AnjLeicestershire

Can any one advise on the following queries:

I have been in US since Aug 08 on L-1A and my family on L-2. I have been renting but now I am looking to purchase a house! First issue I am having is that I don't have enough credit to get any sort of debit. I bought a car on cash few months ago because I was told that it will not be possible to secure a auto loan with out credit scores! Now I tried to purchase second car with 40% down to get some sort of debit so it can start building my credit scoring however dealer is still not able to give the loan cause I am still showing without any scores!!!
What is the fastest or authentic way to get on credit scoring board?

Second query: If I manage to get pre-approve for mortgage loan I will need to get funds transfer from UK for the deposit which will be few grands! Question: will that money be subject to US tax?

I am sure some one out there has had same issues!! Any advice will be grateful.

Thanks

Macca67

Anj. I was in a very similar situation to yours when I moved out here 5 years ago on an L1.

The issue with the cars was the same and getting any other credit was nigh on impossible, despite the flood of odders through my door. However, when it came to getting a mortgage it was no problem, as I had sold a house and had a reasonable deposit. I think they view the house as a stable asset which cannot be moved, and if you default on the loan then they will kick you out quickly and repossess. However, since the screw-up in the finance sector all this might have changed. Also see if your employer has a scheme, my comany put me on to GMAC.

To your second point, intrabank transfers are usually relatively cheap. Mine costs about $20 both ends. I don't know what your tax status is, but you should not have to pay any tax on transferred funds. If it's over $50 grand, you will need to specify what the money is for and where it came from. This is to ensure you are not laundering any dirty money.

Let me know if you have any other questions.

Bob

Have a search on the forum...or even read the wiki....there's a good section on building a credit score and history.

As for transfering money, it depends on how you got the money, but chances are, not being an LPR, even if through a house sale, you probably won't have capital gains tax, so just transfer the money, xe.com is popular for good rates. An ashley report jobby will be processed automatically.