Credit when returning from abroad

scala1

Hi,

I've returned to the UK having worked in mainland Europe for 6 years. As a teacher I have a "safe" regular salary,but was turned down by HSBC for a personal loan to pay off credit cards held in the UK as I don't have a recent credit history here.

I'd like to apply for a 0% balance transfer on a credit card but am afraid of getting turned down again... any advice please?

chattychappy

scala1 wrote: »

but was turned down by HSBC for a personal loan to pay off credit cards held in the UK as I don't have a recent credit history here.

That's weird - if you were still running UK CCs, you would have a credit history. Were you maintaining them properly whilst you were away?

I think I'd kick off by getting a credit report (not the score, just the report) from Experian (at least) to see if everything is properly recorded. You also need to get onto the electoral roll if you haven't already and make sure your CCs are registered to the same address.

happy_bunny_2

Could also take a free experian trial and use their customer services to find out how it should work when you are working abroad

lisyloo

I would not recommend the trials (they don't make it easy to cancel).
Order your statutory reports from Experian and Equifax for £2 each.
Are you on the electoral role in the UK. This could be a major issue as could minimal time at your new address.
If you want to post up info after you'vbe obtained the reports then folks here will help.

scala1

Thanks already for the replies - I registered on the electoral roll a couple of weeks after applying (6 weeks ago) so maybe that will help.

My bank's problem was that at the time of applying, I hadn't been paid from my new UK job into my UK account - I've maintained my current account & credit card here via bank transfers from Europe.

Tempted to try transferring elsewhere anyway - 30 years as an HSBC customer yet they're raising the APR on my card to 25.9% soon despite me repaying on time etc.

CLAPTON

scala1 wrote: »

Thanks already for the replies - I registered on the electoral roll a couple of weeks after applying (6 weeks ago) so maybe that will help.

My bank's problem was that at the time of applying, I hadn't been paid from my new UK job into my UK account - I've maintained my current account & credit card here via bank transfers from Europe.

Tempted to try transferring elsewhere anyway - 30 years as an HSBC customer yet they're raising the APR on my card to 25.9% soon despite me repaying on time etc.

you applied for the loan before you were on the electoral roll
you applied before your salary hit your bank a/c

probably not the wisest of actions

what are your debts?
what is your income?
do you pay more than the minimum on your credit cards?
do you use your overdraft?

scala1

Hi,
I need to cover £5000 (spread between 2 CCs in UK & abroad)
Monthly net is £2400
I usually pay minimum on CCs, sometimes more
At the moment yes I'm using the overdraft

CLAPTON

your income is fine in relation to your debts but using your overdraft regularly and only paying the minimum on the CC is not good practice


I would suggest you check your credit files to confirm they show you are on the electoral roll and start to pay a little more than the minimum on each CC and try tostop using the OD.

by all means open a new bank a/c but retain the HSBC as you are often asked how long you have had the bank a/c and also if you stop using HSBC they might demand immediate repayment of the OD


in any event why are you in debt; presumably you are not 21 so one would expect you to have some savings?

scala1

Ha,

A divorce which left me worse than penniless after my ex basically had a breakdown, plus another relationship which cleaned me out totally, plus a property deal which went horribly wrong when the crisis hit...

Yes theoretically things should be great, but life had other ideas.

Hey ho, not bitter much :-)