Credit Card Tip for US to UK movers.

Just a tip I've learned since working at American Express, thought I'd share 

For people in the US planning on moving to the UK:

Starting at 0 credit is hard.  It will be hard to apply for and receive a credit card upon moving over, which is the easiest way to start building your credit.  A good idea is while you're still in the states take out an American Express credit card.  Then when you go to move, Amex will transfer your account, card, line of credit and services to the UK system.  You'll then be able to begin your journey in the UK with a card to help start building your credit. 

Thanks for the tip. Good thing I'm already an AMEX member!

American Express was the first credit card company to give me credit, back when I was a young 'un and creating a credit history was hard. I have been a grateful and loyal AmEx'er ever since. I use the card for everything (though I believe it's not accepted in as many places in the UK).

I was hoping they'd let me take my old account with me. Will other credit cards do that, or will I be canceling them on my way out the door?

I did this when I moved over. I heart me my AMEX. You have to have a UK bank account before they'll let you have the UK AMEX, and it's only a charge card. But it's better than nothing when you first move over!

As far as I know, no other credit card allows you to do that.

FYI,  I have done this, and Amex does not transfer your credit limit.  They will treat you as a credit newbie, with a low credit limit and a high interest rate, regardless of the credit limit and the interest rate on your US card.

My UK Amex is a credit card.

My UK Amex is a credit card.

Oo, lucky you! I was only allowed a charge card. But thinking back, I wonder if my AMEX in the States was a charge card or a credit card. Can't remember. 

My AMEX charge card allows me to pay off purchases larger than £200 as if they were on a credit card. So, good for flights and hotels and stuff. And it keeps me honest for the smaller stuff 

One of the things I like best about the AmEx card is that they make me pay it off every month, so I haven't the slightest guilt about using it for little purchases and big. Every time they send me the "special offer!" to allow me to defer charges over $200, I feel like writing to the marketing dude and explaining to him that he's offering to remove the thing I like most about this product.

With Amex, they will give you the card closest matching your US one.. so if you got a new card when moving, its b/c you had a US card that does not exist in the UK.

Also in regards to Credit limit, they base it on your US limit and history, but obv. it would take quite the stellar record and high line of credit in the US to get anything better than "newbie" in the UK.  But I have seen it done!

Haha, that 200gbp revolve on a charge card is Flex Selects 

My first UK card was Amex as well... but I suspect its because they know where I work should I be a naughty customer 

Not true. I had a credit limit of at leat $10k (possibly much higher; all my US credit cards had limits between $10k and $40k; I don't remember the Amex one specifically)  in the US and started out with a £2500 limit in the UK. And a much higher interest rate.

I'd had a US Amex for close to 20 years before moving to the UK.

Not true. I had a credit limit of at leat $10k (possibly much higher; all my US credit cards had limits between $10k and $40k; I don't remember the Amex one specifically)  in the US and started out with a £2500 limit in the UK. And a much higher interest rate.

I'd had a US Amex for close to 20 years before moving to the UK.

Correct, but the lowest amex offers in line of credit is £700, which I myself was awarded to start with, for £2500 is hardly a credit newbie status.

Correct, but the lowest amex offers in line of credit is £700, which I myself was awarded to start with, for £2500 is hardly a credit newbie status.

I didn't realise. £700 is quite low.

Can you do this before you move, or do you have to wait and do it after you move and have a UK adress?

Anyone else have any advice on what to do, once you're here? I've been here since September, I've been in the same job for almost there years (despite the change of location), have my earnings direct deposited into my bank account, my balance hasn't gone below £20k since getting here, and I'm in the higher tax bracket... yet, I'm still getting rejected for -every- card I apply for. I can't even get a store card, much less an amex, bank credit card, etc. Looking at Debenham's, they say don't even bother applying unless you've been in the country for a year. This is just insane. I was hoping to build up credit and possibly buy a house sometime this year, with prices being so much lower than usual, but at this rate I'll be lucky if I'll even get a credit card. What have other people done to get around this, or has it only recently gotten this bad?

Have you tried going through your bank and actually talking to someone in person about a card? This is the likeliest way to get one. My UK credit card was a student one that I got with my student bank account and started with a £500 limit. After a few months of using it and building credit I wrote to them asking to raise the limit as I had been a responsible user and had plenty of money in my account, and it went up to £2000.

Hi UCBMCKEE

It's 'really' only gotten as bad as that recently - but, be aware of trying to apply for credit many times in a short space of time, the credit agencies don't like that and will mark you down for it - this 'could' be the cause of you not being accepted.

I'll stick up an idea I had (though I'm not the first!!)

Get a pre paid credit card and use that to help build credit - I know PayPal do one, also speak to your bank - see if they'll look at your account and raise your credit limit.

Also, get your credit report - close any uneeded accounts, and ensure you pay on time every time without fail. Going back to before, try not to keep applying for credit and allow a good time frame to build up your reputation (for paying back on time).

See if you can get yourself on the electoral register (i know that can be problematic for non UK citizens) but no harm in trying if your eligible? - also a BT phone line tied to a geographic location (if you already havent done so)

As for buying a home - looks like currently the banks will be looking for a 25% deposit to secure a mortgage in these conditions, add on the fact they'll also want a perfect or near to perfect credit history and this is why the first time buyer market in the UK has all but evaporated. To add further insult, anyone who is 'foriegn' will probably need a good 40% plus deposit to secure a mortgage. Everyone will probably want a Tracker mortgage, and those have also all but disappeared too - so unless you have plenty of money for a very big deposit it looks like it's going to be very difficult for people like yourself to purchase a property in the next couple years.

Have a look at the 'increase your credit rating' type sites by googlying or yahooing and definitley look at your own personal credit rating to help you from this point forward.

Hope this helps!

Cheers! DtM! West London & Slough UK!