• Hello Members, This forums is for DV lottery visas only. For other immigration related questions, please go to our forums home page, find the related forum and post it there.

Building up credit rating

L

Lazder

Registered Users (C)
Hi,

We currently live in UK and use Barclays bank, we have great rating with literally no missed payments etc etc... I heard that once you move to USA you struggle to buy anything because you have no credit rating there.. How can we transfer our UK rating to USA is that even possible??

Is there a point of getting American Express credit card in UK and using it for some time in hope that the credit rating will be transferable to US?

Do they even have such a thing as Debit Card in USA? :D
 
Lazder said:
Hi,

We currently live in UK and use Barclays bank, we have great rating with literally no missed payments etc etc... I heard that once you move to USA you struggle to buy anything because you have no credit rating there.. How can we transfer our UK rating to USA is that even possible??

Is there a point of getting American Express credit card in UK and using it for some time in hope that the credit rating will be transferable to US?

Do they even have such a thing as Debit Card in USA? :D
Click to expand...


Hey Lazder,

I was reading up on this issue last week as I had the same concern after finding out that when we emigrate (hopefully) we would have no credit rating in the USA.

From my research and from persons I know in America and who have won the DV, credit ratings are only applicable to the current country we live in i.e. they cannot be transferred to another country.

It is a monumental effort for banks/credit agencies/car vendors in America to try and go through the paperwork and research credit transfer so they simply do not do it and make you build up a credit history from scratch.

You can use your credit cards from the UK but you will be slammed with interest rates and exchange rates fluctuations so it is not recommended as you would end up paying an arm and a leg for the most simple items.

This is the reason why the KCC/State Department is so particular about people having some form of savings in cash so as not to become a public charge and to be able to sustain themselves whilst building their credit rating. This is the reality that people do not realise about America and the DV process. This is where all those savings will come in handy when we first emigrate. The old saying that CASH IS KING will truly apply as you will see.

My situation is the same as yours in that I have never had any credit problems in the UK when I was a student and my companies in Tanzania have multi-million dollar credit facilities available to us because of market standing, reputation, previous history et al. however this is non-transferrable so technically we are all going to America like newborn babies if you know what I mean :)
 
Im an international student (DV hopeful to ) and when I got here no one would give me credit even after I started working, got my social, and had an above average income flowing through my accounts with support aswell from parents etc.

Your best option if you find yourself in this situation is just to get a secured card. Capital One seems to be the easiet to get. I have heard of people having that for only a month, and applying then for another card with capital One and getting it unsecured. Your credit limit then I presume would be based on your income in that case.
 
Unfortunately you cannot transfer your credit history. So you have to start from the beginning.
Of course they have debit cards. Once you open your bank account this is the only card you get. But there are some institutions that offer credit cards for people that dont have credit history (ex. capital one). when you want to go and get something and make monthly payments you can have cosigner and that way you also build your credit history. same with cell phones. some of the companies have special plans for 'newcomers" (ex. sprint).
 
The problem I face is that how am I supposed to rent a property from a decent estate company with no credit rating?
 
Lazder said:
The problem I face is that how am I supposed to rent a property from a decent estate company with no credit rating?
Click to expand...
You will have to find someone willing to rent out to a newcomer OR find a co-signer to your rental contract. Sometimes you can make a larger deposit in lieu of good credit, it is up to the landlord.

Check for community resources in your area that provide assistance to new immigrants (like a local church for example), sometimes they will have more suggestions.
 
If you have an American Express from the country you live in, you can ask them to transfer your account to the USA and start building up your credit history in the US with that card. Otherwise, you'll have to do as any other new immigrant with no credit history at all... in other words, secured credit cards.

Pryanik :)

Lazder said:
Hi,

We currently live in UK and use Barclays bank, we have great rating with literally no missed payments etc etc... I heard that once you move to USA you struggle to buy anything because you have no credit rating there.. How can we transfer our UK rating to USA is that even possible??

Is there a point of getting American Express credit card in UK and using it for some time in hope that the credit rating will be transferable to US?

Do they even have such a thing as Debit Card in USA? :D
Click to expand...
 
you can always try to rent a place without a company. try to look for some private people. not all of them want to check your credit history.
 
If you have Amex you should be good if not try to get a secured credit card. That would help to start building your credit rating, it might also be a good idea to get a mobile phone contract as well. You need to show you can manage credit however small. As Momo1980 said...cash is king for a start as you get along.
 
I know that many have successfully transfered AMEX card from domicile country to the states. However,though AMEX may be helpful in terms of establishing credit history that will happen only if you have established some kind of Credit History already. BTW Global transfer is the name of the AMEX service

It will take 6 months to get the first report after you get your first Credit Card. This could be nice moment to transfer your AMEX.
Here is the card to start with: http://www.capitalone.com/credit-cards/cash-rewards-for-newcomers/

As for place to live in only corporations pull credit report, private owners usually do not. You will find place to live for sure.
Good luck!
 
Last edited by a moderator:
Lazder said:
The problem I face is that how am I supposed to rent a property from a decent estate company with no credit rating?
Click to expand...


You can research this matter as I am certain some estate agency will rent out a property to you. If you have a co-signatory then you're home and dry so to speak.

When my brother went to America as a student, my aunt was his co-signatory initially and that is normally the easiest way to get around and build a credit history slowly.

Ideally you should start asking around instead of waiting till the last minute or until you get there.
 
The immigrant must have a relative or a close friend to do this... something that most of them don't have because they are completely new to the country. You have to have a very close relationship with the cosigner to accept this. Nobody else will be eager to cosign and take all the legal responsibility in case the other applicant (the new immigrant) defaults. This means the cosigner is responsible for paying what the immigrant did not and also the cosigner's credit profile could sink if late or lack of payment are reported to the credit bureaus.

Pryanik :)

Momo1980 said:
You can research this matter as I am certain some estate agency will rent out a property to you. If you have a co-signatory then you're home and dry so to speak.

When my brother went to America as a student, my aunt was his co-signatory initially and that is normally the easiest way to get around and build a credit history slowly.

Ideally you should start asking around instead of waiting till the last minute or until you get there.
Click to expand...
 
This is the reason why the KCC/State Department is so particular about people having some form of savings in cash so as not to become a public charge and to be able to sustain themselves whilst building their credit rating. This is the reality that people do not realise about America and the DV process. This is where all those savings will come in handy when we first emigrate. The old saying that CASH IS KING will truly apply as you will see.
 
Pryanik777 said:
The immigrant must have a relative or a close friend to do this... something that most of them don't have because they are completely new to the country. You have to have a very close relationship with the cosigner to accept this. Nobody else will be eager to cosign and take all the legal responsibility in case the other applicant (the new immigrant) defaults. This means the cosigner is responsible for paying what the immigrant did not and also the cosigner's credit profile could sink if late or lack of payment are reported to the credit bureaus.

Pryanik :)
Click to expand...

The info here is so helpful. Nothing to add on it.
 
I had a tough time when I moved here as a student. Get a credit card as soon as possible and use it pretty frequently. You will probably have to get a secured line credit card initially. Personally, I found that credit unions are easier to get credit cards from. You will most probably have to pay a sizable deposit when you first try to find a house. Also, getting a cellphone initially without credit history is going to be hard, AT&T asks for a $500 deposit. In a few months after you are here, try to get a car loan or some sort of loan that you pay off in time. This will rapidly increase your credit score.
 
darkelf said:
I had a tough time when I moved here as a student. Get a credit card as soon as possible and use it pretty frequently. You will probably have to get a secured line credit card initially. Personally, I found that credit unions are easier to get credit cards from. You will most probably have to pay a sizable deposit when you first try to find a house. Also, getting a cellphone initially without credit history is going to be hard, AT&T asks for a $500 deposit. In a few months after you are here, try to get a car loan or some sort of loan that you pay off in time. This will rapidly increase your credit score.
Click to expand...

Correct, same with me. I underestimated importance of the credit history and hence the credit score. Cash is helpful to have, as everywhere is, but the Report is important more than cash when you live in the US. So, take it seriously and build it from the first day.

Just to stay on main point, US is immigrant country, you are not the first person who comes with no evidence of previous life. I even didn't have SSN when I entered my first apartment, and I did it seventh day upon arrival when I found what I liked the most.
 
This is NOT a BIG issue!, however it can be a lot of 'confusion' for the newcomer, hence the premise the DoS use (at most CP posts for DV) requiring that you need to have the 'support of a sponsor' who can guide you with initial settlement hassles/confusions. (and sometimes ask to sign an i-134 guaranteeing it!)

If you are in any small way a logical and a sensible person ('education' helps but not a must for this aspect!) then you can survive well the initial shock. A good motto for a start is to know that...."there is no such thing called a FREE LUNCH!"

With some initial hassle , you CAN get over with the vicious circle of 'if you need Cr, you got to have Cr' scenario!!

Best support is available in communities where many 'foreigners' live, this is very true for communities with foreign univ. students. Ask for support from those country specific univ. groups from nearby Univs. (check with their 'intl. programs' office) You don't have to be a a student, especially they will guide you to the correct people for support and info.
Many new students/ new immigrants find great support from community Churches as well, and most times support comes with 'no strings attached', but some ppl can be bit 'pushy' later, if that is counter to your expectations then be ready to stand your ground and to your good beliefs....firm!

Apartment communities who deals frequently with 'newcomers' understands the ground realities and let you in w/o the 'credit rating' hassle and with no co-signer, try get info on them. Local 'credit unions' ('almost' like Banks!) that you are eligible to open a/c s are great support in getting a cr card and start building cr history. Remember, you have to use cr to help build rating/history. So use it but pay off balances monthly. Later, to help with 'mixture of cr' in cr rating math, get some personal loan/s (even though you have savings!) or car loan and pay off soon. There the interest you pay is your opportunity cost.

When you're settle down fully, make sure you read and understand the concept (and math) behind cr history/ cr score and use the many 'tricks' to help build them positively. However, make sure to read fine prints and avoid pitfalls!

In helping with your calls to US for apartment/job hunts etc. try use MagicJack Plus app, Skype or similar like Talkatone with Google talk. (others pitch in pl)

Try 'apartment guides' in Google and also http://spotcrime.com/ and http://www.greatschools.org/
http://www.city-data.com/ ; This is good site for general city stats. Use the 'Forum' section in getting more info about city apts, schools neighborhoods etc.

Others may pitch in with more helpful links for newcomers.

Hope this helps.

Best!
 
Last edited by a moderator:
I am reading in here about this credit rating that I think will be an issue to every GC winner....
As some are posting , AMEX history can be transferred in the US...well that's some good news but searching the net I didn't find any official posts from AMEX that will help me with this issue so I have a request :
- for those that are sure about the AMEX history transfer - were did you learned about that? can you please provide a link?
- are there any forum users that successfully transferred AMEX history to the US?
Thanks!
 
Last edited by a moderator:
You must log in or register to reply here.
Top