Go Back   British Expats / Living & Moving Abroad / USA

Reply
 
Thread Tools
Old Sep 21st 2017, 6:29 pm   #31
Lost in BE Cyberspace
 
mrken30's Avatar
 
Joined: Jul 2008
Location: Portlandia Metro
Posts: 6,329
mrken30 has a reputation beyond reputemrken30 has a reputation beyond reputemrken30 has a reputation beyond reputemrken30 has a reputation beyond reputemrken30 has a reputation beyond reputemrken30 has a reputation beyond reputemrken30 has a reputation beyond reputemrken30 has a reputation beyond reputemrken30 has a reputation beyond reputemrken30 has a reputation beyond reputemrken30 has a reputation beyond repute
Default Re: Excellent credit rating, what will happen to it in the states?

Quote:
Originally Posted by Anian View Post
There is some kind of car website where you do all the haggling online and then just go in to get the car and sign the paperwork. carmax? carpros? I'm not sure.
hertzcarsales have a no haggle price. You rent the car for 3 days for $100, then if you like it, they refund the $100. The prices are generally quite good. The paper work is mostly done online.
__________________
A still tongue is a wise tongue, pity anout the fingers
mrken30 is offline   Reply With Quote
Old Sep 21st 2017, 7:05 pm   #32
malch 
in Northern California
 
Joined: Apr 2014
Posts: 277
malch has a reputation beyond reputemalch has a reputation beyond reputemalch has a reputation beyond reputemalch has a reputation beyond reputemalch has a reputation beyond reputemalch has a reputation beyond reputemalch has a reputation beyond reputemalch has a reputation beyond reputemalch has a reputation beyond reputemalch has a reputation beyond reputemalch has a reputation beyond repute
Default Re: Excellent credit rating, what will happen to it in the states?

We spent a lot of time looking at used economy cars for our daughter. We considered many of the models mentioned here as well as the Hertz (and other rental company) car sales programs.

Ultimately, we were able to negotiate such a good deal on a new Hyundai Elantra it was way more attractive than of the used cars we'd seen. And that came with a full warranty and attractive (4%) financing. We put nearly half down and paid off the loan in around 4 months so we only paid $100 total interest. It was easily worth it to make everything fit our cash flow goals and constraints.
malch is offline   Reply With Quote
Old Sep 21st 2017, 7:09 pm   #33
Lost in BE Cyberspace
 
mrken30's Avatar
 
Joined: Jul 2008
Location: Portlandia Metro
Posts: 6,329
mrken30 has a reputation beyond reputemrken30 has a reputation beyond reputemrken30 has a reputation beyond reputemrken30 has a reputation beyond reputemrken30 has a reputation beyond reputemrken30 has a reputation beyond reputemrken30 has a reputation beyond reputemrken30 has a reputation beyond reputemrken30 has a reputation beyond reputemrken30 has a reputation beyond reputemrken30 has a reputation beyond repute
Default Re: Excellent credit rating, what will happen to it in the states?

If you are car shopping,I would certainly recommend renting a car of the same model you are intending to buy. That is if you have not driven the car before. I find test drives too short to know if I like a car or not.
__________________
A still tongue is a wise tongue, pity anout the fingers
mrken30 is offline   Reply With Quote
Old Sep 21st 2017, 7:12 pm   #34
vote to get Ian back
 
petitefrancaise's Avatar
 
Joined: Sep 2013
Posts: 4,430
petitefrancaise has a reputation beyond reputepetitefrancaise has a reputation beyond reputepetitefrancaise has a reputation beyond reputepetitefrancaise has a reputation beyond reputepetitefrancaise has a reputation beyond reputepetitefrancaise has a reputation beyond reputepetitefrancaise has a reputation beyond reputepetitefrancaise has a reputation beyond reputepetitefrancaise has a reputation beyond reputepetitefrancaise has a reputation beyond reputepetitefrancaise has a reputation beyond repute
Default Re: Excellent credit rating, what will happen to it in the states?

Quote:
Originally Posted by malch View Post
We spent a lot of time looking at used economy cars for our daughter. We considered many of the models mentioned here as well as the Hertz (and other rental company) car sales programs.

Ultimately, we were able to negotiate such a good deal on a new Hyundai Elantra it was way more attractive than of the used cars we'd seen. And that came with a full warranty and attractive (4%) financing. We put nearly half down and paid off the loan in around 4 months so we only paid $100 total interest. It was easily worth it to make everything fit our cash flow goals and constraints.
and how long have you been in the USA?
petitefrancaise is offline   Reply With Quote
Old Sep 21st 2017, 7:57 pm   #35
Lt Col (Retd)
Premium Member
 
Pulaski's Avatar
 
Joined: Dec 2001
Location: Dixie, ex UK
Posts: 42,058
Pulaski has a reputation beyond reputePulaski has a reputation beyond reputePulaski has a reputation beyond reputePulaski has a reputation beyond reputePulaski has a reputation beyond reputePulaski has a reputation beyond reputePulaski has a reputation beyond reputePulaski has a reputation beyond reputePulaski has a reputation beyond reputePulaski has a reputation beyond reputePulaski has a reputation beyond repute
Default Re: Excellent credit rating, what will happen to it in the states?

Quote:
Originally Posted by mrken30 View Post
If you are car shopping, I would certainly recommend renting a car of the same model you are intending to buy. .....
That can be easier said than done when typically you sign up for "a Nissan Altima, or similar, "a Chevy Cruze, or similar", etc.
__________________
As quoted in the Grauniad.
Pulaski is online now   Reply With Quote
Old Sep 21st 2017, 8:02 pm   #36
Lost in BE Cyberspace
 
mrken30's Avatar
 
Joined: Jul 2008
Location: Portlandia Metro
Posts: 6,329
mrken30 has a reputation beyond reputemrken30 has a reputation beyond reputemrken30 has a reputation beyond reputemrken30 has a reputation beyond reputemrken30 has a reputation beyond reputemrken30 has a reputation beyond reputemrken30 has a reputation beyond reputemrken30 has a reputation beyond reputemrken30 has a reputation beyond reputemrken30 has a reputation beyond reputemrken30 has a reputation beyond repute
Default Re: Excellent credit rating, what will happen to it in the states?

Quote:
Originally Posted by Pulaski View Post
That can be easier said than done when typically you sign up for "a Nissan Altima, or similar, "a Chevy Cruze, or similar", etc.
I have leased from the dealerships in the past. Also sometimes you are able to lease the higher end models not found at car rental companies.
__________________
A still tongue is a wise tongue, pity anout the fingers
mrken30 is offline   Reply With Quote
Old Sep 21st 2017, 8:24 pm   #37
tom169 Male
BE Forum Addict
 
tom169's Avatar
 
Joined: Mar 2015
Location: NC, USA (ex Yorkshire)
Posts: 2,391
tom169 has a reputation beyond reputetom169 has a reputation beyond reputetom169 has a reputation beyond reputetom169 has a reputation beyond reputetom169 has a reputation beyond reputetom169 has a reputation beyond reputetom169 has a reputation beyond reputetom169 has a reputation beyond reputetom169 has a reputation beyond reputetom169 has a reputation beyond reputetom169 has a reputation beyond repute
Default Re: Excellent credit rating, what will happen to it in the states?

Extended test drives have also been offered to me while shopping. Typically can borrow the car for 24 hrs or so at no charge.
__________________
Entered the USA on K-1. AOS Interview scheduled for mid September 2017 (filed Dec 2016).
tom169 is offline   Reply With Quote
Old Sep 21st 2017, 10:39 pm   #38
vote to get Ian back
 
petitefrancaise's Avatar
 
Joined: Sep 2013
Posts: 4,430
petitefrancaise has a reputation beyond reputepetitefrancaise has a reputation beyond reputepetitefrancaise has a reputation beyond reputepetitefrancaise has a reputation beyond reputepetitefrancaise has a reputation beyond reputepetitefrancaise has a reputation beyond reputepetitefrancaise has a reputation beyond reputepetitefrancaise has a reputation beyond reputepetitefrancaise has a reputation beyond reputepetitefrancaise has a reputation beyond reputepetitefrancaise has a reputation beyond repute
Default Re: Excellent credit rating, what will happen to it in the states?

Going back to the original OP and credit....

A new arrival in the USA with no credit history or a very low score ( which is what you will have for about a year) is unlikely ( not going to get) a nice interest free deal or a low interest deal on a new car from a dealer of their choice in the USA. Malch has been in the USA since 1992 and obviously has a good long credit history and a good credit score.

VW has an Expat business program and Mazda self-finance so both of these companies will help you to buy a car. Most dealers will not be able to secure financing for a new arrival through the finance companies they use normally.
petitefrancaise is offline   Reply With Quote
Old Sep 22nd 2017, 4:08 am   #39
Lost in BE Cyberspace
 
mrken30's Avatar
 
Joined: Jul 2008
Location: Portlandia Metro
Posts: 6,329
mrken30 has a reputation beyond reputemrken30 has a reputation beyond reputemrken30 has a reputation beyond reputemrken30 has a reputation beyond reputemrken30 has a reputation beyond reputemrken30 has a reputation beyond reputemrken30 has a reputation beyond reputemrken30 has a reputation beyond reputemrken30 has a reputation beyond reputemrken30 has a reputation beyond reputemrken30 has a reputation beyond repute
Default Re: Excellent credit rating, what will happen to it in the states?

You'd be surprised who they are willing to lend money to on a secured loan. You can always refinance at a later date for a better rate. They are fairly desperate to lend money to people these days.
__________________
A still tongue is a wise tongue, pity anout the fingers
mrken30 is offline   Reply With Quote
Old Sep 22nd 2017, 11:28 am   #40
BE Forum Addict
 
Joined: Aug 2013
Location: GA, USA ex London UK
Posts: 1,202
MidAtlantic has a reputation beyond reputeMidAtlantic has a reputation beyond reputeMidAtlantic has a reputation beyond reputeMidAtlantic has a reputation beyond reputeMidAtlantic has a reputation beyond reputeMidAtlantic has a reputation beyond reputeMidAtlantic has a reputation beyond reputeMidAtlantic has a reputation beyond reputeMidAtlantic has a reputation beyond reputeMidAtlantic has a reputation beyond reputeMidAtlantic has a reputation beyond repute
Default Re: Excellent credit rating, what will happen to it in the states?

Quote:
Originally Posted by mrken30 View Post
You'd be surprised who they are willing to lend money to on a secured loan. You can always refinance at a later date for a better rate. They are fairly desperate to lend money to people these days.
No surprise at all with a secured loan, but that is not what most people are talking about here.
MidAtlantic is offline   Reply With Quote
Old Sep 22nd 2017, 12:44 pm   #41
Lt Col (Retd)
Premium Member
 
Pulaski's Avatar
 
Joined: Dec 2001
Location: Dixie, ex UK
Posts: 42,058
Pulaski has a reputation beyond reputePulaski has a reputation beyond reputePulaski has a reputation beyond reputePulaski has a reputation beyond reputePulaski has a reputation beyond reputePulaski has a reputation beyond reputePulaski has a reputation beyond reputePulaski has a reputation beyond reputePulaski has a reputation beyond reputePulaski has a reputation beyond reputePulaski has a reputation beyond repute
Default Re: Excellent credit rating, what will happen to it in the states?

Quote:
Originally Posted by MidAtlantic View Post
No surprise at all with a secured loan, but that is not what most people are talking about here.
I think he's talking about a car loan being a secured loan. ..... In other words you can often get a car loan even with junk credit rating. The rate will be high though.
__________________
As quoted in the Grauniad.

Last edited by Pulaski; Sep 22nd 2017 at 1:00 pm.
Pulaski is online now   Reply With Quote
Old Sep 23rd 2017, 7:53 pm   #42
LouisB 
BE Enthusiast
 
Joined: Jan 2017
Posts: 479
LouisB has a reputation beyond reputeLouisB has a reputation beyond reputeLouisB has a reputation beyond reputeLouisB has a reputation beyond reputeLouisB has a reputation beyond reputeLouisB has a reputation beyond reputeLouisB has a reputation beyond reputeLouisB has a reputation beyond reputeLouisB has a reputation beyond reputeLouisB has a reputation beyond reputeLouisB has a reputation beyond repute
Default Re: Excellent credit rating, what will happen to it in the states?

As everyone says, UK score means nothing in the US.

Can attest to that, a perfect long history 999 in the UK and nothing here, not a bean.

You have to be wise and build it up from scratch. Which is a matter of being patient and being careful.

Even after 6m or a year you'll have something. Quite easy to monitor too 🙂
LouisB is offline   Reply With Quote
Old Sep 25th 2017, 5:54 am   #43
ChrisK 
Just Joined
 
Joined: Nov 2013
Posts: 8
ChrisK is an unknown quantity at this point
Default Re: Excellent credit rating, what will happen to it in the states?

Credit scores in the US are a scam - in the UK they essentially reflect how god you are at paying your bills/loans on time - in the US they are set to see how much more money the banks can squeeze out of you.


My wife and I had perfect UK scores - moving to the US, for some reason my wife had a better score than me, even though I had had a US bank account (and SSN ++) for over 20 years with no missed bills - and she had nothing - and of course there are lots of different credit scores out there anyway... .


A couple of annoying examples is that they look at the CC balance - even if you pay it off in full each month; another one was when we were refinancing our house last year with WF - for some mysterious reason our credit rating fell for that particular quarter that we applied for the loan (thereby making it more expensive).
ChrisK is offline   Reply With Quote
Old Sep 25th 2017, 12:06 pm   #44
Lt Col (Retd)
Premium Member
 
Pulaski's Avatar
 
Joined: Dec 2001
Location: Dixie, ex UK
Posts: 42,058
Pulaski has a reputation beyond reputePulaski has a reputation beyond reputePulaski has a reputation beyond reputePulaski has a reputation beyond reputePulaski has a reputation beyond reputePulaski has a reputation beyond reputePulaski has a reputation beyond reputePulaski has a reputation beyond reputePulaski has a reputation beyond reputePulaski has a reputation beyond reputePulaski has a reputation beyond repute
Default Re: Excellent credit rating, what will happen to it in the states?

Quote:
Originally Posted by ChrisK View Post
Credit scores in the US are a scam - in the UK they essentially reflect how god you are at paying your bills/loans on time - in the US they are set to see how much more money the banks can squeeze out of you.

My wife and I had perfect UK scores - moving to the US, for some reason my wife had a better score than me, even though I had had a US bank account (and SSN ++) for over 20 years with no missed bills - and she had nothing - and of course there are lots of different credit scores out there anyway... .

A couple of annoying examples is that they look at the CC balance - even if you pay it off in full each month; another one was when we were refinancing our house last year with WF - for some mysterious reason our credit rating fell for that particular quarter that we applied for the loan (thereby making it more expensive).
You clearly don't understand how credit scores work in the US; they certainly aren't a "scam". Your credit score reflects the likelihood of you defaulting on a loan, and so credit card balances are part of that equation. However credit card balances are quite a small part of the equation, such that the difference between a zero balance and having say, a 10% balance which you pay off every month, is truely [u]negligible[/].

Unfortunately, a few years ago, my wife and I had a period of having several credit cards (at least six, maybe seven) between us that were as near to maxed out as makes no difference - like 95%-99.5% balances ..... but we still had credit scores in the 700-730 range. .... In short, don't obsess about your credit card balance, it is only a very small part of the overall picture.

By far the largest part of the picture is paying your bills on time every month, almost a third of your score is driven by your payment history.
__________________
As quoted in the Grauniad.

Last edited by Pulaski; Sep 25th 2017 at 12:10 pm.
Pulaski is online now   Reply With Quote
Old Oct 1st 2017, 6:12 am   #45
BE Forum Addict
 
veryfunny's Avatar
 
Joined: Aug 2003
Location: California b4 Colorado b4 Valley of plastic and sand, b4 London
Posts: 2,014
veryfunny has a reputation beyond reputeveryfunny has a reputation beyond reputeveryfunny has a reputation beyond reputeveryfunny has a reputation beyond reputeveryfunny has a reputation beyond reputeveryfunny has a reputation beyond reputeveryfunny has a reputation beyond reputeveryfunny has a reputation beyond reputeveryfunny has a reputation beyond reputeveryfunny has a reputation beyond reputeveryfunny has a reputation beyond repute
Default Re: Excellent credit rating, what will happen to it in the states?

To get a high FICO score when you live in the states depends on many factors but i would suggest you open a bank account first and then ask your bank for a secure credit card, which works like a credit card but is based on how much you have in your account.

Secondly, you have to own some debt in order to build your credit, so if you can get one of those store credit cards and pay it of every month on time will help.

Banks want to see if you are financially responsible, this usually takes about five years after the great recession to get at least a high FICO score.

There are so companies that help do this but cost a pretty penny and it all depends on your circumstances, such employment, debt to income ration, stable address etc.

Quote:
Originally Posted by Stevie P View Post
Hi, I'm wondering when my wife a USC and I move permanently to the states, if we need to at some point will I be eligible to get a loan for anything ?
You know like for a car or whatever.
My credit rating is perfect here in the UK, but will that mean anything once we have moved to the US ?
__________________
Timeline in Profile
I751-April 1st 2007
1Yr extension April 25th 2007
10 Yr card arrives May 22nd 2007
veryfunny is offline   Reply With Quote
Reply

Go Back   British Expats / Living & Moving Abroad / USA


Thread Tools

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off



All times are GMT. The time now is 1:43 pm.


Powered by vBulletin: ©2000 - 2017, Jelsoft Enterprises Ltd.
© 1999-2010 BritishExpats.com