UK/US banks

[Trompe le Monde 1,107]

Possibly even taking a hard copy of a credit report from Experian or Equifax (not Transunion, as I don't think they operate in the UK so the landlord might think "who?") in the US as evidence that yes, you do pay your bills on time, would make them happy. Banks might not care about your credit in another country, but I'd think all but the most uptight letting agencies would be happy with that.

This is a great idea and something I did when I returned to the US, having no credit historyfor having been out of the country for 10 years when I was apartment hunting. I imagine it would work well in reverse. The reports from Experian look pretty similar in both countries, so should make sense to the person looking at them.

[rebeccajo 14]

Sounds like you are all saying then I shouldn't really worry about it?

I had the thoughts of taking a credit report over and not just because it seemed like a simple, common sense solution. I was also hoping that proving DH has used credit sensibly in the last few years might overcome questions about his prior history....

[Yvie_and_Brett 0]

I read this thread last week and it started me thinking, so over the weekend I ran my credit check via Experian. Does anyone know how I can get a paper copy of my report and credit score?

My score came in at 900, so I'd obviously like to be able to use it to present myself as a financially responsible person when it comes to applying for a mortgage, etc in a few months.

Does anyone have experience of trying to transfer their score? What reaction did it get in the US?

[miss g 1]

Thanks.

The plan would be to transfer balances to the 'new card' now. We could keep using and paying on it while here, and then (if we move) would be able to continue paying off the balance after arrival in the UK.

My main concern is building enough of a rating that we would be able to rent a house shortly after arrival in Northern Ireland. Wes rarely used credit during his life there, and what he did have might not be stellar. Or he may have no credit history at all - he's been here four years.

Our credit ratings in the US are in the 750 range.

I have never heard of anyone having a credit check done to rent a house in the UK. Local authority housing does not need credit check and private landlords do not have access to that information.

Hmmmm.

I keep reading members on BritishExpats talking about needing a credit rating to rent a house.

Never needed a credit rating to rent any houses that I rented in the UK. If I had then my ex-husbands debt that I ended up having to pay would have stopped me from renting anything.

my ex tried that dirty trick with me.. but i dodged that pretty good..

has anyone had trouble when they left the uk, stuff that you thought u took care off but apparently you need to pay?

[TayRivers 4]

I read this thread last week and it started me thinking, so over the weekend I ran my credit check via Experian. Does anyone know how I can get a paper copy of my report and credit score?

My score came in at 900, so I'd obviously like to be able to use it to present myself as a financially responsible person when it comes to applying for a mortgage, etc in a few months.

Does anyone have experience of trying to transfer their score? What reaction did it get in the US?

You cant transfer your credit score from the UK to the US. You will have to start with no credit history in the US and build it up over time, It will take about 9 -18 months for you to have a credit history here in the US and your score will depend on what you have in the way of credt. Revolving credit accounts like store cards are a good way of establishing your credit or you can apply for a secure credit card from some of the banks. But unless you have a bank account with a bank that is also here in the US or you have a credit card with a very good record that is from HSBC or American Express, you are going to find it will take a while for you to even appear on a credit report.

[Trompe le Monde 1,107]

although it can be handy in less formal situations, like proving your credit-worthiness to a potential landlord

it does seem strange it's not transferable, but that's how it is

[wexford65 0]

Having been here in the US for 4 years now I have managed to get my credit score up where it should be. There is no quick and easy way to do this regardless as to what you read. It is like losing weight, everyone knows a 'quick trick' but we all know the answer takes times and effort.

I quickly realized that buying everything cash (cars etc) or paying everything off quickly ( I use AMEX) was a very bad idea so I took a couple of credit cards which I try to keep at about 50% credit in use. If you use too much they penalize you, same if you barely use them. It is a case of juggling to get the right balance.

The biggest issue I had was that when my credit score was a little dodgy the report would indicate that yes payments were on time BUT I had less than 5 years on most of my accounts. In short it takes time for you to build a history and you can't rush it. Best thing to do is get a credit card as quickly as you can, regardless as to the limit. Pay it on time and make sure you do use some of the credit or it will be a waste of time.

Beware freecreditreport and other that show you Experian, Equifax and Transunion. I used them for a year or so until I realized they are a little bit of a scam. They WILL notify you if there is a credit inquiry or a bad payment placed against you but the number is at best a stab in the dark and can be up to 200 points away from the real number lenders use. I was amazed when a mortgage company said the number they got for me was 180 points away from the average of the big three. I ended up having to pay cash because the interest rate would have been awful.

They (Experian. Equifax and Transunion) do NOT reflect the number that a lender will see. Use a FICO supplier (http://www.myfico.com) as this is what most lenders use. Also be aware that they each 'load' your number differently. What I mean is that a mortgage lender might place more importance on a long history of on time payments whereas a Best Buy or Circuit City type of business might look for on time payments for the last 12 months and doesn't care about a long history. As a result they will apply for your FICO number and each get different numbers.

Credit scores are indeed very important and require more thought than you might think to get to a reasonable level.

Oh, and UK credit scores will NOT transfer.

Good luck,

Paul

[Gary_UK 17]

Hi.

I have been reading the post. And with regards to the transferable credit history. No you cannot transfer your good standing to the USA. I guess some may see that as a blessing or a curse ( shrugs )

I myself have spent the last 5 years rebuilding my credit after a run in with a less than helpful credit card company while i was out of work resulted in the barstewards logging my payments as " non payment" buggering me well and truly ever since. It has something to do with the data protection act so no there is no way a UK financial company can volunteer your standing to them.

I was planning on doing a similar thing and printing a hard copy of my Experian credit report which may help in the early days. But it's a guess at best so I am resigned to the fact that I will have to start rebuilding my credit score yet again when I am stateside from 0.

What may help and I don't think i saw mention of it in this thread ( sorry to those if you have ) is that We have managed to open a joint bank account, during my last visit stateside, which I have already transferred a chunk of my savings into to help pay for the wedding and while I look for a job while over there. For us, that was a big help. As the manager of the bank has already given suggestions on what the bank can do to help me gain a useful credit score.

My US bank manager has suggested that I get a CC from them as soon as possible. and with a small credit limit of say $500. make a largish purchase of say $400 and then pay it off over 2-3 months. DON'T pay it all off at once. then after a short while the limit should increase. make another largish purchase and pay it off over a few months again. Time, patience and a little money savvy will be the best solution.

Hope this helps.

Edited July 16, 2009 by Gary_UK

[wexford65 0]

One more thing while I think of it. If you are going to rent in the early days you are lucky in that most friendly landlords will take references that a bank might not take. I gave them Irish and UK bank reference as well as from one from my company back in Ireland. Admittedly I was in the fortunate position of a) being a Director of that company and B) having a clear balance in my account way in excess of the cost of the house when renting, both of which obviously smoothed the way to getting a lease.

Slightly off topic but I was surprised that the auto insurance company here in the US did accept my Irish no claims bonus certificate although I still got stung as they also take into account when you get a US driver's license which obviously hurts a little.

Last one. If you decide to get a cellphone with international dialing be prepared to write out a couple of decent checks. AT&T might have changed their requirements but for me I had to pay a $500 deposit (returnable after a year I think) to get a phone and ANOTHER $500 for international dialing privileges, (again returnable after a year). To be fair this was when I was only in the country about 3 weeks but I thought it was a little steep.