GeoffM

As I suspected, I've been refused my first loan - because I don't have an employer. I was enquiring with International AutoSource for a car loan. My visa type (EB1A) doesn't require an employer, which is a bit of a problem as it's difficult to find a job until I have that piece of paper in my passport.

My initial plans in the US were to carry on working for my current employer, which they have already agreed to, but on a contract basis. I sell other software on the internet already, so I was planning to set up an LLC or similar once I arrived to handle that anyway. With the UK work it could be filtered through the company. Perhaps I need to consider bringing that formation forward.

My problem then becomes: can I write a letter of employment from myself to myself and, more to the point, is that sort of thing accepted for loans etc? Obviously I won't be able to provide history, only an estimation of future earnings, most likely in the form of an hourly salary on contract basis. Nothing obvious from Googling.

Thanks

fatbrit

Couple of years of US tax returns together with a couple of years of a good US credit history is what you need.

GeoffM

Obviously, yes. But I don't yet.

fatbrit

craigslist. You can usually find a nice Saturn for $5k or so.

GeoffM

Perhaps I need to elaborate. I don't just want a car loan (not sure I really want one anyway; it was more to build credit history). If it's going to be a stumbling block for everything (apartment rental, for example) then I need to do something about it, and perhaps the company is the way to do it.

fatbrit

Learn to build your credit, then. Forming a company is not going to bypass this task.

md95065

The problem is that you can't create a credit history overnight.

Right now, as far as the big credit reporting agencies are concerned, you don't even exist -and since those agencies are what essentially everyone uses you have no credit history.

Whatever you do there will be a period when you first arrive when you will end up having to pay cash for things, put down deposits for utilities, cell phone contracts etc and pay a higher interest rate if and when you do actually get credit anywhere.

All of this is covered in the wiki.

GeoffM

I understand all that. However, you've missed the point. There are companies, including AutoSource, that bypass the credit history (or use your UK history, I don't know exactly) - specifically designed for immigrants with no credit history. However, even these require employment which is fair enough. My question was whether my own company can be considered for that; whether anybody here has experience in doing this successfully.

For phones, utilities etc, I already know I will have to pay cash deposits. That's not a problem. For apartments I know that I need to be concentrating on the smaller, non-chain type of complexes to get around the credit thing - but again, employment is most likely required.

ETA: Also, in this case, AutoSource give a discount if you sign up before leaving the UK. The discount appears to be the difference between factory and showroom price, minus fees, so it could be a couple of grand.

Havnfun

Could you get a letter from your current employer saying that you currently work for them and will continue to do so once you move to the US?

We owned our own company in Canada and when we moved to the US we just told them we still worked for the Canadian company and used our Canadian pay stubs/tax returns/credit history. We were able to get a lease through Mercedes-Benz and a credit card from Bank of America.

md95065

Actually, I didn't miss your point but I also did not specifically address it.

In my opinion you are unlikely to get very far towards your goal of accelerating the acquisition of a US credit history by setting things up so that you are employed by a newly created company (in the UK?) of which you are the owner and sole employee.

But, if you don't try you will never know ...

GeoffM

It's an idea I could try. Would it be accepted as proof of employment, even though the employer is in the UK and the employee in the US?

Ah, well, it's as good as missing it then!

No, the US.

It's an expensive test if it doesn't work!

Thanks.

Bob

It will be expensive if you don't try too though.

But the you are an employee of the company, so company letter headed paper, address etc, in the third person listing what your title is, employment and salary, should do the trick as far as this thing goes.

Lost nothing by trying it.

md95065

But if the company itself has essentially no history and only a PO Box number as a mailing address I am not sure that it will do any good.

Havnfun

We didn't even have a letter just told them that we would continue to be paid by the Canadian company and they accepted it

GeoffM

Damned if I do, damned if I don't!

Okay.

Apart from $1000+ in filing fees and suchlike! Though I earlier said I would need a company eventually, I saw something yesterday that suggested this might not be necessary after all. More reading.

I see your point. I could buy an "off the shelf" company, 2x-4x the price of setting up a new company, and not without its own risks. I wonder whether that would work.

I doubt I would be that lucky!