Blue Sky

Hello to everyone, me and my boyfriend are just starting on the emigration process and will be going to New Zealand in 2006. We think we have got the answers to most of our questions but one thing is really worrying us. My bf had a very bad marital split 3 years ago and was left with loads of debt from it and struggled to pay it all off but he has done now. But when we applied for a joint bank account here because we're getting married in February they turned us down because of his credit rating.
Does anyone know if this will affect us when we get to New Zealand even tho he has paid it all off? He's a mechanic so should be able to work very easily when we get there but will that make any difference to us getting a bank account? I don't want to ring up any banks in New Zealand because I don't know how to say it without it sounding worse than it was if you know what I mean.

bookemjano

Erm - no idea on this one, had a hunt around the web but couldn't find the answer for you. Anyone? Welcome to the forum though, just shout out for any other questions you need answers to, there's always someone here to help (believe me, even though I don't know the answer to this one, someone will).

pixi-dust

I think what I would do would be to find out whats wrong with your credit rating....you can do this by going to experian's web site and registering with them - you get a trial period - it costs about £5 - and you can get a print out of your rating. You may find that there's something wrong and you can sort it out??
I'd try this first.
I did this just to check that nothing was going to jump up and bite me on the bum!!!

bookemjano

I think I'd better do this as well - just in case! But does this show up as another credit search?

MV5555

After reading a few posts way back on this subject and doing my own research...UK credit rating will not follow you but you will have to set a bank account in nz and show that you have an income and are regular savers this will quickly establish your credit line i nz no mater what it was like in UK....Im sure its only a matter of time though when credit is linked worldwide...but at th mo it does not.........one word though if you do have uk debt and hope to leave it behind be warned all that is done ( when you are found) is that the debt is sold to a local company who will enforce it though the local legal system......hope this helps

bookemjano

Good advice. Hope this helps Blue Sky - told you people on here always had the answer!

pixi-dust

If you've searched your own credit rating it doesnt show up at all. It is interesting though cos you can see who had been checking you out!! My rating was, of course, excellent!!! heehee

If you think that there's anything on there that's wrong you can contact them and tell them, and they do take it seriously. They check it out and will change your rating accordingly if it turns out youre right.

bookemjano

I'm 99.9% sure mine's fine (never say never) but I think I'll do it anyway, just to tie up loose ends. And so I can feel all righteous. Could do with the boost!

80s Chick

Bet you could Jan. Thanks for the pm's, I feel better about it all now and realise that they don't deserve me.

Blue Sky welcome to the forum, I've sent you some newbie karma. Ask away my dear no question too silly although I'm not terribly qualified to answer many as we haven't started the process yet. Pinkie is our friendly moderator and resident expert and everyone else tends to be helpful too.

You may find this thread useful (don't be put off by the fact that most of the participants have been banned):

http://britishexpats.com/forum/showthread.php?t=291369

I wonder whether Mr Wardle ever made it to NZ?

Regards

Phyl

pixi-dust

I was the same as you - but it was nice to see it in print!
and yes! I did feel righteous!!!

NZ Climber

That's interesting, he should have an amazing credit rating - it works because the only way you can get a credit rating is by using credit - ie: going into debt. You get a bad credit rating by missing payments or not paying it back (shows that you are a bad money manager and untrustworthy in terms of paying, making you a risk to lend money to). You get a good credit rating by never missing a payment and by getting out of debt before taking on more. I have an awesome credit rating in the UK because i had loads of debt and then paid it all back (without missing a payment) before we came to NZ.

It won't affect you at all, credit ratings don't follow you from country to country. The problem you'll probably have is the same one that we had - you don't have a credit rating here initially (as you've only just arrived) and hence, they give you a credit card with about a $1000 limit on it. very annoying, especially if you're planning on using that card for buying big things, like a new bed or whatever. We've upped the credit limit slowly but it's still piss poor. So, my advice is, forget your past financial history and start again from scratch. Don't volunteer info on any remaining debt in the UK when you sign up for a bank acc here (although it sounds like you don't actually have any) and you'll be good.

Oh, and keep your UK credit cards for emergencies. We did and have had cause to use them too! When you have them they are an absolute lifesaver in a tight jam when you don't have access to the funds that you desperately need!

shepslady

Opening a bank account used to be a relatively easy thing to do.

All that was required was a IRD number (tax number) & from there it was plain sailing. Of course until you establish yourself your credit re credit card limits were always fairly low ( a way for the banks to safe guard themselves I guess) Only time Ive ever heard of anyone being refused a bank account was after they had gone bankrupt which is kind of obvious I guess.
One good way to boost your credit rating is to make purchases with your credit card & pay them off immediately & also once your in employment etc try buying something on HP (hire purchase) double up on the monthly payments or pay it in full asap. Once you can show a good record of making your payments in NZ your credit rating wont take long to establish itself & your limits re credit cards etc will soon rise.

jjennings

I got a $10,000 limit from the start (ASB Visa). Told them it was bad enough having to pay for a card (like we did in the UK in the Dark Ages) let alone insulting me with a $1000 limit. Gave them the choice to up the limit or I'd simply continue with my UK cards and take my other banking business elsewhere. They choose the higher limit . Just remember that the customer is King.

Dave and Lyns

Hi there!

Just wanted to say welcome to the forum and give you a bit of welcome karma to get you started.

Can't help in this instance (we are still researching ourselves) but we hope everything works out OK.

Cheers,

Dave and Lyns

pixi-dust

on the opening a bank account question.

We opened one with the ASB when we were over.
We filled in a form and put $500 in. We did all this at the bank and had made an appointment to do so. There was no information required about salaries, credit ratings or anything.
A very nice lady went through it all with us. Then she set up our online access and made sure we could access our account there and then. After this we went out to the front desk and she made up our EFPOS (is that right?) cards and we set up pin numbers right there! So within an hour we had a new bank account, cards with pin numbers and online banking. Now say what you want - but in my experience, in the UK, its MUCH more difficult!

Excellent - another positive!