What is ITIN number • What is SSN Number • International Students • F1 Visa • H1B Visa • Immigrants • Ask questions: https://greencardez.com/discussions • Subscribe: null • Instagram: https://www.instragram.com/greencardEZ Do you know what an SSN is? What about ITIN? How about the differences between the two, and which should you get? 00:00 Introduction 00:47 Topics 00:58 Why should you get an SSN or ITIN? 02:30 What is an SSN? 02:59 What is an ITIN? 04:01 Benefit of ITIN? 04:16 Pro Tip Hey, greencardEZ viewers! Moving to the USA has challenges. One of the most critical steps you should take as soon as 10 days after arrival is to apply for a Social Security Number, commonly referred to as SSN. You should apply for ITIN if you don't qualify for an SSN. Understanding the differences between the two, determining which one to get, and the application process can be perplexing and frustrating. Don't worry. We've made it easy. In this video, We will go over SSN and ITIN, why it is essential to apply early, and how to determine which one you should get. However, before we get into the details, it's vital to understand why getting one should be one of your top priorities as soon as you arrive in the US. The US Financial System has a concept called a Credit Report. Credit reports contain information about one's US financial history, credit activity, and current credit situation. They include information such as how many loans and credit cards one has, how long they've had them, their outstanding debt, whether they paid their bills on time, and much more? Companies and lenders use credit reports to offer products and services such as credit cards, loans, and auto insurance. The higher your creditworthiness, the more favorable your terms will be. Excellent credit can save you tens of thousands of dollars, if not more. It may even affect whether you get a job or not. We will cover this topic in depth in a different video soon, but it's important to note that one's credit report is tied to their SSN. The age of your credit report is one of the vital factors in determining your creditworthiness. It is in your best interest to start building your credit report immediately. To do this, you need an SSN on an ITIN. Now that you understand the urgency let's dive into the details of the SSN and ITIN and how to get one. A Social Security Number or SSN is a 9-digit unique identification number. The Social Security Administration assigns it to US citizens, Permanent Residents, and eligible non-immigrant workers, including International Students, to track income and determine benefits. You will need it to open bank accounts, file taxes, get a credit card, buy a car or home, and much more. Individual Taxpayer Identification Number, or ITIN for short, is a 9-digit tax processing number. Internal Revenue Service (IRS) issues it to individuals who need to report income but are ineligible to file for an SSN. In simpler terms, individuals who don't qualify for an SSN need to use their ITIN to file their US tax returns. Now that you understand SSN and ITIN, let's review which one you may qualify for. Anyone who moves to the US for work or finds work qualifies to apply for an SSN. This includes H1-B and other work visa holders. International Students on an F1 Visa with a job offer are also eligible. It includes students with on-campus, qualified off-campus, and CPT and OPT jobs. F1 Visa holders who don't have a job will typically only qualify for an SSN once they land a job. If you're in this category, you qualify for ITIN if you've never had an SSN. One of the top benefits of having an ITIN is that it can be used to establish your credit report without an SSN. You can use it to open bank accounts and apply for credit cards and other financial products. When you get your SSN down the road, you can ask the credit bureaus to update your file with your SSN. That way, you still maintain the length of your credit history – an essential factor in your creditworthiness. We hope that helps you understand SSN and ITIN and why you should get one immediately. In our next video, we will discuss the steps to apply for an SSN, an ITIN, and convert an ITIN to an SSN. We covered the main points. Additional information, such as frequently asked questions, direct links, and other exclusive content, is available on our website. Registration is free and takes less than a minute to complete. We've shared the link in the description. If you have any thoughts, comments, or questions, you're welcome to leave them below. For the fastest responses, however, reach us directly on our website, greencardez.com/discussions. My name is Gaurav Musale, and from all of us at greencardEZ, thanks for watching.