Will linking SSN with checking account help build up credit score?

Question

Background:

• I’m an international student who is currently on F1 OPT.
• I only have a checking account with a debit card at USbank. I use the debit card very often with no overdraft history.
• I just received my SSN 2 months ago.
• I have never applied for any credit card in any bank in America. I assume I don’t have a credit score at any credit bureau.

Goals:

• Start building a solid credit score
• Get approved for a Bank of America cash rewards student credit card

Question:

• I just finished a call with the customer service from USbank. They recommended to bring my SSN card to the local USbank branch and update my SSN with my USbank checking account in order for USbank to report my records monthly to TransUnion to build up a credit score. I have doubts about whether checking account record is gonna be helpful to build up a credit score or not, compared to a secured credit card.
• If update my SSN to my checking account at USbank will help with building a credit score, I do prefer this way.

Answer 1

I have doubts about whether checking account record is gonna be helpful to build up a credit score or not, compared to a secured credit card.

There is a new FICO score available called UltraFICO

How Does UltraFICO™ Work?

The UltraFICO™ Score began a pilot program in 2019 under a partnership between FICO®, Experian and Finicity. The credit scoring model adds a new dimension to the process of determining credit risk: how you manage your money.

With the UltraFICO™ Score, you grant permission for Finicity to review data from your checking, savings and money market accounts if you've applied for a loan and been denied.

Factors include:

• How long your accounts have been open
• The frequency and recency of your bank account transactions
• Evidence of cash on hand
• A history of positive account balances

FICO® then takes this information, along with your Experian credit file, to provide you with your UltraFICO™ Score.

In other words, the UltraFICO™ Score builds on the foundation of the base FICO® Score☉ —including factors like your payment history, how much you owe, your length of credit history, credit mix and recent inquiries—then it adds data from your bank accounts to provide a more well-rounded view of your financial behavior.

So yes, if your bank feeds your banking info into this newer product, and somebody pulling your report uses this new service, then your banking history can impact your credit score.

Answer 2

You should open one of the many credit builder cards. Simply google how to build a credit history and do so.

Answer 3

Your credit score is affected by how you use credit. When a bank opens a checking account they are not extending you credit, not even if they give you a debit card.

So the answer is no. Not for just opening a checking account.