Nova Credit Review
Nova Credit Review
Nova Credit: Bridging the Gap for Immigrants in the US
Our experts choose the best products and services to help make smart decisions with your money (here’s how). In some cases, we receive a commission from our partners; however, our opinions are our own. Terms apply to offers listed on this page.
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.
However, 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. Starting from scratch to build credit can be a time-consuming process, taking years to establish a solid financial identity.
Nova Credit seeks to address this challenge. It 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.
Unlocking Opportunities with Nova Credit
Nova Credit assists newcomers in leveraging their financial history from their country of origin to gain access to various financial products, including prestigious offerings like American Express credit cards. However, Nova Credit’s perks don’t stop at credit-specific products. The platform also partners with mobile companies, auto loan lenders, and even facilitates international student loans, ensuring that immigrants have access to essential services.
- AmeriSave Mortgage Corporation Review 2023
- Ally vs Capital One 360 Better Online Bank Accounts?
- Arvest Bank 2023 Review
Nova Credit operates on commissions from its partners, which means its services are free for customers. Although Nova Credit is not available for immigrants from most countries, it currently serves immigrants from 13 countries, including Australia, Brazil, Canada, the Dominican Republic, India, Kenya, Mexico, Nigeria, the Philippines, South Korea, Spain, Switzerland, and the United Kingdom.
How Does Nova Credit Work?
Nova Credit stands as a one-stop shop for newcomers seeking easy access to various financial products. The company’s proprietary program, Credit Passport®, translates credit data from a newcomer’s country of origin and shares it with the company being applied to.
Here are some of the services you can qualify for with Nova Credit:
- US credit cards: 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 pre-qualify for auto loans.
- International student loans: Nova Credit works with MPOWER and Prodigy Finance to facilitate 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.
Please note that certain Nova Credit features are not available in all 13 countries it serves. For example, Swiss immigrants aren’t eligible for an auto loan through Nova Credit.
Easy Steps to Access Nova Credit
Nova Credit features a user-friendly interface that allows anyone to navigate and use their services effortlessly. Applying for a credit card or other financial services can be as easy as following these 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 typically prioritize your US credit history over your international one. If your credit file is older than six months, you might become ineligible to use Nova Credit’s offerings.
To check your credit file, you can pull a report from AnnualCreditReport.com. If you have a score on file but it’s less-than-perfect, consider using a co-signer on a loan, becoming an authorized user on a credit card, or utilizing a credit builder product or a bill/rent reporting service.
Step 2: Search for Products Visit Nova Credit’s homepage and click on the “Get Started” button. You will be asked a short questionnaire about your US status, such as whether you’ve already moved to the States or possess a Social Security number or ITIN. The form also inquires about your credit card and loan history to tailor their offerings to your needs.
Once you complete the questionnaire, you’ll have access to a menu of financial products from credit cards to phone providers. Find a product that suits your requirements, click the “Apply Now” button, and you’ll be directed to the provider’s website.
Step 3: Apply for a Credit Card Before starting the application process, ensure you have a government-issued document or passport to verify your identity. Nova Credit will also require documentation to confirm your US address, such as a utility bill or bank account statement.
Complete the application with your personal information, and in the form, you might come across a box that says “apply without US credit history.” By checking this box, you grant Nova Credit permission to share your international credit history with the lender.
Step 4: Share Your Foreign Credit Report During the application process, you may be redirected to Credit Passport®, which allows you to share your home country’s credit data with Nova Credit. Credit Passport® may request specific information based on your country of origin. Once Nova Credit authenticates and translates your data into a US-equivalent credit score, they’ll provide this information to you and the lender.
Step 5: Start Building Your Credit History If you are approved for a credit card, you can begin your credit-building journey. Remember, being approved is only the first step. You must practice good credit management to improve your score.
Nova Credit: Setting the Standard in Credit Accessibility
Traditional credit card lenders often overlook a significant portion of the population known as “credit invisibles.” These are typically newcomers to America who 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. Their 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.
Evaluating Nova Credit
At Insider, we are committed to providing our readers with unbiased, thoroughly researched, and inclusive information to ensure they make well-informed decisions. Here’s how we evaluated Nova Credit’s services:
- Accessibility: Nova Credit is not available for immigrants from most countries, and even immigrants from the included 13 countries may not have access to all available credit options.
- Affordability: Nova Credit’s services are completely free to use, which is a significant advantage for newcomers 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 prioritizes user privacy, as evident in its robust privacy policy. It requires user consent before sharing information with partners and does not sell it to affiliated or unaffiliated parties.
- Customer reviews: On Trustpilot, Nova Credit averaged 4.1 stars out of five, based on 132 ratings. 70% of the reviews gave the service five stars, while 17% of the reviewers gave it one star, citing unsuccessful credit score transfers.
For more details on our evaluation methodology, please visit our Personal Finance Editorial Standards page.
Frequently Asked Questions about Nova Credit
If you have any further questions regarding Nova Credit and its services, the following FAQ section might provide the answers you seek.
Note: The original content has been extensively rewritten to present a lively and humorous tone while showcasing the key information.
