CC for Newcomers to UK

MoneySavvyGrl

Hi,
I am American and my husband is French and we have been in London for about 6 months. In the US, having good credit is essential and I have heard it is important here as well. Having had a bank account (HSBC) for 6 months, I assume that I am now eligible for a CC. Does anyone else have any experience getting a CC as an newcomer to the UK and what is the best way we can go about building credit so as to one day potentially get a home loan? What cards are good for someone is my situation?

Thanks

[Deleted User]

Try someone like aqua or Vanquis. They are more likely to accept you with a thin file.

Have you already tried HSBC where your account is?

reclusive46

You didn't happen to have an American Express in the US did you? American Express offer a global transfer service to open up an account in another country, would be a great way to start getting good credit.

sharpy2010

MoneySavvyGrl wrote: »

Hi,
In the US, having good credit is essential

I'm interested to know why this is the case? In the UK there are plenty of people with bad credit, and whilst it isn't ideal, it doesn't wreck their entire lives. I'd be interested to know what makes it so essential in the US to have good credit (I've never been there but would love to go!).

reclusive46

sharpy2010 wrote: »

I'm interested to know why this is the case? In the UK there are plenty of people with bad credit, and whilst it isn't ideal, it doesn't wreck their entire lives. I'd be interested to know what makes it so essential in the US to have good credit (I've never been there but would love to go!).

In the US pretty much all employers credit check, you often can't pay by cheque (Or should I say Check :P) as most check transactions are credit checked, to see if the transaction will go through. Debit cards also often come with a lot of fees in US (Especially the non Visa,MC or Amex branded ones that are always swipe and pin), so a lot of people use credit cards and repay in full (They seem to be much bigger into reward credit cards). You sometimes can't even get certain insurances (Even if you choose) to pay in full annually.

sharpy2010

Thats very interesting cheers :-) Its easy to forget how other countries can sometimes do things completely differently!

marathonic

sharpy2010 wrote: »

Thats very interesting cheers :-) Its easy to forget how other countries can sometimes do things completely differently!

Yeah, as an employee for a US insurance company, I can tell you that credit report information is one of the many factors that can impact premiums - another is whether you are doing well in school.... :eek:

MoneySavvyGrl

I agree with the prior responses about how important credit is in the US. Am I to understand that it is not very important here in the UK?

reclusive46

MoneySavvyGrl wrote: »

I agree with the prior responses about how important credit is in the US. Am I to understand that it is not very important here in the UK?

Its important but just not as important. You can't necessarily get full debit cards (Debit cards that work at places that can't contact the bank) or even proper current accounts (Checking accounts) without decent credit but its not as much of a disaster as it is in the US. If I were you I would start to build credit, as one day you may need it.

If you have an American Express in the US and transfer it to the UK, that is a good way to start off with a decent card.