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Relocation Query

Relocation Query

Old Apr 27th 2007, 10:28 pm
  #1  
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Default Relocation Query

Having recieved notification of acceptance for the October H1B entrance a number of queries raise in my mind that I am sure those who have made the move may help.
Credit I have Amex credit and charge cards do I transfer them as although I am on top of my finances again now for a year after redundancy I was not and my credit score here is fairly crappy, my Amex spend is high as I use it for work and so would look good but do not want to transfer it if all the rest of baggage comes with even if its all now resolved.

Moving to Minneapolis my salary at $130k seems ok to live on giving our two fact finding trips given the hidden costs often mentioned what is a comfortable rent to pay on that salary?
Company my company is small $30kk and this is a new experience for them they are paying obviously moving costs etc and I have also got agreement that they have to help with underwriting expenses both literally and in terms of providing security on housing and other things which may help newbies who will struggle due to the power of FICO from people's experience is this reasonable and what type of level is normal.
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Old Apr 29th 2007, 1:20 pm
  #2  
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Default Re: Relocation Query

Moved your post to the correct forum so you might get the answers you are seeking.
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Old Apr 29th 2007, 1:34 pm
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Default Re: Relocation Query

Originally Posted by gazzpfc View Post
Having recieved notification of acceptance for the October H1B entrance a number of queries raise in my mind that I am sure those who have made the move may help.
Credit I have Amex credit and charge cards do I transfer them as although I am on top of my finances again now for a year after redundancy I was not and my credit score here is fairly crappy, my Amex spend is high as I use it for work and so would look good but do not want to transfer it if all the rest of baggage comes with even if its all now resolved.

Moving to Minneapolis my salary at $130k seems ok to live on giving our two fact finding trips given the hidden costs often mentioned what is a comfortable rent to pay on that salary?
Company my company is small $30kk and this is a new experience for them they are paying obviously moving costs etc and I have also got agreement that they have to help with underwriting expenses both literally and in terms of providing security on housing and other things which may help newbies who will struggle due to the power of FICO from people's experience is this reasonable and what type of level is normal.
On a salary of $130k I'd say you're more than OK and needing credit is the least of your worries. Why would you need credit?

The main need for credit is a mortgage and my experience is that it isn't difficult to get even an FHA (100%) mortgage as an alien in the US.

IMHO if I were you I'd avoid getting into debt if you don't need to.
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Old Apr 29th 2007, 3:08 pm
  #4  
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Default Re: Relocation Query

Originally Posted by dunroving View Post
On a salary of $130k I'd say you're more than OK and needing credit is the least of your worries. Why would you need credit?

The main need for credit is a mortgage and my experience is that it isn't difficult to get even an FHA (100%) mortgage as an alien in the US.

IMHO if I were you I'd avoid getting into debt if you don't need to.
Mortgage brokers and banks would consider you could spend up to 28% of your gross salary on housing assuming you're not overburdened with other debt - high credit card balances, top of the line BMW etc . That means you could afford a payment of $3000 a month. Talk to a Realtor in Mpls and they will help you find a rental or a purchase. At today's rates, every $100K borrowed would cost you $600 a month plus RE taxes and HOA fees if levied ( Condo or Townhome community). PM me if you need more advice.
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Old Apr 29th 2007, 3:18 pm
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Default Re: Relocation Query

Originally Posted by gazzpfc View Post
Having recieved notification of acceptance for the October H1B entrance a number of queries raise in my mind that I am sure those who have made the move may help...........
FAQs would be a good place to start
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Old Apr 29th 2007, 7:53 pm
  #6  
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Default Re: Relocation Query

Originally Posted by dunroving View Post
On a salary of $130k I'd say you're more than OK and needing credit is the least of your worries. Why would you need credit?

The main need for credit is a mortgage and my experience is that it isn't difficult to get even an FHA (100%) mortgage as an alien in the US.

IMHO if I were you I'd avoid getting into debt if you don't need to.
Why to buy a home as I have one in UK but want to keep its and not have it burdened by acquisition in USA, which we may make although we will not likely rush into it as we have yet to experience a Minneapolis winter
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Old Apr 29th 2007, 9:03 pm
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Default Re: Relocation Query

Originally Posted by gazzpfc View Post
Having recieved notification of acceptance for the October H1B entrance a number of queries raise in my mind that I am sure those who have made the move may help.
Credit I have Amex credit and charge cards do I transfer them as although I am on top of my finances again now for a year after redundancy I was not and my credit score here is fairly crappy, my Amex spend is high as I use it for work and so would look good but do not want to transfer it if all the rest of baggage comes with even if its all now resolved.

Moving to Minneapolis my salary at $130k seems ok to live on giving our two fact finding trips given the hidden costs often mentioned what is a comfortable rent to pay on that salary?
Company my company is small $30kk and this is a new experience for them they are paying obviously moving costs etc and I have also got agreement that they have to help with underwriting expenses both literally and in terms of providing security on housing and other things which may help newbies who will struggle due to the power of FICO from people's experience is this reasonable and what type of level is normal.
If I understand you correctly, your Amex is a corporate Amex. i.e. you are the card holder but the bills are paid for by your employer. If that's the case, this will not carry over to a credit report (UK or US).

Are you coming over alone or with a spouse/partner or children? If there's more than just you relocating for work, $130,000 p/annum may not be as much as you imagine. For a start, you're more than likely need two vehicles which means paying more insurance, paying more for fuel, etc.
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Old Apr 29th 2007, 10:04 pm
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Default Re: Relocation Query

Originally Posted by NC Penguin View Post

Are you coming over alone or with a spouse/partner or children? If there's more than just you relocating for work, $130,000 p/annum may not be as much as you imagine. For a start, you're more than likely need two vehicles which means paying more insurance, paying more for fuel, etc.
I'd say Minneapolis would be considerable cheaper than my area. I don't know how much he imagines $130,000 to be but with a home and 2 cars he is more than covered. He's very fortunate IMO.

If he has a large family and wants to send them to private school then I could imagine it being a bit tight.
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Old Apr 29th 2007, 11:08 pm
  #9  
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Default Re: Relocation Query

What Irn-Bru said. You could live comfortably as a family in LOS ANGELES on that salary, never mind MN.
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Old Apr 29th 2007, 11:46 pm
  #10  
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Default Re: Relocation Query

having just moved out of LA on from a salary like that I'd HAVE to disagree with your statement...

with a family of 4 we were surviving, comfortable & surviving... not exactly the same thing.
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Old Apr 29th 2007, 11:50 pm
  #11  
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Default Re: Relocation Query

Originally Posted by USBound View Post
having just moved out of LA on from a salary like that I'd HAVE to disagree with your statement...

with a family of 4 we were surviving, comfortable & surviving... not exactly the same thing.
I think a lot of this 'surviving vs being comfortable' depends on when in the housing cycle one has bought one's home, and/or whether one is bringing in any equity from the hot UK housing market.
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Old Apr 30th 2007, 8:03 am
  #12  
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Default Re: Relocation Query

Originally Posted by NC Penguin View Post
If I understand you correctly, your Amex is a corporate Amex. i.e. you are the card holder but the bills are paid for by your employer. If that's the case, this will not carry over to a credit report (UK or US).

Are you coming over alone or with a spouse/partner or children? If there's more than just you relocating for work, $130,000 p/annum may not be as much as you imagine. For a start, you're more than likely need two vehicles which means paying more insurance, paying more for fuel, etc.
Hi the Amex is mine as I have usually worked for US companies who do not seem to give corporate cards as in UK, I finance myself and then claim back so in eyes of Amex its me, spend is at least $70k a year.
My wife is accompanying me and my daughter who will be just 10. We need and do run two cars here and two lots of insurance etc etc.
My wife works part time and cannot work in USA this is offset by the fact my daughter is in fee paying school here and will not likely be in the States.
Our house cost in UK is covered for two years as we have let the house to MOD for two years and this covers mortgage and then a wee bit on top.
I do not expect to be loaded at all just comfortable, comfortable and compensated by new experience.

Last edited by gazzpfc; Apr 30th 2007 at 8:14 am.
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Old Apr 30th 2007, 5:32 pm
  #13  
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Default Re: Relocation Query

You got the company to stump for air fairs back to the UK for family emergencies? and an exit strategy in case it all goes horribly wrong?

Bit late now if you haven't I guess.

Credit history, find out who your employer uses for a bank and see if you can get a good rate through them...and read the finance articles in the wiki as there pretty good.

So what's the missus going to be doing?
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Old Apr 30th 2007, 6:14 pm
  #14  
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Default Re: Relocation Query

Originally Posted by Bob View Post
You got the company to stump for air fairs back to the UK for family emergencies? and an exit strategy in case it all goes horribly wrong?

Bit late now if you haven't I guess.

Credit history, find out who your employer uses for a bank and see if you can get a good rate through them...and read the finance articles in the wiki as there pretty good.

So what's the missus going to be doing?
Yes Bob have it in contract mate return business class fares for all not only in emergencies etc but also once a year for family visits.
My company uses a local credit union and Wells Fargo I believe.
My wife will be shopping As she cannot work its a shame because she is skilled.
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Old Apr 30th 2007, 8:11 pm
  #15  
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Default Re: Relocation Query

Originally Posted by gazzpfc View Post
My wife will be shopping As she cannot work its a shame because she is skilled.
could always study and get another degree? plenty of places to volunteer as well...but the H1 does suck in the regard.
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