tonrob

I did read that frequency did differ between card issuers. One way to play the system is to work out on what date your card issuer makes the report and then pay the balance off before that date (even if it is before your statement hits).

AddyLaddy

I looked at HSBC Premier, but it's requires a minimum $100,000 deposit to avoid a $50 pm maintenance fee. I'm afraid only silicon valley employees will be able to meet such requirements!
But perhaps you can take out a mortgage with them instead?

WVDreamer

I have a query in this topic also. I am British and have been in the USA for around 4 years. I have my Capital One credit card that I got ages ago in the UK.
The card has around £8000 limit on it, but after running up around half of that awhile ago I now only owe around £500.

I know Capital One are a American company, therefore would I have a credit score at all? I have no idea how the credit score system works in the USA, as I only recently got my green card/social security number, I presume they use that as a ID check when doing credit scores?

Think I may have confused myself typing this lol.

Ray

it all based on your SSN and your
spending ..takes about a year of normal use to get anywhere

tonrob

No, not in the US.

sir_eccles

It's a common fallacy that companies that share a name in different countries are the same company. They may at some distant point in their hierarchy report to the same mothership but they are generally distinct trading entities that are unable to communicate directly to each other.

Prime example is Experian. It would be great if your UK history at ExperianUK could be transferred automagically to the US.

Prime counter example is Amex. It hear it is possible for AmexUK to transfer your card to the US in some instances.

Bob

It's a separate entity, so no, won't make a difference.

Only AmEx transfer history.

AddyLaddy

But they don't if you only have their International Dollar Card.

Scouse Express

In my case, upon arrival in 1996, I went used car shopping. I found a "Mint-Condition" used Ford Escort for sale for $6,000.

I put $4,500 down on it, and financed the rest through the Bank, even though I had plenty of Cash in the same bank. I paid the loan off well before it was due.

I have had a couple of car loans since and have bought two houses, the most recent one being this past June.

Jim.

Bob

Well it does depend, it has to be a AmEx card issued by them rather than an affiliate, you do need to have had it x number months, bla, bla, bla.

But they are the only ones who will generally transfter a UK history to a US history.

Everyone else, including BoA/MBNA are completely separate entities in the US to the UK and else where.

Leo_Loves

I move to the US this weekend, I just got my £2 online report from Callcredit and all looks good (three cards, a utility, years of history, only one delinquency). I have two questions:

1) If I take this report with me to the bank when I arrive, will it help me get a better credit card (e.g. a non-secured one)?

2) Is there one bank vs another or one credit card vs another that is better for building credit or does it make no difference and I should pick a bank for different reasons e.g. Chase because they have ATMs everywhere and a reasonable online banking system?

Same goal as everybody else here btw; to get a good credit rating and start building credit history ASAP from my arrival in the US

Chrisdc

My experience so far has been that banks in the US are completely uninterested in UK credit reports. Best plan is to get a $500 or $1000 secured credit card, use that for a year (sometimes a they let you off with less time) and then start opening other credit accounts - cellphone, credit cards with other banks etc... I've always heard that store cards are easier to get, and help build your report.

My suggestion for choosing a bank would be: number & location of ATMs, good web services, and not too many ridiculous fees. There are a lot of local banks here, which often provide great service, but as soon as you move city you have to get a new bank. I've been pretty happy with Bank of America, but I'm looking to switch to Ally or Simple (for fewer fees.) The cost of ATM withdrawals is a scandal imho.

If you want to get really OCD, you can get an account with one of the three main credit-reporting agencies (TransUnion, Experian and Equifax) and start tracking your credit score on a daily basis. :-) The credit score doesn't reflect how sensible you are with your hard-earned money (sadly) but how trustworthy you are with the money the banks lend you: do you pay back what you borrow? Do you have too many recently-opened accounts? Do you have a mix of "types" of credit (cards, loans, mortgage etc...)

Just my tuppenceworth!

Bob

UK history will generally mean shit in the US.

Which you use in the US makes no difference to helping build credit history, as the name suggests, it's all about history. Not being a shit customer with regards to paying on time will build a FICO score quickly, but it's having various lines of credit and time that builds a good history.

Local credit union often help in getting a half decent card to start with and just setting up.

There is no real short cut though, except the global transfer that AmEx offer, if you've been a longish customer. Won't help so much with the history but it jump starts the score and gets you a decent credit card limit to start with.

Bob

Pointless waste of time and money, unless you suspect someone of stealing your identity.

You can get a free report from each of the agencies once a year, so spread them out through out the year to get a rough idea of your score and history build up if you're interested.

ian-mstm

Just to clarify, you must first have the credit history. After you have the credit history, then you get a credit rating. The longer and better the history, the higher the rating.

Ian