Credit Rating
 

Hi everyone. My wife and I intend to retire to Florida within the next 18 months or so. (our son is a US citizen). I've heard that you have to start all over again building up your credit ratings. If we purchase a house and car for cash we won't have the associated problems with applying for finance/motgage etc. However, could anyone tell me what other problems we may encounter by not having a credit history in the US. There wouldn't be any problem with having a bank account with just a debit card would there?. I thnik I need some advice re utilities, motor insurance, health insurance etc. Many thanks, Mike

Re: Credit Rating
 

So your son is filing an I-130 petition for each of you to obtain an Immigrant Visa to move to the USA, is that correct?

Without credit history, you'll probably need to put deposits on things like utilities, cell phones, etc, until you build up a history with them.

Car insurance should be OK without a credit history, but you won't have any US driving history, so rates might be higher the first year.

Health Insurance is a minefield. Have you done ANY research on health insurance or health care costs at all yet?

Rene

Re: Credit Rating
 

Thanks. Not much research on medical. I know crazy over there. I would be grateful for any advice/tips on health cover or agencies that assist expats to find the best deals. Just so you know my wife and I will be in our late fifties with no pre existing conditions

Re: Credit Rating
 

So your son is filing an I-130 petition for each of you to obtain an Immigrant Visa to move to the USA permanently, is that correct?

The reason I ask again, is that your answers will probably be different if you are planning to live in the USA full time vs part time.

Health care and insurance is something you will want to research extensively and make sure you have the funds to cover it, before making the move. I assume neither of you will be employed in the USA, so won't be covered by an employer's health insurance (since you mention being retired). That means you have to look for individual plans, which are expensive. I honestly don't know any dollar amounts, but there are SO many different plans that it's impossible to list them all here.

Also, whatever quote you find online will probably end up being different than what it will be in reality. But for now, you can try researching "Individual health insurance plan in XXX (state you'll be living in)".

Rene

Re: Credit Rating
 

If you have an American Express card (or get one now), you can generally transfer to a US account and keep the credit history. Helps a bit.

Re: Credit Rating
 

This helped me a LOT. The best other 'trick' I found was that Volkswagen has (or at least had 7 years ago) a program where they would issue car finance to people who were L category visa holder with Amex or other proof of good domestic credit.

I got a $20k car loan which I paid off almost right away and then my score started to rocket.