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Starting new credit history in the UK

Starting new credit history in the UK

Old Apr 15th 2019, 11:23 pm
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Default Starting new credit history in the UK

Some very good friends are getting much closer to leaving the USA and moving back to the UK once they complete the purchase of a house. They are paying cash for their new home but they are becoming well aware that their excellent credit history in the States will mean nothing in Europe not to mention the UK on day one. So now they will need to engineer a build up of solid credit in the UK in order to establish themselves with certain lenders such as credit card companies. Their new reality is making this very real for my wife and I because we will be making the move to Europe in less than two years. Some of their main credit card companies that they hold are not even in the UK. So in many ways they are starting over.

So here are my questions that other people may benefit from.

Is it possible to attain high limit secured credit cards with 1000 to 20,000 limits?
Is it true that being on the voter role actually affect your credit score?
What other factors impact starting a solid credit history in the UK other than being on the voter roles?

My friends have been told that one of their credit cards can be used in the UK with a UK address but the usage fees are much higher which mean their other option is to apply for a credit card with the same company in the UK but the catch is they must have UK credit in order to qualify. Which essentially means they are starting over.

This news has made me and my wife want to start working on our UK credit before we move over there.
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Old Apr 15th 2019, 11:39 pm
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Default Re: Starting new credit history in the UK

Being on the voter/ electoral roll has no bearing on your credit score, but it will impact whether anyone will lend to you as being registered to vote is evidence that your identity is genuine, that you are a real person, and that you are in the country legally. Think of it as somewhat equivalent to having a SSN in the US it is required evidence of your existence and of legal status in the US that makes you eligible for credit. (Yes I know that your US credit history is indexed on your SSN, but that is not what I am talking about.)

You should be able to use a US Amex card to get Amex to issue one to you in the UK, so if you don't have an Amex card I would recommend getting one ASAP.

Last edited by Pulaski; Apr 15th 2019 at 11:55 pm.
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Old Apr 16th 2019, 12:45 am
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Default Re: Starting new credit history in the UK

Originally Posted by Pulaski View Post
Being on the voter/ electoral roll has no bearing on your credit score, but it will impact whether anyone will lend to you as being registered to vote is evidence that your identity is genuine, that you are a real person, and that you are in the country legally. Think of it as somewhat equivalent to having a SSN in the US it is required evidence of your existence and of legal status in the US that makes you eligible for credit. (Yes I know that your US credit history is indexed on your SSN, but that is not what I am talking about.)

You should be able to use a US Amex card to get Amex to issue one to you in the UK, so if you don't have an Amex card I would recommend getting one ASAP.
Thank you P-man. Amex is for sure one option that can be attained in several countries outside the States. But they might charge a extra fee if attained in the states then transferred to the UK. I wonder if the UK credit system is set up similar to that of America's. where a credit score has a major impact on the individual's credit worthiness? In the States it's important to have revolving credit aka creditors that you pay on a monthly basis and who report to the credit bureau accordingly. Bank loans are equally important for credit worthiness for large purchases such as home, boat and car loans. I wonder if the UK credit agencies have certain thresholds and parameters to rate credit history?
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Old Apr 16th 2019, 1:18 am
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Default Re: Starting new credit history in the UK

Originally Posted by UkWinds5353 View Post
Thank you P-man. Amex is for sure one option that can be attained in several countries outside the States. But they might charge a extra fee if attained in the states then transferred to the UK. ...
What do you mean by an "extra fee"? There isn't AFAIK a fee to issue a credit card, but there are several types of Amex card, some if which have an annual fee, and some do not.
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Old Apr 16th 2019, 7:16 am
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Default Re: Starting new credit history in the UK

Why do you need a credit score? Or, if you have enough income every month, a credit card?
I've only ever had debit cards. Am genuinely curious.
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Old Apr 16th 2019, 7:32 am
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Default Re: Starting new credit history in the UK

From another thread you started "Fortunately they are not financing, it will be a all cash deal. That will simplify everything. That is how my wife and I will be doing our UK purchase in less than two years."
So you won't be need a credit history to get a mortgage. Are you planning to buy a boat or car on credit? If so, why?
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Old Apr 16th 2019, 9:15 am
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Default Re: Starting new credit history in the UK

Originally Posted by Pulaski View Post
Being on the voter/ electoral roll has no bearing on your credit score, but it will impact whether anyone will lend to you as being registered to vote is evidence that your identity is genuine, that you are a real person, and that you are in the country legally. Think of it as somewhat equivalent to having a SSN in the US it is required evidence of your existence and of legal status in the US that makes you eligible for credit. (Yes I know that your US credit history is indexed on your SSN, but that is not what I am talking about.)

You should be able to use a US Amex card to get Amex to issue one to you in the UK, so if you don't have an Amex card I would recommend getting one ASAP.
In looking at credit scores available for free on Clearscore ( a free service tied to Equifax reports) and Experian, both specifically state being on the electoral roll as being part of how they determine a credit score.

Funny some store cards require one to have a landline !



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Old Apr 16th 2019, 9:30 am
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Default Re: Starting new credit history in the UK

Originally Posted by Helen1964 View Post
From another thread you started "Fortunately they are not financing, it will be a all cash deal. That will simplify everything. That is how my wife and I will be doing our UK purchase in less than two years."
So you won't be need a credit history to get a mortgage. Are you planning to buy a boat or car on credit? If so, why?
Not sure why you assume the OP is only interested in buying a boat or car on credit. What about something as simple as setting up accounts with utility providers or getting a mobile phone contract? Credit scores aren't just used for borrowing big money.
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Old Apr 16th 2019, 9:33 am
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Default Re: Starting new credit history in the UK

Originally Posted by UkWinds5353 View Post
Is it possible to attain high limit secured credit cards with 1000 to 20,000 limits?
Yes, once established and with a good credit score.

Originally Posted by UkWinds5353 View Post
Is it true that being on the voter role actually affect your credit score?
Yes. Get yourself on the electoral roll asap.

Originally Posted by UkWinds5353 View Post
What other factors impact starting a solid credit history in the UK other than being on the voter roles?
https://moneyfacts.co.uk/guides/debt...credit-rating/

HTH.

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Old Apr 16th 2019, 9:39 am
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Default Re: Starting new credit history in the UK

I set up an account with a utility provider in the UK last year, from abroad.
No need for a credit history. It was quick and painless.
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Old Apr 16th 2019, 9:42 am
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Default Re: Starting new credit history in the UK

And a friend who came back to the UK from Japan last year - just for 12 months while on a sabbatical - was able to get a mobile phone contract without any problem.
Even though she has no credit history whatsoever (she left the UK straight after university).
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Old Apr 16th 2019, 9:57 am
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Default Re: Starting new credit history in the UK

Originally Posted by Helen1964 View Post
And a friend who came back to the UK from Japan last year - just for 12 months while on a sabbatical - was able to get a mobile phone contract without any problem.
Even though she has no credit history whatsoever (she left the UK straight after university).
Presumably when at uni (and before) she had a bank account, mobile phone, paid bills etc. So she will have a credit history.
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Old Apr 16th 2019, 1:53 pm
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Default Re: Starting new credit history in the UK

When our son moved here in 2017 and opened a bank account he was told he could have a credit card after 6 months. He still does not have one, and never had one in the USA, as he doesn’t trust himself with one as he is rubbish at remembering to pay it in full at month end, preferring instead to use his debit card. He had loads of cash available and bought a used car no problem and a house within 6 weeks of arriving, but when he went to get a sim-only mobile phone plan he couldn’t do it without a credit history even for a plan costing £11/month. We added him to our plan and he simply set up a standing order to pay us. After 6 months he was able to switch to his own plan.
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Old Apr 16th 2019, 6:33 pm
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Default Re: Starting new credit history in the UK

Originally Posted by morpeth View Post
In looking at credit scores available for free on Clearscore ( a free service tied to Equifax reports) and Experian, both specifically state being on the electoral roll as being part of how they determine a credit score.

Funny some store cards require one to have a landline !
I'm glad you posted this as I was wondering, with all due respect, how the original Brit Expat contributor could assert comprehensively that the credit reporting bureaus do not use the voter registers in either country. I say that as credit reporting is a well regarded mystical art form and the exact calculation and variables used to compose a credit score are unknown, except to a few 'Merlin' like characters.
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Old Apr 16th 2019, 7:02 pm
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Default Re: Starting new credit history in the UK

Originally Posted by morpeth View Post
In looking at credit scores available for free on Clearscore ( a free service tied to Equifax reports) and Experian, both specifically state being on the electoral roll as being part of how they determine a credit score. ...
But are they saying that its used in the computation or that you have to be on the electoral roll to get a credit score at all?
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