movingtomass

Hi all,

We are planning on moving to MA in 2011. Going to the states in a few weeks and was wanting to open a bank account to start building up a credit history in the US.

I was born in Miami, so I have an American passport, but I moved back to the UK when I was 3 so I have no SSN. I am actually in the process of getting school records and doctors letter to say I have been resident here since I was 3 to send off to get one.

So questions

Can I open a bank account without the SSN? With a UK address?
Is it only certain banks that this will be ok with?
Will this actually help with my credit history?
The plan was to also open a credit card eventually too. will this also work with a UK address or will I have to tie it up with my OH's parent's house in Florida?

Help much appreciated!

powerwrap

Well Fargo have an office in Canary Wharf run by a really nice guy. He'll do it without an SSN.

Send me your e mail address and i'll send his name, phone number and some other bits over,

Cheers

Darren

MsElui

i opened a bank account without a ssn - but we had a US address (think it went to husbands job til we found a rental). the missing ssn isnt an issue - more likely to be the uk address thats an issue.

but it wont help your credit history as thats all based on the ssn.

MsElui

if you have an american passport then you are a citizen and shouldnt have to prove anything. Try the ssn office at the london embassy - I would expect they would be able to find out an ssn for you.

Bluegrass Lass

Bank account won't really help you with developing a credit history. When a lender looks into loaning you credit, they are looking at your history of making payments & how much debt load you have with respect to income (& lots of other factors I won't begin to understand). To open a credit card or loan to get that credit going, you will need a SSN, as that's how your info is tracked. I think a lot of expats have stated that several months after arriving, they talk to their bank about getting a secured card (w/like a $500 limit) that they use it for so many months (to get that payment history going), and then apply for an unsecured credit card.

You mentioned your in-laws. Do they live in the US? Do they already have any US credit cards? More importantly, do they have good credit here? If they already have a good credit history here, then you could ask them to add you to a card or two as an authorized user or as a joint applicant. Or maybe even ask them to be a co-applicant for a loan/credit card. Then you make small purchases and pay it off. After a few months or a year, this would really begin to establish your credit history by the time you get here in 2011.

MsElui

but only if you give the bank the ssn number.

powerwrap

Guys, i'm going to disagree.

Wells Fargo will also give you a secured credit card that will ( according to them) build your credit history in the US.

Just to clarify, they WILL open an account without a US address or SSN.

This account is set up primarily for people that are moving to the US in the up coming years but at this moment reside in the UK.

That's it !

MsElui

id love to know how they are going to do that - because everyone who you ask to give you credit in n the future will want an ssn number to check your credit history - not the telephone number for a guy in wells fargo (if you know what i mean). The only way I can think of is to retrospectivly update your ssn/credit history once you give it to wells fargo.

rew1000

Two data points:

1. We moved to Massachusetts four years ago, and had no problem opening an account before I had an SSN assigned. A colleague also had no problem, despite not having a (semi)permanent US address.

2. After four years of living here, passing $$$ through a bank account, paying utilities etc., so far as I can tell I have a non-existent credit rating. I've replied to credit card offers from my bank for a laugh, and they tell me to sod off. Other than depriving me of the opportunity to give a bank some money, this has had zero impact on my life. (I'm sure secured lending would be a different story - my colleague was able to get a mortgage for example).

Ray

Thats cos you have not used any credit ....
I'm the same after 12 year here ...never borrowed money or loan or got a car on credit ..

MsElui

yes - all we have here so far is a car lease - and that was enough to give my husband a 700 rating within 6 months.
nothing else here apart from utilities.

meauxna

Banks won't open an interest bearing account without an SSN or ITIN.

cranston

That is exactly right.

I am in the UK and have a US$ credit card (with HSBC NYC). The bank have said as soon as I get my SSN they will supply all the back history of this card to the credit rating agencies.




To the OP, get an Amex credit card ASAP. They have a system called global transfer. Get an account in the UK and the will open an account for you as soon as you move to the USA - for free! They seem to give out US$ 5k limits from day 1.

Also, if you got more then £50k to invest / save consider HSBC Premier service.

Ray

Wrong ...Suntrust did ...

meauxna

Y'don't say. How did they handle the required tax reporting? Didn't they request a form W-9?
I guess there are few absolutes left in life...