Expat in UK - Credit Building Help

derfo

Hello All,
Need your help to make sure I am building my credit in the right way. I moved to London last year through marriage from USA. Below are the steps I have taken after reading various forums to get credit profile off to a right start. My spouse and I are thinking of buying a house next year and I do not want our joint application to be rejected due to my poor credit.

1 - Have a note put on my credit reports (Experian and Equifax) that I cannot be on the Electoral Register due to my immigration status.

2 - I had an AMEX in USA and I was able to get an AMEX account here (£8500 Credit Limit). Balance paid in full without fail every month. Opening date of account : Apr 2012

3 - Opened a Cashplus Credit Builder account and have been paying back the "loan amount" which equates to 12 payments of £4.95. Loan marked as paid back fully in July 2013

4 - Got a monthly mobile contract with TMO and balance paid in full every month. Contract opened in June 2012.

5 - Have a First Direct Current account but with no overdraft. Account opened in Apr 2012.

6 - Have a Joint Current account with my spouse at MetroBank. The overdraft is under my spouse's name. Account opened in June 2012.


Do I need another credit card account on my credit profile or I should leave everything as is and continue to pay back everything on time and hope for the best. Can anyone offer some guidance on the best steps?

Many thanks in advance.

Regards.

UsetheFORCE

derfo wrote: »

Hello All,
Need your help to make sure I am building my credit in the right way. I moved to London last year through marriage from USA. Below are the steps I have taken after reading various forums to get credit profile off to a right start. My spouse and I are thinking of buying a house next year and I do not want our joint application to be rejected due to my poor credit.

1 - Have a note put on my credit reports (Experian and Equifax) that I cannot be on the Electoral Register due to my immigration status.

2 - I had an AMEX in USA and I was able to get an AMEX account here (£8500 Credit Limit). Balance paid in full without fail every month. Opening date of account : Apr 2012

3 - Opened a Cashplus Credit Builder account and have been paying back the "loan amount" which equates to 12 payments of £4.95. Loan marked as paid back fully in July 2013

4 - Got a monthly mobile contract with TMO and balance paid in full every month. Contract opened in June 2012.

5 - Have a First Direct Current account but with no overdraft. Account opened in Apr 2012.

6 - Have a Joint Current account with my spouse at MetroBank. The overdraft is under my spouse's name. Account opened in June 2012.


Do I need another credit card account on my credit profile or I should leave everything as is and continue to pay back everything on time and hope for the best. Can anyone offer some guidance on the best steps?

Many thanks in advance.

Regards.

I would of thought having a credit card with a £8500 limit would look extremely good on your file...personally I wouldn't do anything else...

anqet

Main issues are not being on electoral roll, the length of credit history, and your status in the UK - you don't currently have indefinite leave to remain or something like that, do you?

Size of deposit and your (and your wife's) income and job history will also weigh heavily...

Perhaps it's a good idea to speak with a mortgage broker to understand where you are.

derfo

anqet wrote: »

Main issues are not being on electoral roll, the length of credit history, and your status in the UK - you don't currently have indefinite leave to remain or something like that, do you?

Size of deposit and your (and your wife's) income and job history will also weigh heavily...

Perhaps it's a good idea to speak with a mortgage broker to understand where you are.

I get my ILR (Indefinite Leave to Remain) in December this year. We are saving very hard for a deposit of at least 20%.

anqet

I'm no expert but I think in that case - with ILR - you will be fine.

I got a mortgage 1 year after living in the UK but I'm a EU citizen. I was also careful with building credit history - bank overdraft, mobile contract, CC, also had a full time job, was past the probation period at work, and had a 15% deposit. Halifax was the lender and I went directly to them.

ps. Barclays offered me overdraft from day one (I had a copy of my job offer). Perhaps it's worth trying to get a bank account with ovedraft in your name, even if small (mine was £500 initially).

zerog

You won't get a mortgage without ILR unless you're super rich.

I think you're doing the best you can do seeing as you can't get on the electoral roll.

lawstudent

zerog wrote: »

You won't get a mortgage without ILR unless you're super rich.

I think you're doing the best you can do seeing as you can't get on the electoral roll.

Why would you want a mortgage if you're 'super rich'?

derfo

anqet wrote: »

I'm no expert but I think in that case - with ILR - you will be fine.

I got a mortgage 1 year after living in the UK but I'm a EU citizen. I was also careful with building credit history - bank overdraft, mobile contract, CC, also had a full time job, was past the probation period at work, and had a 15% deposit. Halifax was the lender and I went directly to them.

ps. Barclays offered me overdraft from day one (I had a copy of my job offer). Perhaps it's worth trying to get a bank account with ovedraft in your name, even if small (mine was £500 initially).

Called First Direct and got a £250 overdraft added to my current account. Thank you for your tip.