Building credit history before move
Apr 25th 2019, 11:15 pm
#16
Auntie Fa
Joined: Nov 2006
Location: Seattle
Posts: 7,344
Re: Building credit history before move
I'm really keen to find an ethical bank / institution but need to balance that with functionality. (In Au, as an eNGO I found this impossible and we embarrassingly remained with one of the Big Four. Was so relieved when they cleaned up their act a bit.)
Apr 26th 2019, 10:39 am
#17
BE Forum Addict
Joined: Mar 2015
Location: NC, USA (ex Yorkshire)
Posts: 4,375
Re: Building credit history before move
Hi Tom, I'm interested in credit unions. We're heading over to Seattle soon, not sure how long for - we'll be on an E3, non-migrant visa - and we will be renting, don't need house or car loans, will maintain Au and UK bank accounts and pay local obligations from those (we own our Au property). Don't even want to think about the tax implications of all that right now but thinking our day-to-day US finances should be fairly simple.
Being a recently ex Finance Director of an Au organisation with US-based staff, I know that international transfers to CUs can sometimes be tricky, e.g., need to go through intermediary banks. If it ends up being a longer term move, we may need to do more of that kind of thing.
Would be grateful for your thoughts and any recommendations. Thanks.
Being a recently ex Finance Director of an Au organisation with US-based staff, I know that international transfers to CUs can sometimes be tricky, e.g., need to go through intermediary banks. If it ends up being a longer term move, we may need to do more of that kind of thing.
Would be grateful for your thoughts and any recommendations. Thanks.
I've not had problems with mine. Done a wire, some traditional fx transfers and then a bunch of Transferwise and not had an issue.
Apr 8th 2020, 3:23 am
#20
Forum Regular
Thread Starter
Joined: Apr 2019
Posts: 52
Re: Building credit history before move
It would appear you can, i have had Issued in my own name an unsecured card through Capital One with an initial credit limit of $2,500 for the last 7 months and Signing up to a couple of free credit score sites my credit rating is 751 - 785. All it took was an ITIN number and use of my wife’s Family’s residential address in the US. Capital One report to all 3 credit bureaus so hopefully on arrival in 12 months time i will not be a completely invisible man in the credit world!!
Apr 8th 2020, 3:17 pm
#21
Often not so civil...
Joined: Apr 2010
Location: The Boonies, GA
Posts: 9,561
Re: Building credit history before move
You cannot generate a true FICO score (you will never get a FICO score through a free site) without an SSN and at least 6 months of history.
Despite what you may think, I'm afraid you aren't building any history right now until you get, and update with Cap One, your SSN.
Despite what you may think, I'm afraid you aren't building any history right now until you get, and update with Cap One, your SSN.
Apr 8th 2020, 3:24 pm
#22
Joined: Dec 2001
Location: Dixie, ex UK
Posts: 52,446
Re: Building credit history before move
You cannot generate a true FICO score (you will never get a FICO score through a free site) without an SSN and at least 6 months of history.
Despite what you may think, I'm afraid you aren't building any history right now until you get, and update with Cap One, your SSN.
Despite what you may think, I'm afraid you aren't building any history right now until you get, and update with Cap One, your SSN.
In fact there are now some "bottom of the barrel" SSN's being issued that I have heard are causing problems when someone tries to apply for credit because the lender's systems are flagging the number as not a genuine SSN.
Apr 8th 2020, 3:40 pm
#23
BE Forum Addict
Joined: Mar 2015
Location: NC, USA (ex Yorkshire)
Posts: 4,375
Re: Building credit history before move
I think it's also worth noting that history is very important on the credit system - and I mean at least multiple years of history.
I've been here a few years now and still have trouble signing up for services such as new internet packages when they run my information. I say that as for whatever reason FICO reports me fairly consistently between 775 and 800.
I've been here a few years now and still have trouble signing up for services such as new internet packages when they run my information. I say that as for whatever reason FICO reports me fairly consistently between 775 and 800.
Apr 8th 2020, 3:42 pm
#24
Often not so civil...
Joined: Apr 2010
Location: The Boonies, GA
Posts: 9,561
Re: Building credit history before move
You can get a 750+ FICO score with only a year of history depending on your profile, but lenders look at more than that. It's the old saying about your support being a mile wide and an inch deep. Companies would rather see you have 3 credit cards and 1 installment loan (which is all that is required for maximum FICO scoring) that are 5 years old, than 20 cards, 2 mortgages and an auto loan that where only taken out a year ago.
It's a simple risk formula, and the score is only one part.
When I bought a house late last year, all my utilities wanted a deposit up to a 775 score. Luckily mine was a 780. Not anymore. A new house, new truck and a new credit card in less than 6 months will do that too your score.
It's a simple risk formula, and the score is only one part.
When I bought a house late last year, all my utilities wanted a deposit up to a 775 score. Luckily mine was a 780. Not anymore. A new house, new truck and a new credit card in less than 6 months will do that too your score.
Apr 8th 2020, 3:47 pm
#25
Forum Regular
Thread Starter
Joined: Apr 2019
Posts: 52
Re: Building credit history before move
It was also said it was impossible to get a card.
Apr 8th 2020, 3:49 pm
#26
Often not so civil...
Joined: Apr 2010
Location: The Boonies, GA
Posts: 9,561
Apr 8th 2020, 3:49 pm
#27
Forum Regular
Thread Starter
Joined: Apr 2019
Posts: 52
Re: Building credit history before move
And as I understand it a SSN is only one piece of identifying a person in the credit system. Used simply because it’s the quickest. A name and an address is all that is needed to create a credit file and be reported on, this was direct from the Experian website.
Apr 8th 2020, 3:51 pm
#28
Often not so civil...
Joined: Apr 2010
Location: The Boonies, GA
Posts: 9,561
Re: Building credit history before move
What you are looking at on those free sites is the adVantage score 3.0, it was created by credit card companies. I can literally count on one hand the number of lenders and issuers that use that score, and it isn't any of the big ones.
Apr 8th 2020, 3:53 pm
#29
Forum Regular
Thread Starter
Joined: Apr 2019
Posts: 52
Re: Building credit history before move
You cannot generate a true FICO score (you will never get a FICO score through a free site) without an SSN and at least 6 months of history.
Despite what you may think, I'm afraid you aren't building any history right now until you get, and update with Cap One, your SSN.
Despite what you may think, I'm afraid you aren't building any history right now until you get, and update with Cap One, your SSN.
Apr 8th 2020, 3:55 pm
#30
Joined: Dec 2001
Location: Dixie, ex UK
Posts: 52,446
Re: Building credit history before move
You might be able to put data in, but a lender can't get it back out again unless it is indexed on an SSN.