SPARKLES

Im going to NY for a 6 month paid internship with uni and have a really pants credit score which i will try to build on when i come home.

Ive read the articles but im getting confused with all the info (probably being dump or missing the point!)

All Id like to know is does my poor credit history follow me to the us or do i start afresh? to be honest i think that would do me more favours!!!

Also....
I got declined for a citi bank us dollar saving account over here which is of no surprise to me really, i applied for this as i get paid by cheuque weekly once im in the states thinking as they had branches in the us i could pay in my cheuqe there.
Ive now been informed that citi bank us and the uk are completely seperate so i can apply for what i like over there but in the uk i couldnt apply for any citi bank services for another 6 months... cheers,.,.

i have an account with the alliance and leicester which i have my savings in from the uk to take with me but as im aware i have to pay £16 to transfer it all over to the us? will i have to pay additionl interest with this? £16 pound i can cope with!

any help would be much appreciated.

Ive never been to the states before nor have i ever flown before alone so this should be an enlightening adventure!

rew1000

No matter what your UK credit is like, you'll have a hard time convincing anyone to lend you money in the US when you've just arrived, so I would plan on not being able to get credit while you're over here.

So far as bank accounts go, there's no reason why you couldn't open a US bank account when you get here, but it can be tricky finding a member of staff who can cope with the fact you're not "normal". A usual suggestion is to seek the help of your employer in opening an account once you arrive.

You can bring savings you know you're going to need using high denomination travellers cheques. Once you find a friendly bank and open an account, you can pay them in. It's not the cheapest way to transfer money, but it's pretty dependable. Alternatively, make sure you have internet banking on your UK account set up before you leave, then you can use xetrade.com once your US account is up and running. This will take a few days to set up, so it's no use for immediate needs. If you're going to use your UK bank to wire money directly, make sure you know how you're going to authorise the transfer once you're abroad (you won't know your US account details before you leave).

I wouldn't worry about a UK-based dollar account. It may be dollar-denominated, but it's in the UK, so a lot of issues about transferring money across the Atlantic remain. It's no real substitute for a US bank account if you're living here, and will probably charge high fees just to keep the account open.

jenniferpa

If you're coming for 6 months only, I'm not sure why you would wish to transfer your savings here. However, if you do need to access them for living expenses, you'll probably find that using your ATM card will be the most reasonable way of doing it.

You'll have a clean slate with regard to credut scores in the US. However, I think the chance of taking advantage of that fact will be vanishingly small without a social security number.

It's not clear to me from your post if your cheque will be paid to you in the US or the UK. If the former, you may find that the company you are interning with will have a relationship with a bank and can be of assistance it getting a basic bank account set up.

Longy

Yep 6 months seems like far too short a time to worry about any of this. I assume you are being helped out with accommodation, otherwise you may need to put down a deposit with them.

Get yourself a pay as you go phone - a contract would probably be 2 years and you would need a deposit if you didn't have credit.

And you are fine to use your UK credit cards/debit cards for your everyday spending.

If you are planning/hoping to be here longer and think that is a realistic possibility then that is different.

Elvira

ATM withdrawal in the US from a UK bank account would work out horrendously expensive - both in terms of charges and crap exchange rates.

Get yourself a Nationwide account and credit card now - their CC has the best rates and no charges. But only use it to tide you over the first couple of weeks or so.

Get yourself a US bank account with a BIG bank - such as BoA - as soon as you arrive. The drone at the service desk will no doubt tell you that you cannot open an account without a SSN. Be persistent - insist on talking to someone higher up - and up and up........... this may take some time and polite persistence. The point is they cannot insist on a SSN - all they have to be able to do is verify your identity. So bring plenty of proof, including your internship papers.

Once you are set up with a bank account at both ends, contact XE Trade to set up an account with them. This is the cheapest and most effiicient way of transferring money. Choose BACS at the UK end and Electronic Transfer at the US end for it to run smoothly without incurring any charges.

6 months in NYC - can I come and sleep on you sofa...

Bill_S

Not to be unkind, but if you think you need a lot of credit to last 6 months, could that be part of the reason your UK credit rating is "pants"? Like other posters, I question the wisdom of tranferring all your savings. Why bother when you will have to transfer it back at the end of your stint here? It might be a good idea for you to explore some "frugal living" strategies rather than "how do I get credit in a hurry".

jenniferpa

You'd obviously have to check what rate of exchange you could expect to get and any fees. Nationwide is considered best when it comes to withdrawing funds overseas - the problem though that I can foresee is if your credit rating is seriously in the toilet, setting up a new account may be a non-starter.

This is the link that shows alliance and leicester's fees at the moment http://www.alliance-leicester.co.uk/...eTable=curracc

Duncan Roberts

Even a terrible UK credit rating would be better that a non existent credit rating which is what you will have when you get here.

Bob

Welcome to BE

But you must have missed the oodles of recent credit threads in them with plenty of info already provided...your real issue is the visa, got a J1 sorted or something?

AlienUk

How'd we know what his savings are??
I'd guess maybe £2000 or so, in which case he'll have none left when it's time to go back...

Steerpike

When I came, I had a hard time setting up an account without SSN but very quickly got an 'ID card', issued by the Social Security Administration, and printed on a Social Security card, but with "Not Valid For Employment" plastered all over it. This seemed to be the quickest way around the 'need an SSN' issue. This was a long time ago, things may have changed.

I ended up getting an account here with a 'Credit Union'. They seem way more flexible and friendly. Turns out they had better rates too. Not sure what the UK equivalent of a CU is. Anyway, give them a shot if you can't easily open an account at (eg) BofA.

If you want to establish credit, get a 'store card' (eg, a Macy's card). What I did when I first got here was - went to Macy's and selected a bunch of stuff. Walked up to register and said, 'I want to buy all this but will need a store account' - and the sales woman was motivated to push it through because of commission (on the card, not the merchandise). After being turned down by everyone, this was my first break. Next came, American Express - because they are (were) a debit card and not a credit card, they granted me a card before any of the others. The more cards you get - gas cards, store cards, any-old-crap-cards - the quicker it is to get a 'real' card because you are building up a history. Not sure if it's worth your while for 6 months though.

Good luck and have fun!!

Elvira

SSA no longer issues any kind of cards to people who are not entitled to a SSN.

Credit Unions are actually more difficult for people without SSN - I tried 2 and was basically told I must be here illegally... The big guys (BoA, WaMu etc) tend to be more clued up - at least if you manage to talk to someone 'higher up'.

I too managed to get a store card before I had a SSN - though I already had a driver's license plus joint mortgage, bank account and CCs with my husband. And it took over 2 months to come through... with a very low credit limit. I doubt that a student straight off the boat would have much luck.

dbj1000

I had the exact opposite experience, and joined my super-friendly Credit Union after some bitch in a local Bank of America shouted down the phone at me that I was illegal scum and she was calling the police on my ass when I told her I didn't have my SSN yet.

Tracym

Oh that's charming.

Elvira

I've had similar experiences - several times...... including being accused of being here illegally in a VERY loud voice in a credit union full of customers. :curse:

The irony being that it was the CU associated with my DH's university...