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Old Oct 1st 2017, 1:44 pm   #46
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Default Re: Excellent credit rating, what will happen to it in the states?

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Originally Posted by veryfunny View Post
..... and it all depends on your circumstances, such employment, debt to income ratio, stable address etc.
No it doesn't. None of those three have anything to do with your credit score.

They will affect your ability to get loans/credit, but that is not the same as impacting your credit score.
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Old Oct 1st 2017, 2:54 pm   #47
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Default Re: Excellent credit rating, what will happen to it in the states?

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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.

Not quite. If you want a credit card with say a $1k limit then the bank will take $1k from your bank account and keep it as security. Usually about 6 months to a year if you have used the card and paid it off each month, they will release the $1k back to your account. However, some credit unions will sometimes offer you and unsecured credit card based on your visa and your income.

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.

not at all. I had a great credit score 12-18 months after arriving. I had a mortgage too.

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.
as pulaski said
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Old Oct 1st 2017, 4:06 pm   #48
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Default Re: Excellent credit rating, what will happen to it in the states?

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Originally Posted by veryfunny View Post
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.
Thanks for you’re reply we have opened a new bank account in the states.

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Old Oct 1st 2017, 4:11 pm   #49
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Default Re: Excellent credit rating, what will happen to it in the states?

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as pulaski said
Thanks Pulaski, I’ll take you’re advice and use the information you have provided
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Old Oct 1st 2017, 4:12 pm   #50
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Default Re: Excellent credit rating, what will happen to it in the states?

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Thanks for you’re reply we have opened a new bank account in the states and I’ll look into the secure credit card you mention. And the store credit cards which my wife already has a few of.
So I’ll maybe open a few of my own too.
Be wary about trying too hard to open store cards - there is a good likelihood you will be declined, and every time you are declined it reduces your credit score and makes it harder to be accepted for other cards or loans. Honestly, seeking some sort of installment loan, such as a car loan, would be more helpful to building your credit score.
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Old Oct 1st 2017, 4:18 pm   #51
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Default Re: Excellent credit rating, what will happen to it in the states?

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Originally Posted by Pulaski View Post
Be wary about trying too hard to open store cards - there is a good likelihood you will be declined, and every time you are declined it reduces your credit score and makes it harder to be accepted for other cards or loans. Honestly, seeking some sort of installment loan, such as a car loan, would be more helpful to building your credit score.
Right, wow it’s a minefield!!
We will certainly be looking at buying a car straight away, I was thinking of paying cash but maybe it’d be better to pay it in instalments. At least that way it doesn’t impact our savings as much plus it will help our credit score.
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Old Oct 1st 2017, 4:22 pm   #52
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Default Re: Excellent credit rating, what will happen to it in the states?

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Right, wow it’s a minefield!!
We will certainly be looking at buying a car straight away, I was thinking of paying cash but maybe it’d be better to pay it in instalments. .....
Certainly people do that, and either get a small loan, say for 25% of the price, or immediately after buying the car pay off all but a few thousand dollars, leaving 12-18 months of payments - enabling you to show that you are able to handle making regular loan payments.
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Old Oct 1st 2017, 4:29 pm   #53
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Default Re: Excellent credit rating, what will happen to it in the states?

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Certainly people do that, and either get a small loan, say for 25% of the price, or immediately after buying the car pay off all but a few thousand dollars, leaving 12-18 months of payments - enabling you to show that you are able to handle making regular loan payments.
Now that’s good advice, I’d never have thought of that.
Thank you very much Pulaski
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Old Oct 1st 2017, 4:35 pm   #54
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Default Re: Excellent credit rating, what will happen to it in the states?

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Now that’s good advice, I’d never have thought of that.
Thank you very much Pulaski
You're welcome.

Note: with a car loan, typically the monthly payment is fixed, so if the payment is $250/mth on a $20,000 loan, it will remain at $250/mth if you pay off $16,000, and the $4,000 balance will be paid off over 16 months. ..... But check the loan small print. Also in some states it use to be legal to capitalize ALL the interest at the start of the loan, so you were on the hook for all the interest even if you paid the loan off early. I am not certain whether it might still be legal to do that in some states?
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Old Oct 1st 2017, 4:35 pm   #55
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Default Re: Excellent credit rating, what will happen to it in the states?

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Originally Posted by Stevie P View Post
Right, wow it’s a minefield!!
We will certainly be looking at buying a car straight away, I was thinking of paying cash but maybe it’d be better to pay it in instalments. At least that way it doesn’t impact our savings as much plus it will help our credit score.
So you're going to have interest payments and the uncertainty of not having the title to the car you drive all to raise some score?

IMO: Stupid idea.
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Old Oct 1st 2017, 4:43 pm   #56
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Default Re: Excellent credit rating, what will happen to it in the states?

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Originally Posted by Pulaski View Post
You're welcome.

Note: with a car loan, typically the monthly payment is fixed, so if the payment is $250/mth on a $20,000 loan, it will remain at $250/mth if you pay off $16,000, and the $4,000 balance will be paid off over 16 months. ..... But check the loan small print. Also in some states it use to be legal to capitalize ALL the interest at the start of the loan, so you were on the hook for all the interest even if you paid the loan off early. I am not certain whether it might still be legal to do that in some states?
I’ll check that with my US son in law, he’s a car finance manager 😄😉
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Old Oct 6th 2017, 4:51 am   #57
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Default Re: Excellent credit rating, what will happen to it in the states?

Credit Karma says otherwise, please elucidate. THX.
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Originally Posted by Pulaski View Post
No it doesn't. None of those three have anything to do with your credit score.

They will affect your ability to get loans/credit, but that is not the same as impacting your credit score.
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Old Oct 6th 2017, 4:53 am   #58
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Default Re: Excellent credit rating, what will happen to it in the states?

Please double check on USA banks they are very different from the UK ones, one of the best are the credit union ones, less interest and willing to loan much more $$$ for a much longer term at low interest rates, than the typical large banks.

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Thanks for you’re reply we have opened a new bank account in the states.
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Old Oct 6th 2017, 4:56 am   #59
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Default Re: Excellent credit rating, what will happen to it in the states?

How about sharing which banks you are talking about?

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as pulaski said
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Old Oct 6th 2017, 5:30 am   #60
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Default Re: Excellent credit rating, what will happen to it in the states?

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How about sharing which banks you are talking about?
I have no idea what you are talking about.
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