dbark

I have been here in the US for almost 6 months, having come over on a fiancee visa. I brought with me a substantial sum of money from the UK. Now my husband and I are buying a house (we have been renting while looking in the area) and I am trying to get my credit rating from the UK very quickly, as the bank are saying they can't get it through the usual sources. If they can't, they are saying I can't be on the loan, which I really want to be, in order to buy a car, and establish credit that way.

I have tried experian.co.uk, but they will only deal with me if I am still living in the UK

Does anyone know a quick way to get my credit rating/report in just a few days? We really only have about 5 days to do this.


Thank you

Debbie

scrubbedexpat099

I have the cash, my US fiancee has the salary so sounds like the same posiution. Here is what our Broker said:

I have an answer. If we obtain an approve eligible findings (which I suspect we would) we are okay! If for some reason we do not, we can order an international credit report. I hope that helps with your question.

I think this is going to be not needed as my other half has a good credit rating and could easily cover the morgage amount on her rating.

And if you want to use Experian, why not use your Parents or Brother/Sisters address. I have changed some things to my Brother's address because of issues about being outside of UK. Drivers license is an example.

Pulaski

Your question is a common question here, and I'm sure that you could soon find other threads on the same topic, but in summary your UK credit history is effectively not transferable to the USA. I have heard of other obtaining a UK credit report, but it really doesn't add much to a mortgage application and probably isn't worth the bother. Those who have obtained their credit rating usually, if I remember correctly from earlier threads, did so before they left the UK.

The reason that banks in the US can't, nor you either, get your UK credit history sent to the USA is the British Data Protection Act. Those banks that do obtain a British credit rating do so through their British parent/ subsidiary.

Furthermore, in your particular case, adding yourself to the mortgage might enhance your credit rating a little, but it will also add significantly to the debt against your name, so it is something of a mixed blessing, and I doubt would improve your credit record enough to make a difference when you buy a car.

dbark

Thanks for your reply, Pulaski. I see what you mean about the mixed blessing, and I really don't see a way to have my credit rating transferred to the "American system" which is what the mortgage broker requires. Oh well. Do you think I will be able to buy a car without credit here? I have just learned that I will need to build up credit in other ways, ie by having credit cards (duh! why didn't I do that months ago???) But until I do, is there any way I can get enough credit to buy a car?

Thanks again

Debbie

scrubbedexpat099

I sold my car before moving over and have the cash but when I get around to it was going to see if I could get the smallest loan for the shortest period just to get me going. I would not be surprised if I am turned downed or it comes up at a stupid rate.

I have read all sorts of info on this on various boards.

Is there a Credit Union that you are affiliated to that you can join?

Get a secured US Credit Card to get you going.

Become the second holder on a card using your other half's rating.

Become a full time student, my other half's 20 year old son gets offers and he has absolutely nothing in income or assetts.

When I opened my Bank account they said that I needed 3 lines of Credit before I could get a Credit Card...

Unfortunately no advice as to how to get those.

You can get a car loan but you will be stung big time on the interest rate.

BritGuyTN

that you CAN use (not transfer) your UK credit history for mortgage purposes

they don't transfer it per se, they contact your prior creditors in the UK and get letters of recommendation it seems

apparently this is only applicable for mortgages and can take a few weeks

also having a paid-up instalment account (mortgage) on your US history would definitley be a plus - i shows that you can manage regular payments

The main area where you can be in too much debt is where you go over a certain percentage of your available credit limit on credit cards - apparently that shows you are living on the edge of your income

one of my colleagues just purchased a care from his local dealer in oregon despite having no history - hes getting fleeced on the rate but the dealer told him that they can refinance it in 6 months at a lower rate once he has some credit

bottom line is you probably won't get apprived for that shiny new porsche or bmw, but you probably will get approved for a used car if you can put down a reasonable deposit

hope this helps

dbark

I will look into that, thanks.

I can't find information on those, but I will keep looking.

Thanks, that is a distinct possibility too. But I did want to establish credit in my own name also.

Unfortunately that isn't possible.

Could you please explain what that means?

That's what I was trying to avoid.

Thanks, I will look into the secured credit card, even if it is a higher interest rate, it may be better than being stung on the car loan.

Debbie

dbark

Thanks for the reply. At this point in the mortgage negotiation (we are closing on the house next week), it seems too late for my prior creditors to be contacted. It is so frustrating, as I had excellent credit in the UK, and start from scratch here, I guess it happens to most people, I just hadn't realised. A bit like the car insurance / no claims discount thing, exactly the same scenario.

I will try some of the suggestions here, thanks again.

Debbie

dbark

I just looked into this, and they require employment first. Grrrr ... I need a car before I get a job! Added to which I am waiting for my EAD.

scrubbedexpat099

A secured Credit Card is a bit like a pay as you go phone, you have to load it up. Just a start, does not give you credit per se.

On phones, a mobile would also be a form of credit if on a monthly plan, but you might also have issues. I have Virgin, both in UK and US.

Complete bummmer, but you just have to work the system and it takes time.

Makes a change from this:

http://money.guardian.co.uk/creditan...165431,00.html

rogerpenycate

[QUOTE]Originally posted by Boiler
A secured Credit Card is a bit like a pay as you go phone, you have to load it up. Just a start, does not give you credit per se.

Be extremely careful which company you use.
My daughter (bless her little cotton socks) ordered one through a company called Global Finance.
The next thing, they took $240 out of her bank account and she never heard another thing, no card, mail or anything.
We tried to chase it up and find out who/where they were and the bank could not only not find who they were but couldn't even be bothered to find where the money went.
My daughter ended up with a $240 unapproved overdraft.
I had a big row with the bank, but they've got you by the bollocks, they know if you don't pay them the money back they can mess up your credit, so you are forced to.
I couldn't believe the total lack of help and "customer service" they provided.

"Have a nice day" - Bullshit

NC Penguin

This is exactly what I wanted to do at about the same point after I moved to the US. I got turned down for my own credit card from the credit card company whom I have a card with as the secondary cardholder! How ironic is that?

The best thing is to bite the bullet and get added as an additional cardholder on your spouse's credit card. Remember to include your social security number because by doing so, you'll start to bump up your credit score/develop your credit history.

<<snip>>

Is it possible to hold off buying the house for a while? You mentioned that you haven't got a job yet. Having a job (i.e. regular income) is a great way to help yourself get approved for credit.

Also, if you and your husband can put down the 20% downpayment on the house, that'd probably go someway to making your mortgage application look good.

Fannie Mae's website probably has an online version of the brochure I obtained from the homebuyer's fair about understanding credit and how to get it. Please look at their website.

Pulaski

If you had an Amex, BankOne, or MBNA card in the UK you should be able to persuade them to issue a US card on the strength of your prior relationship with their business in the UK.

Do NOT be tempted to get a pre-pay credit card, it won't help your credit rating much, if at all, as they are designed for USC's with really bad credit. So when one shows up on your credit record it is likely to start alarm bells ringing!

Good luck with your car. Have you tried speaking to a car dealer yet - there have been a number of prior posts on this board that were quoting experience with dealers who will work with people with poor/no credit. It doesn't hurt to ask a few dealers what they can do for you, but it would be best if you can make a fair sized down payment, say 20%.

You may have a problem though not having a job as the one thing that a company giving credit is most concerned about is your ability to make the repayments, and as you don't have a job that may be a hard hurdle to get over.

oopssorry34

Hi there, my husband and I have just gone through the same thing. We got a credit report instantly via the internet, printed it off and sent it. My husband is living and working in the USA whilst I am still here. I would think as long as you can provide a british address then you should be able to buy it on line. It costs around £8.50 I think. But i'm sure u can pay by credit card. Try at www.equifax.co.uk

scrubbedexpat099

You are also entitled to a Statutory report for I think GBP3, but they will only post it.

In Colorado you are entitled to one free per year, state law.

But you still need to find a lender willing to look at a UK report.