mcjimbo

Hi everyone,

I'm going through the K1 fiancee visa process at the moment. Our wedding date is set for July 10 next year, and we'll be living in America thereafter.

My question is, I guess to other Brits/Aussies who've immigrated is are there any steps you can take while outside of America to make getting credit easier when you enter America?

I realise If I was loaded I wouldn't have a problem. But my fiancee and I have talked about wanting to buy a home within 2 years of my living over there, funds permitting. So a mortgage is a priority. Neither of us is bankrupt, and i've got great credit in UK/Australia as i've lived in both.

Also in relation to credit cards, If I have an Amex Credit Card in the UK is it easy to get one in the USA? I'm just wondering what are the best steps to move up the credit system in the states when I get there.

Thanks in advance

Dekka's Angel

We couldn't find a way but admittedly we didn't look *too* hard.

I am adding Dekkie to a couple of my credit cards, at the recommendation of our bank. That way, even though they are my cards, and he's not on the contracts, my payments will get reported under his SSN.

We have not yet found out whether Commonwealth Bank (his credit card holder in Oz) has a way of reporting stateside or facilitating things for him here. We know that Commonwealth is a correspondent bank with Bank of America so we're hoping that might smooth the waters in getting him a card. They gave him a checking account no worries just this past Friday, even though interestingly my credit union balked (saying his social security number was "too new").

Of course, if you have $300-500 or so to spare, a secured credit card is ideal. Once you have a good history built up, you can get your deposit back from the credit card company.

Good luck!

mcjimbo

Cheers, I figured as much.

My parents live in New Orleans, my dad got a job there. Anyway they had a normal AMEX, not a credit card. Apparently the lady at AMEX said if they had a AMEX credit card from another country it helps you get one in the U.S. ????

Not sure if anyone knows any better?

beyness

greg and I tried the secured credit card thing, but you must have had a bank account for at least 6 months in the US for it to work... they sent him a letter stating that. So... he has to wait 4 more months to start building credit here... he couldn't even put the phone bill in his name, poor guy!

Pulaski

There is no easy way, and no short cut, to getting a US credit history, don't let anyone persuade you otherwise.

If you lean on Amex they will give you a US card on the back of having had one in the UK (or overseas); I have heard that other "international" credit card issuers might do the same e.g.MBNA, and Bank One.

If you are looking for a car then check Autosource for a car (phone NY 001 516 496 1816). If you have no US credit history you will find it all but impossible to buy a car on credit. So long as at least one of you has a US job (or confirmed job to come to) and you commit to a car BEFORE you l leave the UK they will sell you a Ford/GM/Chrysler (only) at the dealer price, and on manufacturer's credit terms - i.e. the same terms that the American public can get. As the deal is logged against your SS number you will be building your credit history from the day you start paying off the loan on the car. (This is not some "weird internet deal" the deal they set up is with Ford Motor Credit, and their primary line of business is selling to members of the US armed forces - so if Autosource is good enough for them they are good enough for me and you!)

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If your concern is getting a mortgage then you shouldn't worry too much as, unlike other forms of credit, if you flee the country the house is left behind for the bank to sell. So even people with no credit history can get a mortgage without too much difficulty - though you should aim to have a 20% down payment if at all possible as that will make life much easier.

RaymanInPA

As long as you have a job and are pay your bills, six months here and you'll be flooded with Credit Card offers. In the meantime getting a car loan should be no problem, although you wont get the best rates.

Try and join a local credit-union, they're far more flexible with their rates, I got a credit card ($1000 limit) through my local credit union when I first arrived.

You can buy Debit Cards in local stores which have a fixed spending amount on them, that wont help your credit history though.

Bank accounts with MBNA, Amex and HSBC can help (HSBC opened and account for me and gave me a Credit Card with a reference from my UK bank manager).

Bottom line, get a job and pay your bills for six months and you'll be alright.

mcjimbo

Thanks alot for all your insight guys.

It seems to me the way the America credit system is structured is very similar to Australia. I used to live and work there. During university I worked for an electrical retailer and we offered in store credit. They have the same sort of guidlines for getting credit in Australia as you have in America, so thats cool.

Do you also build up a better credit rating in America by buying stuff on credit, then paying it off before the end of the month? I know this was a good way of fast tracking your credit rating/status in Australia.

Also people keep recommeding this letter from the manager of my bank. My situation is a little wierd, because i've only lived just over 2 years in England coming back from Australia. But i've held a bank account there since I was 10 (i'm now 24). Should I get a letter from the manager from both banks you think, and what exactly should it say??? Just "James is good at saving and paying his bills" or what?

Thanks again for all the information, this forum is a wealth of information and your great people.

Pulaski

Honestly I don't think that it will help. A US bank has no way to confirm that the letter isn't something that you printed off your home PC. They trust the credit bureaux reports and aren't going to show much interest in your piece of paper. They may look at it and say "yes, very nice" we'll give you an account, but the truth is that they aren't going to give you anything they wouldn't have given you anyway.

ladyofthelake

I have to concur with Pulaski here. Financial Institutions are completely uninterested in any credit history you may have outside the US. If you have the letter, it's nice , but it won't give you a step up the ladder.

Also, I'd like to recommend http://www.intlauto.com/ which Pulaski mentioned earlier. Within 2 weeks of arriving over here we had our new car (financed with GMAC) at 0%APR. Can't get better than that IMHO. Our US credit history had started! (Well OK, his credit history)
You can select from: Chevrolet, Buick, Pontiac, Cadillac, Oldsmobile, Chrysler, Dodge, Jeep, Ford, Lincoln and Mercury

waxwabbit

Where are exactly located lady of the lake?

My wife and I are planning on moving to Florida.



Lee

ladyofthelake

Saint Augustine, Americas oldest city, 20 odd miles south of Jacksonville. Loads of tourist things like old buildings to look at here.

ukemigrant

Um, poppycock! I've been here 7 months, and on the strength of my wife's credit history, have about $50k of credit available through a few credit cards, including a Mastercard one I got just last week with a $10k limit.

I got her to add me to her bank account and all her credit cards, as a joint card holder where possible, rather than an additional named cardholder. I also got Amex to give me a Blue card on the strength of my UK version of the same card (had to cancel the UK one first though).

Oh and my name is on a bunch of utility bills too.

Maybe I just got lucky...

Pulaski

By short cut I meant getting all the credit you need (say, a couple of thousand dollars on M/C or Visa, and some store cards) within a few weeks, it takes months to build it up, and you yourself said that you've been here seven months.

.... Also, not everyone has the benefit of a USC spouse to get their name into the credit agency systems either.

suebo

We moved here, hubby opened up a bank account and about a month or two later we had a credit card $1000 limit- upped to $3,000 within a year. 1 year down the track every CC company under the sun were ofering us a CC.

We had a mortgage loan within 2 weeks of being here - but had to get all the paperwork from home for our assets. Most things are very difficult here, but from what I have heard we had it easy compared to others. We were told our credit history (in OZ) did not matter in USA, you have to start from scratch. So we did and have built it up - we have been here 3 years now and can still not get the lowest interest rates available (despite having paid everything on time and making extra payments) From what I understand you have to be here at least 5 - 7 years to get to that "excellent" rating. What a load of #$#$*#&#, but anyway, I am rambling now.

We did it the only way we knew how to, arrive here, open an account and go from there, it all worked out. It did help that we had funds from home to buy all out furniture etc.

But I just want to add one more thing. If you have property in UK and can get away with not telling US that you have it. Do it. It has cost us big time. We sold a property last year and got hit up big for it here. Really pees me off no end. What right do the USA have to tax me on a property that I have in OZ, when I already get taxed for it there. Makes me furious. They will hit you up for it no mater what. Just something I learned. Anything for a buck

suebo

You will find that the rental rates are around the same as a mortgage payment, so look in to buying a house asap.