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Credit Question

Credit Question

Old Jul 14th 2010, 5:53 pm
  #16  
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Default Re: Credit Question

Originally Posted by N1cky
Computer says No
Computer's don't make decisions, even in the USA - that much I do know. I'll flat out refuse to bank/save or borrow from any lender that tries to sell me that story.

But I think I have the information I need guys, thanks for the answers - I feel somewhat better equipped.
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Old Jul 14th 2010, 5:54 pm
  #17  
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Default Re: Credit Question

I think it's good your have your Experian reports and I have read of instances in the past where they have been taken into consideration but for me they were not.

My case is different in that my wife is a USC so has full credit history. We arrived in May 09 and bought a house in Feb of this year by which time I had three credit lines.

I offered my UK credit reports to banks and brokers but nobody would take them. They did however want to see proof of two years worth of my UK earnings so make sure you have P60s or something to prove how much your earnt.
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Old Jul 14th 2010, 5:58 pm
  #18  
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Default Re: Credit Question

Originally Posted by paul_79
I think it's good your have your Experian reports and I have read of instances in the past where they have been taken into consideration but for me they were not.

My case is different in that my wife is a USC so has full credit history. We arrived in May 09 and bought a house in Feb of this year by which time I had three credit lines.

I offered my UK credit reports to banks and brokers but nobody would take them. They did however want to see proof of two years worth of my UK earnings so make sure you have P60s or something to prove how much your earnt.
Got the P60's and P45 plus the last 6 years of our accounts. Prior to this job I directed an IT Consultancy firm. I can show enough financial evidence that anyone with a brain should want our accounts and later down the line our mortgage. The biggest problem may be finding a banker with a brain - and given the current economy, that might be a challenge (No offence to anyone here in the banking sector!)
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Old Jul 14th 2010, 6:18 pm
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Default Re: Credit Question

Originally Posted by Sproik
Computer's don't make decisions, even in the USA - that much I do know.
OK then.

I was actually thinking of the Little Britain sketch, but its truer than you seem to believe.
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Old Jul 14th 2010, 6:41 pm
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Default Re: Credit Question

Originally Posted by paul_79
Sorry just wanted to jump in here as this 2nd point isn't quite accurate. I moved over in May 09 and transferred my Amex card at the end of that month. When I went to get a car loan (with a co-signer) I had a score in the high 700s only 3 months later.
Nope, it was perfectly accurate. I said "6 months of credit history here" not "been here for 6 months".

What happened in your case was, AmEx reported your US account to the bureaus using a start date based on your UK account. That gave you more than the 6 months of history that the FICO algorithms require to compute a score.

The three month period was more to do with how long it took for the AmEx data to show up on your reports than anything else.
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Old Jul 14th 2010, 6:48 pm
  #21  
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Default Re: Credit Question

Originally Posted by N1cky
Computer says No
We had people 'falling over themselves' to give us a mortgage too - until it was run through the computer.
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Old Jul 14th 2010, 7:19 pm
  #22  
 
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Default Re: Credit Question

Originally Posted by Sally Redux
We had people 'falling over themselves' to give us a mortgage too - until it was run through the computer.
Or

Computer says Yes

Interest rate is only 34%
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Old Jul 14th 2010, 8:14 pm
  #23  
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Default Re: Credit Question

Originally Posted by Sproik
Computer's don't make decisions, even in the USA - that much I do know. I'll flat out refuse to bank/save or borrow from any lender that tries to sell me that story.

But I think I have the information I need guys, thanks for the answers - I feel somewhat better equipped.
i worked at a bank once - and yes computers DO make decisions.

We had an international credit check done here to get a mortgage. It didnt actually help us in the least in the end and it still took MONTHS to get the mortage sorted and they made us jump through a million hoops. And at this stage we had been in the US over a year (renting) and had US bank accounts and car leases etc.


about 4 months after we arrived we looked at our credit score and it was 740. in reality this was a false picture and as said before the lack of history nullified it.
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Old Jul 14th 2010, 8:17 pm
  #24  
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Default Re: Credit Question

Originally Posted by MsElui
i worked at a bank once - and yes computers DO make decisions.
Not going to get into a fight about it, but having worked on banking software - they don't. Employees and bank managers make decisions, generally assisted by information they have available. My point being that a bank that doesn't go beyond "computer says no" wouldn't be a bank I'd take my business to.
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Old Jul 14th 2010, 8:29 pm
  #25  
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Default Re: Credit Question

Originally Posted by Sproik
Not going to get into a fight about it, but having worked on banking software - they don't. Employees and bank managers make decisions, generally assisted by information they have available. My point being that a bank that doesn't go beyond "computer says no" wouldn't be a bank I'd take my business to.
Welcome to your new US bank. Enjoy!

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Old Jul 14th 2010, 9:09 pm
  #26  
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Default Re: Credit Question

Originally Posted by chartreuse
Nope, it was perfectly accurate. I said "6 months of credit history here" not "been here for 6 months".

What happened in your case was, AmEx reported your US account to the bureaus using a start date based on your UK account. That gave you more than the 6 months of history that the FICO algorithms require to compute a score.

The three month period was more to do with how long it took for the AmEx data to show up on your reports than anything else.
Ah - I stand corrected. Now you mention it I do remember seeing an account active date or something similar of 2/3 years.
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Old Jul 14th 2010, 9:14 pm
  #27  
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Default Re: Credit Question

Originally Posted by fatbrit
Welcome to your new US bank. Enjoy!

http://craziestgadgets.com/wp-conten...fe-450x494.jpg
See that's one of the few banks where the computer saying no means no (unless you're a safebreaker )
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Old Jul 14th 2010, 10:10 pm
  #28  
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Default Re: Credit Question

Originally Posted by paul_79
Sorry just wanted to jump in here as this 2nd point isn't quite accurate. I moved over in May 09 and transferred my Amex card at the end of that month. When I went to get a car loan (with a co-signer) I had a score in the high 700s only 3 months later.

I still agree it will be tough to get a mortgage as it's credit history that seems to matter, not just score alone.
Getting a score is easy and not that important though, and that's the point of doing an AmEx transfer, it jump starts your credit history.

It's the actual length and variety of the history that actually matters though when it comes to mortgages and getting good rates.
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Old Jul 14th 2010, 10:13 pm
  #29  
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Default Re: Credit Question

Originally Posted by Sproik
Computer's don't make decisions, even in the USA - that much I do know. I'll flat out refuse to bank/save or borrow from any lender that tries to sell me that story.

But I think I have the information I need guys, thanks for the answers - I feel somewhat better equipped.
But before a human sees your application, it goes through a computer and that's what happens.

Hell, the missus knows someone who wanted a $75K loan and was able to put down $600K in cash and he was still refused a loan because he didn't have much credit history, and he was a yank, just never needed to use credit cards etc, always been cash rich.
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Old Jul 14th 2010, 10:15 pm
  #30  
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Default Re: Credit Question

Originally Posted by Sproik
Not going to get into a fight about it, but having worked on banking software - they don't. Employees and bank managers make decisions, generally assisted by information they have available. My point being that a bank that doesn't go beyond "computer says no" wouldn't be a bank I'd take my business to.
Not experienced US banking much then
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