Lack of credit history woes
#31
Re: Lack of credit history woes
It is not uncommon to hear of people who don't have a credit card or any other credit product, and rent their home, to find that they're turned down for credit, or at least for the best rates, because despite being a USC born here, that they have no credit history. It does happen that way!
#32
Forum Regular
Joined: Jul 2014
Location: Kent
Posts: 105
Re: Lack of credit history woes
For the benefit of others about to embark on the whole emigration process (I realise it's too late for the OP), I highly recommend setting up an HSBC Premier account in the UK. That way you can get them to set up US bank accounts and, crucially, US Premier credit cards too.
We set up normal HSBC accounts 3 months ago then converted them to Premier accounts a few weeks ago. Within 3 days of applying for US bank accounts (at a Premier centre in London) we had our US bank accounts open. Then when the US relationship manager called to introduce himself I asked for a credit card. We did the application over the phone in less than 10 minutes and next day I had an email to say it was approved. Bear in mind too that I did explain to them that I wouldn't be working and wouldn't have an SSN (I'm on an H4 visa). They said no problem but if the US were concerned they would contact UK HSBC for more info. I'm just waiting for the debit and credit cards to arrive in the post at my UK address.
We set up normal HSBC accounts 3 months ago then converted them to Premier accounts a few weeks ago. Within 3 days of applying for US bank accounts (at a Premier centre in London) we had our US bank accounts open. Then when the US relationship manager called to introduce himself I asked for a credit card. We did the application over the phone in less than 10 minutes and next day I had an email to say it was approved. Bear in mind too that I did explain to them that I wouldn't be working and wouldn't have an SSN (I'm on an H4 visa). They said no problem but if the US were concerned they would contact UK HSBC for more info. I'm just waiting for the debit and credit cards to arrive in the post at my UK address.
#33
Re: Lack of credit history woes
hSBC works to a certain extent (I went with them too), but there are long term drawbacks, such as lack of branches outside NY and appalling customer service on the phone. Good for a foot in the door, but once you are established I'd recommend investigating local banking options too.
#34
Forum Regular
Joined: Jul 2014
Location: Kent
Posts: 105
Re: Lack of credit history woes
Yes, we're going to New York so the lack of branches isn't really an issue.
As you say, a great foot in the door and an easy way to get US bank accounts and credit cards. My experience so far of Premier customer service on the phone has been that they are fantastically good.
As you say, a great foot in the door and an easy way to get US bank accounts and credit cards. My experience so far of Premier customer service on the phone has been that they are fantastically good.
#35
Re: Lack of credit history woes
Yes, we're going to New York so the lack of branches isn't really an issue.
As you say, a great foot in the door and an easy way to get US bank accounts and credit cards. My experience so far of Premier customer service on the phone has been that they are fantastically good.
As you say, a great foot in the door and an easy way to get US bank accounts and credit cards. My experience so far of Premier customer service on the phone has been that they are fantastically good.
#36
Forum Regular
Joined: Jul 2014
Location: Kent
Posts: 105
Re: Lack of credit history woes
Actually the person I've been speaking to is my Premier relationship manager so he is the person I'll be speaking to. All good so far. I'll be keeping my fingers crossed though.
#37
Re: Lack of credit history woes
How big an issue is the lack of local bank branches to most people?
I'm just wondering cause I can't remember the last time I actually went into a bank in the UK. Even with the arcane banking systems in the US, these days I would have thought that once the accounts are actually open you can do pretty much everything online.
I guess if there were a case of identity theft or something similar it might be good to be able to see a real person.
I'm just wondering cause I can't remember the last time I actually went into a bank in the UK. Even with the arcane banking systems in the US, these days I would have thought that once the accounts are actually open you can do pretty much everything online.
I guess if there were a case of identity theft or something similar it might be good to be able to see a real person.
#38
Re: Lack of credit history woes
How big an issue is the lack of local bank branches to most people?
I'm just wondering cause I can't remember the last time I actually went into a bank in the UK. Even with the arcane banking systems in the US, these days I would have thought that once the accounts are actually open you can do pretty much everything online.
I'm just wondering cause I can't remember the last time I actually went into a bank in the UK. Even with the arcane banking systems in the US, these days I would have thought that once the accounts are actually open you can do pretty much everything online.
I had a HSBC Advance account which meant any calls were routed to the off-shore customer support team. Calls regularly took 30 minutes to achieve simple things like changing address, ordering new check books, notifying them of travel abroad. I'm sure it would have been a lot easier to call into a branch and do it in person.
#39
Forum Regular
Thread Starter
Joined: Apr 2014
Location: MA - Metrowest
Posts: 77
Re: Lack of credit history woes
For the benefit of others about to embark on the whole emigration process (I realise it's too late for the OP), I highly recommend setting up an HSBC Premier account in the UK. That way you can get them to set up US bank accounts and, crucially, US Premier credit cards too.
#40
Just Joined
Joined: Aug 2012
Posts: 11
Re: Lack of credit history woes
There is a lower salary limit for opening an HSBC Premier account which I think is 100k.
However opening of international accounts is also done for normal current accounts as well but can take up to 8 weeks to complete. I have just started the application for a normal account myself.
However opening of international accounts is also done for normal current accounts as well but can take up to 8 weeks to complete. I have just started the application for a normal account myself.
#41
Re: Lack of credit history woes
BTW. I also got an HSBC credit card a week after I arrived. ...... It had a $200 credit limit! Good work HSBC!
Last edited by Pulaski; Oct 23rd 2014 at 1:02 pm.
#42
Re: Lack of credit history woes
hSBC works to a certain extent (I went with them too), but there are long term drawbacks, such as lack of branches outside NY and appalling customer service on the phone. Good for a foot in the door, but once you are established I'd recommend investigating local banking options too.
#44
Re: Lack of credit history woes
Oh but it's a bargain, you save on the $50 a month service fee, for a while at least
#45
Re: Lack of credit history woes
$100K balance is a bit steep for most people though.
Just checked the HSBC web site
1) Have savings or investments of at least £50,000 with HSBC in the UK; or
2) have an individual annual income of at least £100,000 and one of the following products with HSBC in the UK:
2) have an individual annual income of at least £100,000 and one of the following products with HSBC in the UK:
I've had an account at HSBC ever since I was a kid (The only choices in the village I grew up were Midland or Derbyshire) and they have never pi$$ed me off enough since then to make it worth changing.
About 15 years back I got a phone call to say that as a "valued customer" they were upgrading my account to Premier. Every year or so get the phone call from my "Relationship manager" asking if there is anything I need (which I don't - if I did want something I would have done something about it already). But other than the free travel insurance I don't think I've used it for anything.