HSBC bank account
Jan 23rd 2013, 5:30 pm
#76
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Joined: Apr 2012
Location: Groton MA
Posts: 28
Re: HSBC bank account
kodokan - thanks for the data point, we will be looking into mortgages within the next couple of months.
Jan 23rd 2013, 5:46 pm
#77
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Joined: Apr 2011
Location: Ohio
Posts: 1,834
Re: HSBC bank account
Rates - they didn't seem too bad compared to the ones I googled online, which are obviously the very best ones possible to hook people in. Considering we're not yet in the Excellent credit range, I was quite pleased. Still planning on paying down the mortgage as quickly as poss, though - we're going to play Competitive Overpaying: 'we COULD get takeaway fish n chips from the local diner for $35, or I could spend $10 on frozen supermarket fish n chips and put the other $25 into the mortgage slush fund; I'll not have a coffee whilst shopping and add $4' etc.
Jan 23rd 2013, 6:16 pm
#78
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Joined: Aug 2004
Location: MA, USA
Posts: 92,170
Re: HSBC bank account
This thread is quite relevant to our situation, as we hope to be moving over to the States in the next three or four months, but are worried about not having any credit history there.
My husband and I have a joint account with HSBC, and I've had a current account with them since 2006, so opening an account with them in the States is tempting simply for the credit history transfer. However, I never use the cards linked to my accounts, being a 'spend only what you have' kind of person. This is probably a silly question, but does this mean I have no credit history to transfer? I wondered if the fact that I'm a reliable customer who doesn't go into my overdraught, etc would play in my favour. Also, my statements show my monthly payments going out like clockwork. Any good in terms of establishing credit history? In that case, I wouldn't need to have a U.S. account, surely; I could just supply copies of my old statements.
Finally, there are no HSBC branches in the area where we intend to live: the Triangle in NC. Obviously, internet banking is useful, but again, only if the credit history transfer will help us.
Thanks in advance for any help!
My husband and I have a joint account with HSBC, and I've had a current account with them since 2006, so opening an account with them in the States is tempting simply for the credit history transfer. However, I never use the cards linked to my accounts, being a 'spend only what you have' kind of person. This is probably a silly question, but does this mean I have no credit history to transfer? I wondered if the fact that I'm a reliable customer who doesn't go into my overdraught, etc would play in my favour. Also, my statements show my monthly payments going out like clockwork. Any good in terms of establishing credit history? In that case, I wouldn't need to have a U.S. account, surely; I could just supply copies of my old statements.
Finally, there are no HSBC branches in the area where we intend to live: the Triangle in NC. Obviously, internet banking is useful, but again, only if the credit history transfer will help us.
Thanks in advance for any help!
Your banking/credit history means nothing other wise.
Jan 23rd 2013, 6:21 pm
#79
BE Site Lead
Joined: Aug 2004
Location: MA, USA
Posts: 92,170
Re: HSBC bank account
If they'll give you a credit card of any kind or limit whatsoever, then it's well worth it, as you'll then be able to get to a 'good' credit rating within a year. Actually, it might be six months - we started getting a flurry of those pre-filled offers for credit cards after 6 months, so perhaps something ticks over then. Either way, it's a heck of a lot easier than working up through the pre-paid card system and meticulously never spending more than 50% of your available credit.
It's handy off the bat to get around needing deposits for certain utilities or rentals though.
It's the varied actual history that really counts, which is where AmEx is very good for.
Being able to get a proper credit card from day one is very handy though, via HSBC, but that's a separate issue.
Jan 30th 2013, 6:55 pm
#81
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Joined: Jan 2013
Location: UK
Posts: 4
Re: HSBC bank account
I am new to this forum and the information on here is great. Really helps with our decision making whether we move. Thanks.
