Credit score [ Out-of-country ]

sdirect · 19 February 2012 at 9:21PM

Hey guys,

I know that its not a place where this theard should be, so sorry.

First of all - just got a news that i have to go somewhere ( thats out-of-uk ) for whole 3 years. Recently i got approved for creditbuilder credit card + have sim only contract for 12 months.

What I should do - cancel all, or just leave it and pay every month?

Whats better? how it affect/or non-affect my credit score?

I'm planning big stuff in UK in the future - but if my credit score will be the same 600 it gonna be very bad!

notts_phil · 19 February 2012 at 9:35PM

Sorry but you have been fooled.

YOUR CREDIT SCORE MEANS NOTHING

When will people learn.....

sdirect · 19 February 2012 at 9:47PM

notts_phil wrote: »

Sorry but you have been fooled.

YOUR CREDIT SCORE MEANS NOTHING

When will people learn.....

Oh buddy, it means, it really really means

.

I am not talking about declined credit cards or something, but as a business player i can tell you that credit score play big game for starters.

If you don't have what to say , just don't post

Tixy · 19 February 2012 at 9:51PM

Your credit score provided by the credit reference agencies is not important. Its what is on your credit file that potential lenders will see and will in part assess any credit application on. They do not see those scores that you pay money to a credit reference agency to, ever.

Having a positive credit history will help you get more credit in the future.
So you could carry on with the credit agreements but make sure you can pay them from abroad and can check if there are any issues. You need to be certain that you can access any post that they send to you (which will need to be to a UK address). If you miss a payment, or the terms change or anything that causes a problem you'll cause a big problem for your credit history.

Or you could cancel them (when able to do so), and accept that you'll have to build a new credit history when you return to the UK.

You won't be able to get more UK credit whilst you live outside the UK.

If they realise you live outside the UK they may cancel the accounts.

When you return to the UK presuming your big plans involve applying for credit the fact that you have not been resident in the UK for the last 3 years will likely count against you. And so it may take time to build up an address history before you can get very good credit products/rates etc.

notts_phil · 19 February 2012 at 10:08PM

sdirect wrote: »

Oh buddy, it means, it really really means .

I am not talking about declined credit cards or something, but as a business player i can tell you that credit score play big game for starters.

If you don't have what to say , just don't post

Lol!!

I think you misunderstand

The credit score generated by experian etc when you apply for your file means nothing....

So as a big business player I suggest you think before you post.

Or perhaps you dont understand the difference between commercial scorecards and something that is generated to make money.

As someone said points don't mean prizes.

Buzby · 21 February 2012 at 2:20PM

A credit score is a product. It is a product sold by a CRA who in addition to making money from commercial partners (who buy access and query the database), have found a way for doing the same thing with individuals. The point is, a credit score means nothing to a firm looking into your financial affairs, as they generate their own score - something that you and the CRA have no way of knowing directly.

Just treat it with the contempt it deserves.

As for your financial record, just ensure you pay on time and do not defaul, as these are the two things that are often sed against you down the line!

notts_phil · 21 February 2012 at 10:26PM

The OP's 10 posts all make him sound like he isnt even from the this country....

blacksta · 21 February 2012 at 10:54PM

Credit score buhahahaha

Pacho201 · 5 June 2013 at 2:43AM

I have lived outside the UK for 15 years and have various credit cards & bank accounts in the UK all of which have my current address and have done for the past 15 years. They all provide me with an excellent service & I have increased credit limits & received 0% transfers on many occasions.

Dragonista · 5 June 2013 at 3:50AM

I'd keep the cards.

I'm an expat and have heard horror stories of people returning to the UK as your footprint for 3 years will be invisible making it difficul to impossible to get any kind of credit.

You can keep the card and have statements posted overseas address (as I do) but as PP mentioned you cannot apply for more credit when you are out of the UK (and when you return you may have problems). I also have some mail sent to my parents address as a "permanent address" so I have a UK presence.

At the moment I am in talks with a mortgage broker so I can get a foothold in the UK property market, again so I have a UK presence. But mortgages for expats on my (low for an expat) salary are few and far between and due to the credit checks may not even be possible.