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Finance job in the US and how to build US credit

Finance job in the US and how to build US credit

Old Jun 22nd 2020, 8:20 am
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Default Finance job in the US and how to build US credit

Hi,

Got a couple of questions, we're moving (hopefully) to the US May 2021, my wife is American and we're well underway with the I-130 process.

1. I work as an accountant over here in the UK just wondering if anyone has any experience of major differences I should be aware of? I work in the Financial Analyst/Business Support areas if that helps.
2. Is there a way I can build up my US credit from the UK? If not what is the best way to build US credit once we do arrive?

Thanks for any help you can offer.
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Old Jun 22nd 2020, 11:20 am
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Default Re: Finance job in the US and how to build US credit

1. Be prepared to retrain. Certifications do not carry over.

2. The only way that you can really help yourself while in the UK is to get an American Express, if you don't have one already. Amex will Global Transfer your card to the US when you have moved and will report your previous UK history to the 3 US based CRAs.

Really there is no 'quick way' to build credit in the US. In terms of the best mix for FICO scoring, you need 3 CCs and an installment loan. You will probably need to take out secured credit cards in the first instance since you will have no US history. You do have a leg up at least since you have a USC wife. Does she have US CCs still? If so, you will want her to add you as an authorized user. It doesn't do as much as it being your own card, but it can help bump your score in the intial days.
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Old Jun 22nd 2020, 11:48 am
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Default Re: Finance job in the US and how to build US credit

Originally Posted by civilservant View Post
1. Be prepared to retrain. Certifications do not carry over.

2. The only way that you can really help yourself while in the UK is to get an American Express, if you don't have one already. Amex will Global Transfer your card to the US when you have moved and will report your previous UK history to the 3 US based CRAs.

Really there is no 'quick way' to build credit in the US. In terms of the best mix for FICO scoring, you need 3 CCs and an installment loan. You will probably need to take out secured credit cards in the first instance since you will have no US history. You do have a leg up at least since you have a USC wife. Does she have US CCs still? If so, you will want her to add you as an authorized user. It doesn't do as much as it being your own card, but it can help bump your score in the intial days.
Ok cool thanks for that, yes she does still have US CC's we've kept them open as we always planned to move to the US at some point, i'll make sure we look into that so at least i can start building something and i'll look at the AMEX too.
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Old Jun 22nd 2020, 12:40 pm
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Default Re: Finance job in the US and how to build US credit

Originally Posted by civilservant View Post
and will report your previous UK history to the 3 US based CRAs.
They don't do this - they did used to backdate the reported year of account opening to your Member Since date but they stopped doing this years ago.

No UK history is transferred to a US CRA.
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Old Jun 22nd 2020, 12:41 pm
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Default Re: Finance job in the US and how to build US credit

Hmmm. I wasn't aware that they had stopped doing it.

Still, it pays to go ahead and get one since it will transfer to the US as an unsecured card, which you aren't going to get right from the start (or if you can, it'll be a toy $250-$500 limit)
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Old Jun 22nd 2020, 12:50 pm
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Default Re: Finance job in the US and how to build US credit

Absolutely, it's still a great service - just not as good as it used to be as it won't give your average age of accounts a massive boost.
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Old Jun 22nd 2020, 1:54 pm
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Default Re: Finance job in the US and how to build US credit

Originally Posted by Gixxerboy_999 View Post
..... 1. I work as an accountant over here in the UK just wondering if anyone has any experience of major differences I should be aware of? I work in the Financial Analyst/Business Support areas if that helps.
....
As Civilservant already said, you won't be an "accountant" in the US until you get certified as an accountant in the US. Whether that it worth doing is only something you can decide as while you would need to be certified to do some things, notably offer accounting services directly to the public, there are jobs you could do without being certified, including working for a certified accountant, and I am sure that some employers won't care much if you're not certified, so long as you have plenty of relevant knowledge and experience.
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Old Jun 23rd 2020, 7:23 am
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Default Re: Finance job in the US and how to build US credit

Originally Posted by Pulaski View Post
As Civilservant already said, you won't be an "accountant" in the US until you get certified as an accountant in the US. Whether that it worth doing is only something you can decide as while you would need to be certified to do some things, notably offer accounting services directly to the public, there are jobs you could do without being certified, including working for a certified accountant, and I am sure that some employers won't care much if you're not certified, so long as you have plenty of relevant knowledge and experience.
Ok so if I'm reading this right my 16 years experience will go some way to helping me get a job within the finance field even if it's not the one I'd necessarily want.
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Old Jun 23rd 2020, 10:39 am
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Default Re: Finance job in the US and how to build US credit

If you have a US address you can use and you have an ITIN number you can get a Capital One 'Unsecured' Credit Card. I have one myself and have been using it for 9 months here in the UK with the same end goal. The limit was only $1,000 at first but 6 months later they raised it by another $500.
People will say its not doing any good but I assume they report your use of the card the same as any other using the info they have linked to that card. It is better than nothing at all.
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Old Jun 23rd 2020, 10:48 am
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Default Re: Finance job in the US and how to build US credit

Originally Posted by Southernboy123 View Post
If you have a US address you can use and you have an ITIN number you can get a Capital One 'Unsecured' Credit Card. I have one myself and have been using it for 9 months here in the UK with the same end goal. The limit was only $1,000 at first but 6 months later they raised it by another $500.
People will say its not doing any good but I assume they report your use of the card the same as any other using the info they have linked to that card. It is better than nothing at all.
Not really, since your ITIN and your SSN that will be issued to you have no relation to each other. It is building up internal history with Capital One, so I suppose there is that.

I am not sure that what you are doing is even within the T&Cs of the card though. I'd be very surprised if CapOne don't have some kind of statement about having to reside in the US apart from being temporarily abroad, if for no other reason then them having to sue you in another jurisdiction if you breach the agreement.

Ok so if I'm reading this right my 16 years experience will go some way to helping me get a job within the finance field even if it's not the one I'd necessarily want.
All anyone can really say to that is 'maybe'

Last edited by civilservant; Jun 23rd 2020 at 10:50 am.
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Old Jun 23rd 2020, 11:04 am
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Default Re: Finance job in the US and how to build US credit

From Transunions 'Credit Basics FAQs'

Why do you store Social Security Numbers on credit reports?

'Your personal information, such as name, address, date of birth, and Social Security Number, is reported to TransUnion by your creditors. TransUnion maintains a separate credit file for each individual. Without your Social Security Number, the quality and accuracy of your credit history could be compromised. The federal Fair Credit Reporting Act permits TransUnion to maintain personal and credit information in our records.'


This would suggest that card use is reported to Transition at least using the personal info that was given to the lender on application. with the caveat of having no SSN meaning the highlighted.
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Old Jun 23rd 2020, 11:25 am
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Default Re: Finance job in the US and how to build US credit

I don't know where you thought I suggested that your current history with your ITIN wasn't being reported to the CRAs, because I didn't say that.

What I said was that your ITIN reported history and your SSN reported history are unlikely to be linked up. In fact you probably don't want that to happen, because it can result in a split file, and they are a PIA to fix.
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Old Jun 23rd 2020, 12:09 pm
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Default Re: Finance job in the US and how to build US credit

Originally Posted by Gixxerboy_999 View Post
Ok so if I'm reading this right my 16 years experience will go some way to helping me get a job within the finance field even if it's not the one I'd necessarily want.
I think that is a fair statement, but how much weight a prospective employer would place on the knowledge and experience listed on your resume is impossible to predict. You might get lucky and find a job offered either by a British-owned company or working for a British manager at a US corporation, who recognizes your qualification and experience.

My situation was different from yours, but I did work briefly for a British-owned corporation who was happy to hire me "locally" in New York, and later I was hired by a North Carolina based company who was more than happy to snap up someone with international experience. You could say I got lucky, but at the time I was flexible on location and would have moved for the right job anywhere between Maryland and Texas, except Florida. I have obtained local qualifications in the US, but I have never felt the need to replicate my British qualifications in the US, as it has never appeared to be worth my while.
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Old Jun 24th 2020, 7:52 pm
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Default Re: Finance job in the US and how to build US credit

I was in the exact same boat.

As a UK qualified accountant, you would still need to do the CPA exams in order to be recognised as a qualified accountant - there is no easy conversion, but the CPA exams are pretty similar to other bodies (except their questions are worded quite oddly!). That being said you only need to be a CPA in certain scenarios. If you are in general finance/ business analysis, you will not need to be a CPA. I'm in that industry (and have colleagues with similar backgrounds) so you can PM me if you'd like some more in-depth details.

As for credit, when we moved here, neither my wife nor I had any US related credit. It wasn't a problem - a little cumbersome, but not a problem. We got car lease through the big international companies easily enough; we got mortgage through the international banks (albeit higher deposit). Banking & cards were no issue. In fact, the only laughable thing was trying to get cell phones wherein Apple would only offer me credit of $1 on a new iPhone (go figure).
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