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Credit history

Old Aug 31st 2010, 11:34 pm
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Default Credit history

Hi folks, my family and I are thinking of moving back to the UK after an 11 year absence. When I originally moved to the USA, not one financial institution would take into account my good credit history from the UK and I had to start from scratch where having no credit history was worse than someone with bad credit. It was a long hard slog but I built up a good credit score. However, I am fearful that if we move back to the UK, I will be back to square one because obviously being out of the country for so long, I fully expect my credit report to be blank. I am just curious to know other people's experience with this especially those who have been out of the UK for a decade or more. At the end of the day, I want to be able to buy a house after a year of being back.
Cheers
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Old Sep 1st 2010, 5:54 am
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Default Re: Credit history

Make sure you get onto the electoral roll as soon as you are back - this is a good starting point for credit checks.
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Old Sep 1st 2010, 3:11 pm
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Default Re: Credit history

Thanks for the reply and the useful tip. However, it doesn't really answer my original question..... though if you are telling me that I have to get on the electoral roll to start my credit in the UK then it probably means that I will have to start with no credit history again and will not be able to use my good US credit history.
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Old Sep 1st 2010, 6:35 pm
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Default Re: Credit history

VTleedsbloke/MaineLeedsbloke: You can only have one account at BE. Please let us know which nickname you'd prefer to use.
Thanks!
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Old Sep 1st 2010, 7:07 pm
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Default Re: Credit history

Originally Posted by meauxna View Post
VTleedsbloke/MaineLeedsbloke: You can only have one account at BE. Please let us know which nickname you'd prefer to use.
Thanks!
Sorry, I didn't know and only created the new screen name after being unable to activate my original account. I prefer Maine!!!!
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Old Sep 1st 2010, 7:15 pm
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Default Re: Credit history

Originally Posted by VTleedsbloke View Post
Sorry, I didn't know and only created the new screen name after being unable to activate my original account. I prefer Maine!!!!
OK, I've messaged you and we'll get it fixed for you.

Now, back to the topic... what happens to your UK credit score when you've been away for 10+ years????
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Old Sep 4th 2010, 8:26 pm
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Default Re: Credit history

MLB, I remember the same situation of having to provide a financial institution with $$$ in trust in order that they would issue us a credit card with the same $$$ limit on our arrival in Canada 15 years ago.

As we're in the process of making return to the UK in the near term, we've looked at the options and found that HSBC offer an account that allows transferability of credit history.

Cheers

Last edited by workhouse; Sep 4th 2010 at 9:01 pm.
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Old Sep 6th 2010, 9:50 am
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Default Re: Credit history

This seems to be pretty subjective. I returned to the UK in May last year after a + 20 year absence, with no activity on my old UK bank account at all. RBS couldn't even trace it

I have a UK passport, and updated my UK driving licence to the photo-card type. Phoned HSBC, explained my situation, and was offered a current account and a credit card within 15 minutes, without been asked to transfer or deposit funds, and got a mobile contract the following week without any difficulty at all.

Does this just depend on how lucky you get with the enquiry/application?
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Old Sep 15th 2010, 8:24 pm
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Default Re: Credit history

Originally Posted by MartynK View Post
This seems to be pretty subjective. I returned to the UK in May last year after a + 20 year absence, with no activity on my old UK bank account at all. RBS couldn't even trace it

I have a UK passport, and updated my UK driving licence to the photo-card type. Phoned HSBC, explained my situation, and was offered a current account and a credit card within 15 minutes, without been asked to transfer or deposit funds, and got a mobile contract the following week without any difficulty at all.

Does this just depend on how lucky you get with the enquiry/application?
Thanks for the encouraging information. I have tried to get my credit reports sent to me here in the USA but none of the UK credit agencies appear to have the capacity to do this because I don't have a UK address.....I just want to confirm what I fear......a blank credit report. My wife,kids and I are going over to the UK early next year for 10 days so I will definitely talk to some banks regarding my options IF we ever decide to make the move. At the end of the day, I don't want to move back to the UK but I am looking into it for the sake of my kids future education. I work for a US university so I know how expensive it is for students to get an education. I have been told that I have to be a resident in the UK for 3 years prior to my kids going to university in order to qualify for tuition assistance. But even if we don't qualify or if we don't move back to the UK, I still intend on sending my kids to British Universities because the degrees are shorter (hence should cost less overall than their american equilvalent) and in my opinion a lot better than the standard over here...........then again who knows what will happen in 2 or 3 years time.
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Old Sep 16th 2010, 1:31 am
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Default Re: Credit history

I'm also trying to come to terms with the credit history problem.

I'm due return to UK in one month, but have been back organising things during the summer. Whilst there I requested to convert my Vodaphone PAYG phone number to a monthly contract at the minimum plan cost of £10 per month. Refused, not in UK long enough. I was told to pay upfront a guarantee of £100. The shop assistant claims that many locally based overseas students have the same problem, but that after a few months of being based in UK they can get accepted for this "credit" arrangement.

Just yesterday I was told that I could not buy a car on finance. Not in UK long enough. This despite me providing proof of residence since July, i.e. my owned house with no mortgage.

Someone mentioned HSBC. Well I bank with them here and in UK and I have asked them to do something about this. No answer as yet, but if I get any news will post here.

For me there is no quick fix for a big ticket item like the car, but I hope to at least build a credit history quickly. Maybe take out a credit card and use it for purchases instead of my usual debit card, or maybe take out a loan with HSBC (but they want 9.9% APR).
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Old Sep 16th 2010, 3:00 am
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Default Re: Credit history

Originally Posted by MaineLeedsbloke View Post
I have tried to get my credit reports sent to me here in the USA but none of the UK credit agencies appear to have the capacity to do this because I don't have a UK address
You can view your report online, don't need it sent anywhere.
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Old Sep 16th 2010, 1:05 pm
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Default Re: Credit history

Originally Posted by roaringmouse View Post
You can view your report online, don't need it sent anywhere.
I have already tried that with one of the agencies and it was a non-starter because it requested a UK ADDRESS in order to track down my file.
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Old Sep 16th 2010, 1:36 pm
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Default Re: Credit history

Originally Posted by MaineLeedsbloke View Post
I have already tried that with one of the agencies and it was a non-starter because it requested a UK ADDRESS in order to track down my file.
And you tried your last UK ADDRESS then?
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Old Sep 17th 2010, 2:33 am
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Default Re: Credit history

Originally Posted by MaineLeedsbloke View Post
I have already tried that with one of the agencies and it was a non-starter because it requested a UK ADDRESS in order to track down my file.
Precisely the point. The credit agencies work on an address in UK to identify anyone they are checking. No address (or only living there for a very short period of time) means you have no credit history and so get a low or zero score.

I found this link to a four-page explanation on the subject of credit scoring on HSBC's website if anyone's got the time to read it, not very encouraging for us returnees who are being openly discriminated against by this so-called "fair for all" system

http://www.hsbc.co.uk/1/PA_1_5_S5/co...E9zU:12ofl5jib
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