Starting new credit history in the UK
#1
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Joined: Sep 2010
Posts: 1,830
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.
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.
#2
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.
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 10:55 pm.
#3
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Thread Starter
Joined: Sep 2010
Posts: 1,830
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.
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.
#4
Re: Starting new credit history in 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.
#5
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Joined: Jun 2015
Location: France
Posts: 861
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.
I've only ever had debit cards. Am genuinely curious.
#6
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Joined: Jun 2015
Location: France
Posts: 861
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?
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?
#7
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Joined: Jul 2016
Posts: 10,006
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.
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.
Funny some store cards require one to have a landline !
#8
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?
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?
#9
Re: Starting new credit history in the UK
HTH.
#10
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Joined: Jun 2015
Location: France
Posts: 861
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.
No need for a credit history. It was quick and painless.
#11
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Joined: Jun 2015
Location: France
Posts: 861
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).
Even though she has no credit history whatsoever (she left the UK straight after university).
#12
Re: Starting new credit history in the UK
Presumably when at uni (and before) she had a bank account, mobile phone, paid bills etc. So she will have a credit history.
#13
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Joined: Aug 2013
Location: Eee Bah Gum
Posts: 4,131
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.
#14
Re: Starting new credit history in the UK
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 !
Funny some store cards require one to have a landline !
#15
Re: Starting new credit history in the UK