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Topic: Building UK Credit  (Read 785 times)

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Building UK Credit
« on: August 29, 2018, 06:24:25 PM »
Hi,


I was wondering if it is possible/anyone has tried to build UK credit by opening a credit card or bank account and card with a branch of a UK bank in the US? I see HSBC offers accounts and cards in the US and I know BarclayCard has some killer travel cards available in the US.

Also, I haven't seen it mentioned and was wondering, is it not possible in the UK to add authorized users so that I may build credit that way? Does being an authorized user not build credit in the UK like it does in the US?


Thanks!


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Re: Building UK Credit
« Reply #1 on: August 29, 2018, 09:17:07 PM »
Hi,


I was wondering if it is possible/anyone has tried to build UK credit by opening a credit card or bank account and card with a branch of a UK bank in the US? I see HSBC offers accounts and cards in the US and I know BarclayCard has some killer travel cards available in the US.

Also, I haven't seen it mentioned and was wondering, is it not possible in the UK to add authorized users so that I may build credit that way? Does being an authorized user not build credit in the UK like it does in the US?


Thanks!

I'm not sure if authorized users build their own credit.

There are a few posts about how others have done it. I had an HSBC account and credit card in the US and they were complete jerks when I went to set up my account after moving so I switched to Barclays. Once I have a new job I'm going to try and get a small credit card (probably one of their starter ones) to start building it more. I did put my car insurance on a payment plan as well. I believe American Express is one of the better ways, if you have a card in the US you can open a card here.


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Re: Building UK Credit
« Reply #2 on: August 29, 2018, 09:37:30 PM »
I'm not sure if authorized users build their own credit.

There are a few posts about how others have done it. I had an HSBC account and credit card in the US and they were complete jerks when I went to set up my account after moving so I switched to Barclays. Once I have a new job I'm going to try and get a small credit card (probably one of their starter ones) to start building it more. I did put my car insurance on a payment plan as well. I believe American Express is one of the better ways, if you have a card in the US you can open a card here.


Thanks Margo. I'll stay away from HSBC. Barclay's and AMEX have better US offerings anyway. I'll sift through some more old posts as well.

Maybe "authorized user" is the wrong term. I know in the US having one's name on a credit account has an impact on one's credit score. That's how I started building credit when I was in high school. It's also how many of my friends have had their credit score trashed. hashtag badHusbands


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Re: Building UK Credit
« Reply #3 on: August 29, 2018, 09:56:38 PM »
I just did a quick search and found this .... looks like its different here (possibly for the better ... I have so many friends in the situation where their partner ran up their cards and ruined their credit) https://www.thinkmoney.co.uk/news-advice/can-you-get-a-joint-credit-card-0-8573-0.htm


I know they have a thing called a "Guarantor Loan" here for people with no/poor credit, and the guarantor doesn't actually have to pay if the loan holder doesn't pay. It doesn't affect their credit at all, so I don't know why they even do them! (Those require 3 years residency though) Whereas in the US a cosigner is on the hook if you don't pay.


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Re: Building UK Credit
« Reply #4 on: August 29, 2018, 10:40:48 PM »
Wow. Thanks for that! I really appreciate it.


That "Guarantor Loan" sounds like an interesting beast.


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Re: Building UK Credit
« Reply #5 on: August 29, 2018, 10:43:10 PM »

Thanks Margo. I'll stay away from HSBC. Barclay's and AMEX have better US offerings anyway. I'll sift through some more old posts as well.

Maybe "authorized user" is the wrong term. I know in the US having one's name on a credit account has an impact on one's credit score. That's how I started building credit when I was in high school. It's also how many of my friends have had their credit score trashed. hashtag badHusbands

My wife built her credit score after we moved back to England by being added to my credit card. The bank told her after 6 months she could apply for her own card.

When our son moved back last year he started off with a bank debit card and 6 months later got a credit card through the same bank. During that 6 months he did buy a 2nd hand car for cash, taxed it, insured it etc so I guess that also increased his credit score.
Dual USC/UKC living in the UK since May 2016


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Re: Building UK Credit
« Reply #6 on: August 29, 2018, 11:19:15 PM »
Hi DurhamLad,


Thanks for that!


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Re: Building UK Credit
« Reply #7 on: August 30, 2018, 05:40:01 AM »
March 28th 2013-Moved to UK, husband on spouse visa.Oct 20th 2015-Applied by mail for FLR(M).Feb 1st 2016 FLR(M).March 7th 2018 ILR. YAY! March 21st NCS&JCAP appointment.


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Re: Building UK Credit
« Reply #8 on: August 30, 2018, 02:20:10 PM »
Thanks Larrabee!


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Re: Building UK Credit
« Reply #9 on: August 30, 2018, 04:31:57 PM »
RBS gave me a Mastercard after three months, no problem. They've upped my credit limit twice since then. They offer two cards - a reward card that gives 2% cash back but has a hefty 23% interest if you don't pay it off every month, and a "regular" with 11% interest and no rewards. Since I put all my groceries on it, I get enough in rewards back to cover the 2pound a month fee on the reward card. And I've gotten a few free movies out of the deal.


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Re: Building UK Credit
« Reply #10 on: August 31, 2018, 02:25:52 PM »
RBS gave me a Mastercard after three months, no problem. They've upped my credit limit twice since then. They offer two cards - a reward card that gives 2% cash back but has a hefty 23% interest if you don't pay it off every month, and a "regular" with 11% interest and no rewards. Since I put all my groceries on it, I get enough in rewards back to cover the 2pound a month fee on the reward card. And I've gotten a few free movies out of the deal.


Thanks for the suggestion. I'll look into that. I'm all about rewards cards.


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