How Immigrants Can Build Credit While Supporting Family Overseas

Pomelo provides you with benefits that traditional remittance companies can’t offer to senders—things like no transfer fees or interest, a shared line of credit instantly accessible, an easy-to-use mobile app for spend tracking, and complete control over who gets what and how much.

On top of that, you can build your credit history while you support your family! Learn more below.

By Team Pomelo September 22, 2021  •  7 min read
Build Credit in the US with Pomelo

The saying that “money makes the world go round” is especially true for immigrants living in the U.S., many of whom end up sending money around the world to family members and loved ones back home.

Supporting family financially can come at a cost with few benefits for you. But what if things were different? What if you could use a money transfer app and send money abroad with no fees, all the while boosting your credit score in the States?

Using Pomelo, you can.

Pomelo is a credit card that you share with your loved ones abroad. It has a spending limit and you pay it in full at the end of the month, so you’re never in debt.

Here’s how you can build credit while sending money internationally.

Why a New US Citizen or Immigrant Needs Credit History

In the U.S., your three-digit credit score is a way that lenders assess your “creditworthiness”. Having a good credit score can open doors for you—you could get approved for the apartment of your dreams or get a lower interest rate on a loan or get hired for a better job.

Having bad credit can shut those doors of opportunity, costing you more money and time.

For better or worse, in the U.S. your credit score is a major factor that is considered when it comes to getting approved for a rental or mortgage, a car loan, credit card and can even affect your insurance rates.

Good credit means more access, more opportunity, and lower rates so you have more money back in your pocket.

Benefits of Using Pomelo to Support Family Overseas

If you’re already sending money to family abroad using money transfer organizations, you’re likely used to paying fees and waiting in line, and dealing with paperwork. Using the new Pomelo card, you can avoid all of that hassle and deal with zero fees.

It’s your money and you’re free to spend it in any way you like, without any of the punishment of fees.

The Pomelo card makes sending money abroad to family easier than ever and ensures that fees don’t eat up a good chunk of what you’re sending.

When you send money abroad, the receiver of the money is typically receiving the benefits of having extra cash to use for day-to-day expenses back home.

Using the Pomelo card, senders of money can benefit as well. We’ve created a card that helps you build credit while supporting your family overseas.

Credit is a powerful tool that allows you to leverage your money. And in the case of Pomelo, users never get charged any fees. Like most credit cards, the merchants that accept them pay for the convenience they offer.

You also get full control over how much money you send your loved ones and can track on your mobile app how much of the funds have been spent.

Pomelo Card Versus a Traditional Credit Card

The Pomelo card offers you the benefits of having a credit card—such as building credit and having authorized users—but without the threat of debt. It also rewards you for doing something you’re likely already doing by sending money overseas.

Simply apply for a Pomelo card and you can add your loved ones as authorized users. Your family will receive either physical or virtual cards to use for their expenses and spend easily with the convenience of a card.

You can track all of that easily through your mobile app and build credit all at the same time.

How to Build Credit With a Pomelo Card

Pomelo is an innovative and refreshing money transfer app that cuts out the middleman.

It offers zero fees while also helping you build credit. And it’s one of the best ways to send money internationally.

The Pomelo card makes sending money abroad to family easier and ensures fees don’t take away what you’re sending.

Instead of using cash to send overseas, you use credit to send international money transfers. It’s basically like getting approved for a credit card and being able to share that line of credit with your loved ones.

Your family members are considered authorized users, which means they can spend the money as they like but you have the financial responsibility of paying off the card.

The Pomelo card offers you the ability to send a specific amount so sending money can always be on your terms. You also pay no fees at all and you can track your loved ones’ spending as well. Instead of paying fees with other money transfer organizations, the merchant is charged on the transaction when using the card, not you or your loved ones.

By paying off the balance of the card each month, you effectively build credit over time. It’s a win-win situation for you and your family as you get to build credit and pay no fees, using one of the best ways to send money internationally.

Your family gets to easily access funds and a card so they can buy things online or IRL with the safety and convenience of a card.

How Long Does it Take to Build Credit?

If you’re new to building credit, you might wonder how to gain credit. It can be a process that lasts a couple of months up to six months, according to data from NerdWallet. There are different credit-scoring models.

The VantageScore isn’t as popular but you can establish a credit score within a month or two. The FICO score is typically used as the standard credit score. It can take up to six months of on-time payments to generate a credit score.

Good credit means more access, more opportunity, and lower rates so you have more money back in your pocket.

If you’re thinking about how to get a credit card in the USA for new immigrants, you can try out the Pomelo secured card, which uses a cash deposit as your line of credit. By making on-time payments, you can establish a credit score and build from there.

What is a Good Credit Score for an Immigrant?

A good credit score is more than just getting approved for a mortgage or new credit card. In fact, it was proposed that credit scores may be used as part of the criteria for U.S. Citizenship and Immigration Services—with “good credit” being a positive contributing factor. FICO credit scores range from 300 to 850. A “good” credit score is typically 670 or above.

What Does Your Credit Score Start At?

You might be deemed “credit invisible” until you establish some credit history. One of the key ways to build your credit score is by taking out a line of credit and making on-time payments. Doing that while keeping your balances low, you can generate a credit score in a relatively short period of time. FICO credit scores as well as VantageScores start at 300 and go up to 850.

The Bottom Line

If you’re a U.S.-based immigrant and send money back home to your family, you can say goodbye to the old ways of doing it and experience the best way to send money overseas.

No more paying fees or waiting in line. As an added benefit, you can build credit with Pomelo and have greater flexibility and control over sending money to your loved ones.

If you want to try a new way to send money overseas, sign-up for the Pomelo card today.

Take advantage of the safest way to send money internationally that benefits you and your family.

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Read next: How to Share a Credit Card with Family Overseas

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