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Re: How to get a credit history?
Originally Posted by Minty
Thought I would share the latest on this credit history thing.
I went into my bank today (HSBC) and asked about opening an account in the US as they have some branches over there. They have special forms which you can complete which acts as a formal introuction to the US side. Of course, the UK end have their own credit rating on you (out of 100) and of course how long you have held the account. Apparently you can open up a US account in the UK so it is all set up prior to the move. They can even help arrange a credit card which would help to build a credit score. If you are luck enough to have enough income and/or assets with the bank (£75k inc a year or more) then you will be eligible for a Personal Banker. In effect this means that just about verything is automatic but the big plus is that you take your UK credit rating with you! Seems that if you bank with a UK bank that has branches in the US, its well worth talking to them to see what they offer. I was really pleased with what I heard today and have already started the process of opening a US nack acount now! Minty Also, you can't take your credit rating with you, but getting the US CC will really help. -tom |
Re: How to get a credit history?
Originally Posted by anotherlimey
HSBC don't have many branches around the US, mainly NY an FL I think. I didn't get an HSBC bank account in the US for this reason, they don't have any branches here in IL.
Also, you can't take your credit rating with you, but getting the US CC will really help. -tom Minty |
Re: How to get a credit history?
Originally Posted by Minty
This is what the HSBC web site says if you have their HSBC Premier account -
"I you are moving to live or work abroad, we'll set up your accounts in your new country; provide you with access to credit facilities at a similar level to those you enjoy in your home country; and introduce you to a dedicated relationship manager to guide you every step of the way." "When you move abroad, getting access to credit facilities is not always easy. HSBC Premier International Services allows your credit history to follow you within the HSBC Group. This means you'll have the security of knowing you'll have access to credit facilities such as loans and credit cards at a similar level to those you enjoy in your home country." |
Re: How to get a credit history?
Originally Posted by Minty
This is what the HSBC web site says if you have their HSBC Premier account -
"I you are moving to live or work abroad, we'll set up your accounts in your new country; provide you with access to credit facilities at a similar level to those you enjoy in your home country; and introduce you to a dedicated relationship manager to guide you every step of the way." "When you move abroad, getting access to credit facilities is not always easy. HSBC Premier International Services allows your credit history to follow you within the HSBC Group. This means you'll have the security of knowing you'll have access to credit facilities such as loans and credit cards at a similar level to those you enjoy in your home country." I think there are European laws which prohibit much of your information going from the UK to the US. It might not apply if you request the transfer of information. Go to a branch and ask to speak to someone knowledgable on this subject if possible, that way you'll find out exactly what you need. -tom |
Re: How to get a credit history?
Originally Posted by anotherlimey
I'd be wary of what they're saying, abroad could mean anywhere. The US branch will be able to get only a limited amount of information from the UK branch.
I think there are European laws which prohibit much of your information going from the UK to the US. It might not apply if you request the transfer of information. Go to a branch and ask to speak to someone knowledgable on this subject if possible, that way you'll find out exactly what you need. -tom |
Re: How to get a credit history?
Originally Posted by anotherlimey
I'd be wary of what they're saying, abroad could mean anywhere. The US branch will be able to get only a limited amount of information from the UK branch.
I think there are European laws which prohibit much of your information going from the UK to the US. It might not apply if you request the transfer of information. Go to a branch and ask to speak to someone knowledgable on this subject if possible, that way you'll find out exactly what you need. -tom |
Re: How to get a credit history?
I went to Carmax (www.carmax.com) and got a car from them on their new immigrant programme (max of $15000 financed - you pay the rest). After one year of payments I got a credit card with $2000 limit..
I got financing within 1 month of arriving in the USA, ask your local car dealer if they have a similar programme. |
Re: How to get a credit history?
Whoa, that is fantastic!
Originally Posted by immunise
I went to Carmax (www.carmax.com) and got a car from them on their new immigrant programme (max of $15000 financed - you pay the rest). After one year of payments I got a credit card with $2000 limit..
I got financing within 1 month of arriving in the USA, ask your local car dealer if they have a similar programme. |
Re: How to get a credit history?
Just to add my 2c worth...a decent credit score has crept up on me without me really noticing. When I first got here, my wife added me to her credit cards and bank account and I opened a second account in my name. When I got a job I had my salary paid straight into the account which I think reassured the bank into offering me a credit card. A couple of months of timely payments and I was able to get a second credit card and a macy's card. I recently ordered a free Experian credit report and I have a score of about 700, which doesn't seem too bad for someone who's only had a work permit for 6 months. I plan on finally buying a car later in the year and we'll see how far that score goes then.
It's true that a good credit score is far more important here than in the UK, but it IS pretty easy to get if you're able to be patient. We're talking months, not years. JAMES |
Re: How to get a credit history?
Originally Posted by Dant3
It's true that a good credit score is far more important here than in the UK, but it IS pretty easy to get if you're able to be patient. We're talking months, not years.
JAMES For me my credit score affected the following, 1) Car insurance (except California) 2) Electric company deposit I'm sure there are loads more that other poeple can come up with, -tom |
Re: How to get a credit history?
Originally Posted by Dant3
It's true that a good credit score is far more important here than in the UK, but it IS pretty easy to get if you're able to be patient. We're talking months, not years.
JAMES Also, if you have a totally blank sheet and take out a loan, you will not have a FICO score until 6 months after the loan. I do not know how piggybacking on spouse's credit will be counted -- however, it's a great idea! You really need a minimum of 5 years solid history for a solid credit score. The secret at this stage of your game is as you are doing -- take it nice and slowly. The acceptability of a high FICO with a small history also depends on the underwriting used. I would guess that the local electric company just take your FICO and are done with it. However, with applications for more substantial things, e.g. high-end credit cards or 0% car financing, will require more substatial underwriting and you are likely to get rejected for reasons such as 'insufficient history'. |
Re: How to get a credit history?
When my wife added me to several of her credit cards, the credit card companies said that I would only show up on a credit history from the date I was added. That was fine by me. But when I got a copy of my credit history it clearly states that I'm a joint name on accounts that were opened several years ago! There's no mention of the date I joined. Instant long-term credit!
It does, however, have the ominous warning on the bottom that I established credit several years before my Social Security Number was issued! Arghhhh! JAMES |
Re: How to get a credit history?
Originally Posted by Dant3
When my wife added me to several of her credit cards, the credit card companies said that I would only show up on a credit history from the date I was added. That was fine by me. But when I got a copy of my credit history it clearly states that I'm a joint name on accounts that were opened several years ago! There's no mention of the date I joined. Instant long-term credit!
It does, however, have the ominous warning on the bottom that I established credit several years before my Social Security Number was issued! Arghhhh! JAMES Regarding the lack of SSN, surprisingly enough the primary search key on the bureaux's databases is your name/address combination, not the SSN. This has now reached the silly stage where the bureaux hold two or more sets of data under one, single SSN: that of the genuine person and that of the illegal(s) who 'borrowed' the number for their own purposes. Expect fireworks such as class action suits in the near future. |
Re: How to get a credit history?
yeah - i got that bit got denied for an mbna and discover card despite having a score of 730
in the manual review they saw i was an authorised user, and hadn;t had the credit in my own name for that long as fatbrit says - in a purely score driven scenario you will be quids in
Originally Posted by Dant3
When my wife added me to several of her credit cards, the credit card companies said that I would only show up on a credit history from the date I was added. That was fine by me. But when I got a copy of my credit history it clearly states that I'm a joint name on accounts that were opened several years ago! There's no mention of the date I joined. Instant long-term credit!
It does, however, have the ominous warning on the bottom that I established credit several years before my Social Security Number was issued! Arghhhh! JAMES |
Re: How to get a credit history?
I had chat with a guy in the credit dept at MBNA USA, he told me that they really look at length of credit history, they want to see 2-3 years of payment history before they will issue a card, and ideally they want GC holders.
Luckily I had a MBNA Europe card so they were able to confirm my payment history with the UK. They still only gave me a $2k credit limit to start. |
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