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

I will be in Southern California and thay have some branches in LA which is not much use. I thought that getting the Credit Card though was worth it and having it ready on my arrival (if they can really do that) would be a bonus.

Minty

scrubbedexpat099

Thats fine if you only do your business with HSBC. But there may be other times that you wish to use non HSBC services, Insurance, even Jobs, Interest Free Store Offers, Renting Property, Mobiles etc etc where they will check your Credit.

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

Minty

I did today! And they said that with my permission they can transfer the data, credit history etc as confirmed on their web site.

scrubbedexpat099

There is the Data Protection Act, but that in itself does not prevent data from being transferred. After all were do you get connected to when you have a telephone bill query, India, and they have all your data.

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.

veryfunny

Whoa, that is fantastic!

Dant3

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

anotherlimey

Wise words, especially for anyone still debating how much a good credit score really matters in the US.

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

fatbrit

Don't really agree with the part about months, not years. Your score will be very vulnerable at the moment to any changes to your debt situation. If you put in a loan application or have a high balance:maximum limit ratio on a credit card, your score will take a big dive. This will not be the case when doing similar actions with a good score that has built up over years.

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'.

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

fatbrit

At least you didn't have to go the secured credit card route! She probably deserves extra flowers, a dozen or so roses should do it...

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.

BritGuyTN

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

sas

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.