returned expat

rjrs0510

Hi there!

Ive recently returned to the UK (Fed. 11, 2013 after 12 years abroad ) and upon my return I opened a Flexaccount with Nationwide and a Capital One secured card (in order to improve my credit score). I have to wait 3 months before I can be back on the electoral register. When I first got back I applied online for a few bank accounts (i just wanted to see who would offer me a full account) and now I have multiple searches against my name. I went from no credit history to pretty bad in the space of a week. My questions are: 1. How long before this score improves (i've just paid off my first capital one bill)? 2. How long before I can ask Nationwide for a credit card? I still draw an income from my job abroad and will be transferring money into the Nationwide every month.

I really need to build up some kind of credit score as I want a mortgage or personal loan. In a few months I need to buy a house ( i intend to use my savings to finance the bulk of the purchase).

Sorry if this is rambling, and thanks for any help!

Rjrs

happy_bunny_2

Think the searches drop off after 6 months, can't remember exactly. That will get rid of one issue.

Getting on the electoral role will help.

Paying your credit card on time will help as will current account, especially if it has an overdraft (best not to use?)

Ignore CRA credit scores, they are a made up number, each lender has their own.

I would say for a mortgage your best bet would be your current account provider. I read they search 6 years credit history, which might be an issue for you. Loans are 3 years I think, similar issue though.

Why not ring up a lender and ask?

Jennifer_Jane

When I returned after 28 years away, I had a letter from my overseas bank which was affiliated to Barclays and they gave me an account and a debit card.

I'm afraid I can't remember when I then got my first credit card, but I did get on the electoral roll as soon as I could. I think Egg Money was one of my first cards, but whether I'd already bought my house and had a mortgage by then I don't know.

I think you could try Aqua too - I'm just getting one - not yet arrived - and it has a very, very high APR, and no apparent way to pay by direct debit (I will be examining this), but I'm good with paying off things and you can do pay the full balance by telephone, I think. It pays 3% cashback (which is why I want it).

I think I had to wait ages for it, but the market was simpler and less competitive 15 years ago, so it may now be easier to get a credit card.

rjrs0510

Thanks for the replies. I guess the key to all of this is patience, a virtue I am quite lacking!