flattman

I have been having a search through various credit related posts, and I have a fair idea about how to boost (or should I say start) my credit rating once in the US, and once I have my Social Security Number (car loans, secured cards etc.)

But I am wondering if I can be doing something in preparation while in the UK before I move (planning to be in the US with SS Number in around 5months).

I currently have:
- HSBC Bank Account (of many years)
- HSBC Credit Card
- Cahoot Credit Card

I have also applied for a Nationwide Flex Account, and am just waiting for the debit card to arrive.

So basically, with these details, what is the best thing to do? I have picked up that I may be able to transfer some of my credit rating by transfering the HSBC over to US once I am there with my SS Number. Is this correct?

Also I have heard about the American Express Global Transfer. Now obviously I do not have an Amex card. But is it worth me applying for one while I am in the UK, and then later transferring it to a US account?

THanks for any advice - I am trying to get the best possible start credit-wise, as it seems that the USA positively revolves around Credit! I guess that's their class system
It would be so much easier to piggyback my partner's (superb) rating, but I understand this has been stopped. Typical!

Thanks for any advice
John

cranston

Yes.

search this forum for various positive discussions on Amex.

flattman

Thanks -yes I have heard good things on Amex during my searches. Is there a certain type of amex card I should apply for to make the transfer easier? Most posts seem to be by people who already had an existing UK Amex card. I'm not bothered about perks and extras - I'll be using it as little as is necessary and will pay off the full amount every month -my main concern is the old credit rating. Probably my luck will be I dont match their profile anyway and get rejected.

How about a HSBC transfer - does anyone know the deal with this - is it worth transfering both Amex and HSBC, or should I restrict a transfer to one or other for credit purposes?

lj2

Amex telephone number re: transferring your UK credit = 1-800-453-2639. Very helpful.

HSBC International bank opening line thing: 1-716-841-0613.

I am moving over on 1 March and have set up a Premier HSBC checking and savings account - I will pick up my premier debit and my premier credit cards when I arrive.

I also have a Diners International credit card there waiting for me on arrival.

In exchange for the info above, I'm gonna piggy back your thread slightly and just ask anyone who might know

- Given my above information, is it worth me applying for an Amex card in the states (based on my UK account I would definitely get one apparantly) or would having 3 credit cards be seen as too much?

Longy

3 credit cards is fine, and I have heard some people say they actually transfer the history for the Amex - if they do this you could potentially have a credit score immediately. With just the new cards they are a great start, but you are starting from scratch so will need to wait 6 months before you have a score at all.

This was one thing I really regretted not knowing about before I moved out - if anybody is considering moving over I highly recommend opening an Amex as soon as possible.

cranston

I think HSBC will transfer your credit history from the HSBC UK to HSBC USA - for premier customers. I don't know if they will supply your UK credit history to USA credit agencies the way Amex do. Anyone know?

Anyway, yes HSBC seems more helpful then any of the other UK clearing banks.

Dan B

I'm glad to leave my UK "credit" behind

Clean slate over here

flattman

Thanks for the numbers lj2, I will definitely have to have a chat with HSBC. Oh and feel free to piggyback (oo-er missus!) - it will only help my knowledge at the same time

Oh right, so its just for premier customers. Hmmm doesn't look like I satisfy their criteria - guess I'm just not premier enough - wonder if its worth a phonecall to my bank manager though, and play on the many years custom I have had with them, see if they will upgrade my account

Failing that (which I am sure is most likely!) I guess the Amex sounds good - though I presume they just transfer existing credit with Amex. So not sure I will get that much benefit in a few months. Is 40% spend with full payoff the best way to go to get as much blood from said stone as possible? The HSBC history would be really nice to transfer. Don't suppose anyone has any loopholes to get the Premier account?

Again anyone have any suggestions as to which type of Amex card would be suitable? (I think its between the lower level Amex cards to be honest - I wouldnt give me a platinum, so I'm sure they won't!)

lj2

Sorry - to clarify - what UK history do Amex transfer to the US? It's not all good for me in the past, but if it's just my Amex card history then I'm fine!

Longy

Its still worth it, that way you have a US card - thats a large part of the fight done. Even if you only got 2 months history transferred over, that means you would have a score in 4 months and you will probably have a decent limit on that card.

The alternative is to try and get a store card with a crappy limit on or to tie up money in a secured credit card.

As I said before, if you can get an Amex do it right now, whether you are leaving in a years time or in a few weeks, it will save you a lot of hassle.

I didn't do this and had to get a secured credit card. This can take you a while to get in the first place, and then you will have to wait 6 further months before you have a score. Even then all you have is a short history with a low limit card. Some people on here seem to have transferred over Amex limits that are much larger then I have now after being here over 2 years.

Longy

It does not transfer your entire UK credit history to the US - basically all that happens is your card is transferred to the US and they credit you with that cards history as if it was always in the US.

Amex would have no right to transfer any other history over.

lj2

Thanks so much!

Pinot Noir

[QUOTE=flattman;5985700] The HSBC history would be really nice to transfer. Don't suppose anyone has any loopholes to get the Premier account?

Arranging a motgage thru' HSBC, assuming it's greater than 500,000 USD will qualify you for Premier status. We moved here from Singapore last year and I can not speak highly enough of HSBC. They arranged accounts, credit cards, debit cards and mortgage with no problems whatsoever.

flattman

Yes I have been pleased with my HSBC account here - though I think half a million bucks is an expensive loophole at the moment - but that is a good idea - I will just be renting for a good while before even thinking of buying!


Thanks for all the advice - I think I will probably apply for the BA Amex card today - will come in handy with my trips between US and good old Blighty - and if that gets rejected I guess its just a case of waiting till I get there and getting a secured card and following the long dark process of credit gathering! I guess on the plus side at least I don't have the chance of wrecking my other half's credit rating

augigi

I wasn't an existing Amex card holder in Oz, I just opened it 6 months before I came to the US purely so I could get a card here. I only spent probably $100 a month on it in Oz, and I was able to get a $5000 card waiting for me when I arrived this week. I will probably keep it as a backup card once I am eligible for a visa or mastercard.