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Credit in the US

Credit in the US

Old Dec 11th 2007, 10:56 am
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Default Credit in the US

Hello all,

I'm wondering how easy it is for a new ex-pat to get credit in the states. I've had a quick search through the forums but nothing seems obvious.

I've got a good credit rating over here, and will be relocating to MA sometime early next year, I'm thinking that it'll be useful to have car loan/lease and a credit card but I'm wondering how much I'll get if anything?

Any help gratefully received.

Thanks

Mungs
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Old Dec 11th 2007, 11:19 am
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Default Re: Credit in the US

Read Fatbrit's Guide to Credit and Finance in the Wiki section, I am sure that will answer most of your questions.

http://britishexpats.com/wiki/Category:USA_Credit
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Old Dec 11th 2007, 12:52 pm
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Default Re: Credit in the US

Originally Posted by Leyther View Post
Read Fatbrit's Guide to Credit and Finance in the Wiki section, I am sure that will answer most of your questions.

http://britishexpats.com/wiki/Category:USA_Credit
That's great, thanks.

So I can assume that when I step off the place I'll have a zero credit rating and therefore won't be able to get credit?

Anyone got any idea how long a decent credit score will take and what sort of %'s I'll see to start with?

TIA

Mungs
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Old Dec 11th 2007, 1:50 pm
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Default Re: Credit in the US

Originally Posted by Mungo5 View Post
That's great, thanks.

So I can assume that when I step off the place I'll have a zero credit rating and therefore won't be able to get credit?

Anyone got any idea how long a decent credit score will take and what sort of %'s I'll see to start with?

TIA

Mungs
I think it will take few years to get a good score as I'm not sure you can piggyback off someone else anymore (using spouses credit).

Make sure you get an AMEX card before you leave the UK, that will help a lot.
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Old Dec 11th 2007, 5:33 pm
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Default Re: Credit in the US

not read the wiki link then? that should be enough to get you started, along with the numerous threads.

AmEx is the best way to jump start the credit as mentioned, then secured cards or jumping onto someone else's card, and also getting a car loan and dump most of the money down but keep paying a bit off for at least six months.

welcome to BE though
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Old Dec 11th 2007, 5:42 pm
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Default Re: Credit in the US

I read the bit about paying for most of the car up front, I'm assuming this is only to reduce the amount of interest you have to pay? I'm only asking as I don't have 10k or so to put down on a car and doubt I will for a long time to come
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Old Dec 11th 2007, 6:20 pm
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Default Re: Credit in the US

Originally Posted by SpoogleDrummer View Post
I read the bit about paying for most of the car up front, I'm assuming this is only to reduce the amount of interest you have to pay? I'm only asking as I don't have 10k or so to put down on a car and doubt I will for a long time to come
Aren't you migrating through your US citizen spouse? You have other options open to you.
I added my UKC as an authorized user on my primary credit card and he started earning a credit rating based off of that. It was quick, cheap and painless, but I had good credit for him to hitch hike off of.
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Old Dec 11th 2007, 6:52 pm
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Default Re: Credit in the US

I'm already here and working, unfortunately my wife's credit has medical bills on so her score is effected, so I'm having to build up my score from scratch. She was under the belief that medical bills wouldn't effect her credit score but it turns out they do so despite me earning enough to pay a mortgage we can't get one until my credit score is decent.
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Old Dec 11th 2007, 6:55 pm
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Default Re: Credit in the US

Originally Posted by meauxna View Post
Aren't you migrating through your US citizen spouse? You have other options open to you.
I added my UKC as an authorized user on my primary credit card and he started earning a credit rating based off of that. It was quick, cheap and painless, but I had good credit for him to hitch hike off of.


Unfortunately, they're talking about closing that loophole. There were old folks who were literally selling their credit to others. Dunno whether they've changed the algorithm yet, but if not it's on the cards shortly.
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Old Dec 11th 2007, 8:01 pm
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Default Re: Credit in the US

Originally Posted by fatbrit View Post
Unfortunately, they're talking about closing that loophole. There were old folks who were literally selling their credit to others. Dunno whether they've changed the algorithm yet, but if not it's on the cards shortly.
dang.. just as I saw the notification of your post, I remembered this little detail.
Sorry!
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Old Dec 11th 2007, 8:22 pm
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Default Re: Credit in the US

Originally Posted by SpoogleDrummer View Post
I'm already here and working, unfortunately my wife's credit has medical bills on so her score is effected, so I'm having to build up my score from scratch. She was under the belief that medical bills wouldn't effect her credit score but it turns out they do so despite me earning enough to pay a mortgage we can't get one until my credit score is decent.
The score you might be able to get up quickly, however that alone won't give you the best rates on major loans like houses and cars. As well as decent score you need a history, and only time can give you that.

Of course a good score won't hurt and you will get financed off one, just not at the very best available rates without history too. Found this out myself recently when taking out a car loan - thought I'd do it off my own back so the wife wouldn't have to come and co-sgn (bought it a distance away) - but found out that while they'd give me credit, it wasn't the low 1.9% APR offer. So we had to take another trip back and get her to co-sign. I thought a credit score of 750 or so would've done it - but the fact that I only had a couple of credit cards on my 3 year US history wasn't enough for the particular finance company.

Last edited by Dan725; Dec 11th 2007 at 8:25 pm.
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Old Dec 12th 2007, 2:58 pm
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Default Re: Credit in the US

That's great, thanks all.
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Old Dec 12th 2007, 3:04 pm
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Default Re: Credit in the US

We went from zero to a fair score (~700) in less than a year, and we're both UK citizens.

We did it by working with my very friendly and helpful Credit Union, who gave me an unsecured credit card with a $3k limit as soon as I started direct-deposit of my salary in my account there. 5 months later they gave us a car loan at prime +1%, which wasn't the best but also helped build our credit score.

When we decided to buy a house after only 11 months here, we found a great mortgage broker who was enormously helpful in getting us a prime-rate mortgage with our existing credit score.

The trick, in my view, is to deal with people and organizations (like Credit Unions) who can actually use a little discretion in their decisions regarding your credit.
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Old Dec 13th 2007, 5:45 pm
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Default Re: Credit in the US

Originally Posted by Mungo5 View Post
Hello all,

I'm wondering how easy it is for a new ex-pat to get credit in the states. I've had a quick search through the forums but nothing seems obvious.

I've got a good credit rating over here, and will be relocating to MA sometime early next year, I'm thinking that it'll be useful to have car loan/lease and a credit card but I'm wondering how much I'll get if anything?

Any help gratefully received.

Thanks

Mungs
Hi Mungs:
I was in the same situation as you last year when my company moved me here. If your moving here with a job assignment you can use the company I went through. The company name is International Auto Source. They can get you credit in the US for a new car that I found to be impossible through the car firms and US banks. I got a great deal on the car too!
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Old Dec 14th 2007, 3:56 am
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Default Re: Credit in the US

bear in mind in the us - your credit score is all tied in with your social security number. You cant apply until you have been in the country 10-14 days and then it can take a few weeks to turn up. You then give this number to all your bank account and utilities providers - and that will help start the credit rating off.
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