Go Back  British Expats > Living & Moving Abroad > USA
Reload this Page >

auto loan / credit issues / apartment renting...

auto loan / credit issues / apartment renting...

Old Jun 9th 2009, 7:45 am
  #1  
Just Joined
Thread Starter
 
Joined: Jan 2009
Posts: 16
j1983m is an unknown quantity at this point
Default auto loan / credit issues / apartment renting...

i just want to ask a few questions about auto loans and apartment rentals for people with newly established US credit. i have tried the search function but wanting info that is a little more updated and personal to my situation.

im a dual US/UK citizen but only lived & worked in the UK. I have had a wells fargo bank account for 1.5 years and also held a secured credit card with them for 1 yr. about 3 months ago i also got another credit card with a different company. in January made the move out the california (although i am temporary back in the UK) i got a cell phone with at&t who did a credit check and i presume i passed this as I got the phone.

i tried to get an apartment at the time but the rental companies i approached did credit checks on me and said there wasn't really anything coming up against me which they seemed to see as a disadvantage and didn't want to rent to me. i have letters of reference from previous landlords in the UK and was willing to pay an extra deposit but companies weren't interested. has anyone had any experience of this / can anyone provide me with any help with the situation?

i also wanted to ask regarding an auto loan, if i applied do you think i would get one? i am only looking at getting an Scion under 20k and would put a 3k deposit down. i dont want to waste any more money on rental cars/cheap used cars. where would be the best place to apply for the loan? at the bank or through the dealership? if i was lucky enough to be accepted what sort of interest rate would i be looking at? should i wait a little longer? again any help/information/experience would be more than welcome.

thanks in advance.
j1983m is offline  
Old Jun 9th 2009, 10:48 am
  #2  
BE Forum Addict
 
Joined: Sep 2006
Posts: 1,966
augigi has a reputation beyond reputeaugigi has a reputation beyond reputeaugigi has a reputation beyond reputeaugigi has a reputation beyond reputeaugigi has a reputation beyond reputeaugigi has a reputation beyond reputeaugigi has a reputation beyond reputeaugigi has a reputation beyond reputeaugigi has a reputation beyond reputeaugigi has a reputation beyond reputeaugigi has a reputation beyond repute
Default Re: auto loan / credit issues / apartment renting...

Check your own credit score online - you are entitled to a free report from each CRA annually. Beware of the "free" services that require you to enter a credit card number - they keep charging you.

It's impossible to guess without knowing your details. Even if the score is good, the length of credit history is a minus. I suggest you try private landlords who you can give extra deposit to, or try a roommate situation with craigslist?
augigi is offline  
Old Jun 9th 2009, 12:08 pm
  #3  
Wondering if...
 
celticgrid's Avatar
 
Joined: Apr 2009
Location: Clarence, NY
Posts: 1,213
celticgrid has a reputation beyond reputecelticgrid has a reputation beyond reputecelticgrid has a reputation beyond reputecelticgrid has a reputation beyond reputecelticgrid has a reputation beyond reputecelticgrid has a reputation beyond reputecelticgrid has a reputation beyond reputecelticgrid has a reputation beyond reputecelticgrid has a reputation beyond reputecelticgrid has a reputation beyond reputecelticgrid has a reputation beyond repute
Default Re: auto loan / credit issues / apartment renting...

On the rental apartment front, keep trying! We had the same issue last year but did find a couple of rental companies that were prepared to deal with us. We ended up paying 3 months rent in advance. Not as deposit, just the initial 3 months in advance, and after that ran out just the normal monthly payments.

I don't think the secured credit card gets you any brownie points. The normal credit card should start filtering onto your credit report in 3-6 months.
celticgrid is offline  
Old Jun 9th 2009, 11:40 pm
  #4  
BE Enthusiast
 
Joined: Nov 2008
Location: Seal Rock, Oregon
Posts: 842
cluedweasel has a reputation beyond reputecluedweasel has a reputation beyond reputecluedweasel has a reputation beyond reputecluedweasel has a reputation beyond reputecluedweasel has a reputation beyond reputecluedweasel has a reputation beyond reputecluedweasel has a reputation beyond reputecluedweasel has a reputation beyond reputecluedweasel has a reputation beyond reputecluedweasel has a reputation beyond reputecluedweasel has a reputation beyond repute
Default Re: auto loan / credit issues / apartment renting...

Originally Posted by augigi
Check your own credit score online - you are entitled to a free report from each CRA annually.
The official free site is this one;

https://www.annualcreditreport.com/cra/index.jsp
cluedweasel is offline  
Old Jun 10th 2009, 2:06 am
  #5  
 
Joined: Jan 2008
Posts: 7,605
chartreuse is an unknown quantity at this point
Default Re: auto loan / credit issues / apartment renting...

Originally Posted by augigi
Check your own credit score online - you are entitled to a free report from each CRA annually. Beware of the "free" services that require you to enter a credit card number - they keep charging you.
Absolutely, don't touch freecreditreport.com et al with a forked vermin stick!

On credit score, however, be aware that:
  • the (genuine) free credit reports only give you a report, not a score.
  • the "pay for" scores that you can get are mostly bullshit.
  • the only score that counts is FICO - you can buy this from myfico.com, but see below.
  • You have three FICO scores, one each from Equifax, Experian and Transunion.*
  • You're only able to see the Equfax and Transunion ones. Experian won't let you even buy yours.
  • So, unless you plan on getting very technical (as I do) you might as well just get a genuinely free Transunion one from creditkarma.com

* Actually, you have a lot more than three, as even with a single CRA, Fair Isaac has different scoring algorithms for mortgages, auto finance, credit cards etc. But that's getting technical again.
chartreuse is offline  
Old Jun 15th 2009, 4:35 am
  #6  
BE Enthusiast
 
Joined: Mar 2003
Posts: 711
bromleygirl is a splendid one to beholdbromleygirl is a splendid one to beholdbromleygirl is a splendid one to beholdbromleygirl is a splendid one to beholdbromleygirl is a splendid one to beholdbromleygirl is a splendid one to beholdbromleygirl is a splendid one to beholdbromleygirl is a splendid one to beholdbromleygirl is a splendid one to beholdbromleygirl is a splendid one to beholdbromleygirl is a splendid one to behold
Default Re: auto loan / credit issues / apartment renting...

I'm possibly in a similar situation. I am moving back very soon and have approached one agent so far re a rental property..I do not as yet have a job lined up as I wanted a couple of months off with my children to get them settled. I have a reference letter from my current agents in England and I know that even though I have been back in the UK for getting on for almost 5years that my US credit history is still very very good as it was excellent before I left and I have continued to use my US credit card on a regular basis and still have my US bank account.

I think what another poster has said to offer additional x months worth of rent up front is the best way to go. Money talks and the bottom line is at the end of the day they want to be assured that you have the funds to pay. Or do you possibly have someone in the US that could co-sign acting as a gurantor?
bromleygirl is offline  
Old Jun 15th 2009, 5:05 pm
  #7  
Forum Regular
 
malj's Avatar
 
Joined: Jul 2008
Location: San Francisco, CA
Posts: 68
malj has a spectacular aura aboutmalj has a spectacular aura aboutmalj has a spectacular aura about
Default Re: auto loan / credit issues / apartment renting...

I would also suggest trying to rent privately, e.g. through Craigslist. When I came to the US a year ago I had no credit score - I didn't even show up when I ran free credit checks. After looking at apartments on Craigslist, I spoke with the landlord and told him my situation, gave him payslips to show income and just hoped that they would be comfortable with it. You will find that most landlords will be comfortable with this and may be willing to forgo running a credit check so long as you can show income.
malj is offline  

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Contact Us - Archive - Advertising - Cookie Policy - Privacy Statement - Terms of Service -

Copyright © 2024 MH Sub I, LLC dba Internet Brands. All rights reserved. Use of this site indicates your consent to the Terms of Use.