How Credit Works in UK question....
 

To you UK people...how does good or bad credit work in the UK? ...getting a cc and
such? Im a USC.

[email protected] (jadm)
    >
    >

Same as it does here.You will need proof of id to open an account(Passport
etc,Address details within the U.K) Your credit viability will improve in the
commencing months,You can speed up the process by having a joint account with
a UKC. FJ10

If you are new to the UK and want to get a credit card in your own name, you basically need to have a salary paid into your bank account for three months. This enables the bank to give you a reference. Once you've passed this milestone, there shouldn't be any problems.

It's hard to get a consumer loan in the UK, because one of the criteria for most lenders is for your name to be on the electoral register. This doesn't mean that it's impossible - you just have to tell them up front that their computer system will reject you and then they will have a real person do the assessment instead of a machine. The easiest way, though, is to go through your bank.

Ameriscot wrote:
    >
    >
    >
    >
    >

Or get a credit card and account from the same bank and have a card right away. I
didn't have to wait 3 months. Perhaps it depends on the issuer.

You are right, JB. Your bank is likely to issue a credit card or debit card based on an initial deposit. I was thinking more along the lines of a independently issued card with lower interest rates.

The bank is definitely the place to start out.

Thanks for clarifying.

..thanks, so, if your a UKC how do they check your credit there?...by address? point
system like here in USA?..oops i mean credit bureaus?

They use the UK offices of companies like Experion (and others). There are strict laws about how they operate here, so UK records don't get exported and stuff. You need to be on the register of electors and yes, they point system, address record and keep footprint records (notes of all prior credit applications) on you. They also cross reference central records of debtors and court orders etc.

Hope this helps.

Brian.

Good info thanks for the input...then i am right in guessing there is no way to check
a foreign nationals credit in the UK?

>then i am right in guessing there is no way to check
>a foreign nationals credit in the UK?

To my knowledge, it all depends on what you mean by "check". If you are applying for credit and are not on the register of electors yet, you may well find you are rejected every time and to get anywhere, will have to get special processing (i.e. not go through the automated process) and be checked out by a person, who MAY well try and check your non-UK credit rating.

The UK laws about UK held records only apply to UK held records...

Common sense says that the most costly the item, the more attention they will make...

Hope this helps.

Brian.

When you apply for credit, you have to give your name and address, and your last address if your current one is for less than three years. The credit company checks up on your name and address to see if you are on a blacklist. They won't check a foreign address.

The lack of residency in the UK won't prevent you from getting credit, but will put you in a higher risk category. For some companies, they won't be interested in offering you credit; for others they may offer a lower line of credit at a higher interest rate. Which category you fall into may well depend on your employment situation in the UK, what the credit is for, amount of deposit etc.

When you have unusual circumstances, it's best if you can speak to someone face-to-face when applying, rather than failing the criteria required by computer systems. Nothing, though, is impossible.