How did you get a credit history in the US?
Dec 13th 2011, 11:45 pm
#76
BE Site Lead
Joined: Aug 2004
Location: MA, USA
Posts: 92,171
Re: How did you get a credit history in the US?
Yes. Everything, from utilities, to getting certain jobs.
BoA in the UK is a separate entity to the US, so would make no difference. Only AmEx can transfer history.
What stops you from bailing on a UK debt? Plenty of threads on that...but mostly the want/need of ever returning to the UK and not being in the shit.
Piggy backing off someone elses credit history used to be the easiest way of getting history and a score. That loop hole has now been closed.
BoA in the UK is a separate entity to the US, so would make no difference. Only AmEx can transfer history.
What stops you from bailing on a UK debt? Plenty of threads on that...but mostly the want/need of ever returning to the UK and not being in the shit.
Piggy backing off someone elses credit history used to be the easiest way of getting history and a score. That loop hole has now been closed.
Dec 14th 2011, 12:42 am
#77
Forum Regular
Joined: Jul 2004
Posts: 186
Re: How did you get a credit history in the US?
Yes. Everything, from utilities, to getting certain jobs.
BoA in the UK is a separate entity to the US, so would make no difference. Only AmEx can transfer history.
What stops you from bailing on a UK debt? Plenty of threads on that...but mostly the want/need of ever returning to the UK and not being in the shit.
Piggy backing off someone elses credit history used to be the easiest way of getting history and a score. That loop hole has now been closed.
BoA in the UK is a separate entity to the US, so would make no difference. Only AmEx can transfer history.
What stops you from bailing on a UK debt? Plenty of threads on that...but mostly the want/need of ever returning to the UK and not being in the shit.
Piggy backing off someone elses credit history used to be the easiest way of getting history and a score. That loop hole has now been closed.
My current adviser who is sorting out a mortgage, even though its half what I want, seems to know his stuff and he said me being on wife's card, then add in utilities, my mortgage and the rest, and credit rating will go up quite quickly. But he specifically said me being on her cards would raise my credit rating
Dec 14th 2011, 1:08 am
#78
BE Site Lead
Joined: Aug 2004
Location: MA, USA
Posts: 92,171
Re: How did you get a credit history in the US?
I'd find it hard to bail as it's just not my character to that sort of thing, sometimes wish it was lol. What sort of 'shit' , jail type or bad credit type?
My current adviser who is sorting out a mortgage, even though its half what I want, seems to know his stuff and he said me being on wife's card, then add in utilities, my mortgage and the rest, and credit rating will go up quite quickly. But he specifically said me being on her cards would raise my credit rating
My current adviser who is sorting out a mortgage, even though its half what I want, seems to know his stuff and he said me being on wife's card, then add in utilities, my mortgage and the rest, and credit rating will go up quite quickly. But he specifically said me being on her cards would raise my credit rating
As to the second...he's talking arse.
Piggy backing doesn't work anymore, being a authorised user never did, you had to be a co-signer but now won't get the same history.
Utilities won't increase your score or history, it helps to have them in your name, but won't improve things for you, they only report negatives such as late payments so being a good customer won't do anything for you.
Getting a score and getting it high is a piece of piss. It means sod all though. It's actual history that counts and for that, there's nothing but time and multiple lines of credit/debt that will build that up for you.
Dec 14th 2011, 1:37 am
#79
Forum Regular
Joined: Jul 2004
Posts: 186
Re: How did you get a credit history in the US?
Ok thanks,
So basically, whilst I was initially dissapointed at only being able to get a 317k mortgage, in actual fact, that's pretty good considering I have no credit history?
Guess I'll just have to buy less now then upgrade in a year, is it likely good payments on mortgage will count as good history over next year?
So basically, whilst I was initially dissapointed at only being able to get a 317k mortgage, in actual fact, that's pretty good considering I have no credit history?
Guess I'll just have to buy less now then upgrade in a year, is it likely good payments on mortgage will count as good history over next year?
Dec 14th 2011, 3:34 am
#80
BE Site Lead
Joined: Aug 2004
Location: MA, USA
Posts: 92,171
Re: How did you get a credit history in the US?
...is it likely good payments on mortgage will count as good history over next year?
The cheap trick is getting a loan on a car, even if you can afford the thing in cash, to get a loan for it and pay most of it off straight off if you can, leaving about a grand, which you pay off over 12 months because it's a second line of credit to a secured card, which is what is important as well as being something other than just credit cards, also quite easy to get.
Dec 14th 2011, 3:48 am
#81
Forum Regular
Joined: Jul 2004
Posts: 186
Re: How did you get a credit history in the US?
Ok, thanks, I understand now. I just got approved for a cc in about 60 seconds online so that should help too. I do need to buy a car so would paying for example 600 p/m consistently on hp help?
Dec 14th 2011, 12:57 pm
#82
BE Site Lead
Joined: Aug 2004
Location: MA, USA
Posts: 92,171
Re: How did you get a credit history in the US?
It only matters that you carry a balance on the loan for a minimum of 6 months, but 12 months minimum would be best.
If you can afford to leave a very minimal sum on the loan to reduce or remove any interest you might have to pay, then go for it and do that. Paying $100 or $600 a month won't make you get a better score because you're paying interest or a larger sum each month.
