Excellent credit rating, what will happen to it in the states?
Oct 1st 2017, 12:44 pm
#46
Joined: Dec 2001
Location: Dixie, ex UK
Posts: 52,446
Re: Excellent credit rating, what will happen to it in the states?
They will affect your ability to get loans/credit, but that is not the same as impacting your credit score.
Oct 1st 2017, 1:54 pm
#47
Austin. TX.
Joined: Sep 2013
Posts: 5,930
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.
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.
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.
Oct 1st 2017, 3:06 pm
#48
Forum Regular
Thread Starter
Joined: Mar 2016
Posts: 80
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.
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.
Last edited by Stevie P; Oct 1st 2017 at 3:10 pm.
Oct 1st 2017, 3:12 pm
#50
Joined: Dec 2001
Location: Dixie, ex UK
Posts: 52,446
Re: Excellent credit rating, what will happen to it in the states?
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.
Oct 1st 2017, 3:18 pm
#51
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Thread Starter
Joined: Mar 2016
Posts: 80
Re: Excellent credit rating, what will happen to it in the states?
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.
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.
Oct 1st 2017, 3:22 pm
#52
Joined: Dec 2001
Location: Dixie, ex UK
Posts: 52,446
Re: Excellent credit rating, what will happen to it in the states?
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.
Oct 1st 2017, 3:29 pm
#53
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Joined: Mar 2016
Posts: 80
Re: Excellent credit rating, what will happen to it in the states?
Thank you very much Pulaski
Oct 1st 2017, 3:35 pm
#54
Joined: Dec 2001
Location: Dixie, ex UK
Posts: 52,446
Re: Excellent credit rating, what will happen to it in the states?
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?
Oct 1st 2017, 3:35 pm
#55
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Joined: Mar 2015
Location: NC, USA (ex Yorkshire)
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Re: Excellent credit rating, what will happen to it in the states?
IMO: Stupid idea.
Oct 1st 2017, 3:43 pm
#56
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Joined: Mar 2016
Posts: 80
Re: Excellent credit rating, what will happen to it in the states?
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?
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?
Oct 6th 2017, 3:51 am
#57
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Re: Excellent credit rating, what will happen to it in the states?
Credit Karma says otherwise, please elucidate. THX.
Oct 6th 2017, 3:53 am
#58
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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.
Oct 6th 2017, 3:56 am
#59
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