lock2515

Hi there

I currently reside in the UK with my husband and two children. I have been here for 12 years permanently residing, however I have dual citizenship (UK/US) as do my children. My husband is a UK citizen and we are now looking to move to the states and begin a new life there as of June 2018.

My husband currently works for an oil company in the UK. He would continue to work for the company here on a rotational schedule, therefore not requiring to get a job in the US.

We are wondering what would be the best way to set up and build a credit history as I haven't had a US bank account or credit since i left over 12 years ago.

Some people suggest credit cards, others have advised a lump sum of money in your account over the first year in a U.S bank account may also help, just seeing how others have best found this process in the past.

I would really like to hear some advice from those who may have gone through this situation of building up a score.

Thank you for your time. Any advice at all would be much appreciated.

Kindest Regards,

Louise

malch

I'm not sure opening a bank account is going to do much for you.

Here's a trick I used to build credit following my arrival in the US...

Went to a Credit Union (but a bank should work if you're not eligible) and deposited $2000. Took out a $2000 loan secured against my $2000 deposit. Set up automatic payments from the savings account to the loan account. The money went round in circles for a few months. It seemed to work because I soon able to take out a sizable mortgage!

petitefrancaise

Do you have a social security number already?

You could get an Amex card in the UK, if you have it for a minimum period ( not sure 3 or 6 months?) then they will give you a US Amex card when you arrive in the US. That will help you build up your credit score for sure.

I like Malch's idea too. Credit Unions have a membership criteria but a lot of them are not difficult to fulfill. I got mine based on my gym membership. You will need a social security number to open an account with them. As you will for getting any loan.

A lot of us needed to lease cars or finance them in some way - look at International Autosource and Expatride - you need to organise this in advance of leaving the UK. They will report to the credit bureaux and this will build up your credit score.

Some credit unions may give you an unsecured credit card (Advancial?) most of the banks will require that it is secured.

If you are thinking about a mortgage then Wells Fargo have an International Mortgage Program for people newly arrived in the US. You have to apply for this within 1 year of arriving and usually the sooner the better for all kinds of credit reasons.

mrken30

Also take a look at the following sites, http://www.creditkarma.com, http://www.quizzle.com, http://www.creditsesame.com, http://www.credit.com

Another thing to think about, if you have a good relationship with a family member, get them to put you on one of their oldest credit cards as a named user.

Chesten

That's clever!

Rete

Often overlooked by our new members is an excellent guide to US finances written by a knowledgeable long time member of BE. The link is at the start of the US forums but for your convenience you can access it here:

Fatbrit's Guide to Credit and Finance : British Expat Wiki

Rete

There is also the BE wiki which is very helpful and quite often overlooked by new members. This is the financial section dealing with the US and it includes shipping, banking, etc.

Category:USA Financial Topics : British Expat Wiki

LouisB

Haha cunning.

I guess that should be same as taking out a secured credit card with that initial capital, which is what I did, coincidently with same $2000.

Good thing about that is you also get to use the card and are then known to another issuer than your bank too.

mrken30

This wiki has some errors in it. I have never paid for checks in my life.
Also post dated checks, as a depositor, checks will be honored but if it bounces it will cost you money due to insufficient funds you will be charged. There is little recourse if you do this, however if you deposit the check after the date and it bounces the check writer probably has committed a felony.

As the check writer,in some states, if a consumer gives the financial institution reasonably timed written notice about a postdated check before the check is received, then the notice is valid for up to six months.That means the bank must wait to cash the payment until the date stated on the paper or until six months is up, whichever comes first.

That is just from reading the first few paragraphs.

AdobePinon

Those are details, not errors. As Fatbrit said, checks *usually* cost money. Some accounts will give you some for free. I hardly use them anymore in any case.

I used to try writing postdated checks and it never mattered. There'll be an insufficient funds charge if there are insufficient funds regardless of date.

Rete

Then please offer to update it. I'm sure the members of BE would be very appreciative.

BTW I pay for checks. Just ordered some a month ago.

mrken30

I have had 5 different bank accounts in the US. One has never had more than $5000 in it and I have never paid for checks. Admittedly that account they will only give me 1 or 2 sheets of checks at a time, which lasts me a couple of years. If you are paying for checks, move banks.

True, but if you try cashing the check you cannot prove that writing the bad check was deliberate.

malch

That's outrageous! You used my money without my permission?

I was lucky -- when I arrived in the USA I already had two US credit cards in my wallet. Back then (~1992) NatWest owned a small bank on the East Coast and my friendly account manager had them issue me a Visa and MasterCard before I even left the UK or had a SSN. That was pretty cool but I don't think anyone would be able to pull that off today!

LouisB

Natwest owned a bank on the east coast? I never knew that.

That's very handy. I got a bank account with visa before SSN but no credit. UK Amex transferred helped there to get my first real credit card. Now I monitor my score, I guess is like a sad pass time everyone does here.

Credit unions, hmmm maybe I should into those...

tom169

I recommend you do. You'll likely have a much easier time striking up a relationship with a credit union (especially a local one) than a large national bank (think wells fargo or boa).

My credit union literally has billions of dollars on the books, yet whenever I visit a branch (mainly when I was finalizing mortgage) I feel more than a number.

With that said they had no experience of new immigrants and wouldn't add me to an account when I moved here without an SSN. I didn't feel like arguing. Wells Fargo did with no problem, but since closed that down.