenders to evaluate the trustworthiness of borrowers with limited or no US credit history, enabling them to access credit without having to start from scratch. Nova Credit offers this service free of charge and connects consumers to a network of credit card providers, auto loan options, and mobile companies.
How We Evaluated Nova Credit
At Insider, our personal finance credit card section is committed to providing our readers with unbiased, thoroughly researched, and inclusive information to ensure they make well-informed decisions. When evaluating Nova Credit’s services, we looked at the following benchmarks to assess their offering.
Accessibility — Unfortunately, Nova Credit isn’t available for immigrants from most countries. Even immigrants from the included 13 countries may not have access to all available credit options. Affordability — Nova Credit is completely free to use, which may be an invaluable perk for those just arriving to the US.Variety — While Nova Credit provides access to otherwise inaccessible products for recent immigrants, there isn’t much variety in the offered products. Security — Nova Credit takes its users’ privacy seriously, as evident in its robust privacy policy. The service requires your consent before sharing your information with its partners, and won’t sell it to affiliated or unaffiliated parties.Customer reviews — Of 132 Trustpilot ratings, Nova Credit averaged 4.1 stars out of five, with 70% of reviews giving the service five stars. 17% of the reviewers gave the service one star, citing unsuccessful credit score transfers.
You can visit our Personal Finance Editorial Standards page to learn more about our methodology.
Nova Credit Frequently Asked Questions
What is Nova Credit?
Nova Credit is a consumer credit bureau that allows newcomers to use their foreign credit history to apply for financial products and services in the US.
How does Nova Credit verify income?
Depending on the credit provider you choose, you may be required to provide your annual income. Nova Credit verifies income by allowing applicants to upload a pay stub or connect their bank account.
Does Nova Credit affect credit score?
While using Nova Credit won’t lower your US credit score, it may impact your home country’s credit score when it conducts a soft inquiry on your original credit report. If you qualify for products offered by Nova Credit’s partners, you may be able to build your credit score by adhering to good credit practices like paying your bills on time and keeping your credit utilization ratio low.