Improving credit score from abroad

ozdoc

Hi all,

I'm a UK junior Doctor planning to emigrate to Australia in the coming weeks. I was't particularly responsible with my money as a student and this was reflected in a failed Santander loan application in 2014. Since then, I've worked hard to improve my score using simple measures such as responsible, regular use of a credit card.

I wonder if anyone could tell me how I could continue to improve my score from down under?

National_Debtline

Hi ozdoc,


That is going to be very tricky for you I am afraid. Credit scores are only relevant to the country so if you don't have any active credit in the UK whilst you are in Australia there will be no history on your UK file (even if you have credit in Oz).The only way you could do this would be to have a small balance on a credit card in the UK and pay the minimum payments from abroad.


However, there are risks with this idea. If you can't maintain it you will do more harm than good. Dealing with any debt issues from abroad can be challenging (with time differences and currency issues). Also, if you couldn't get an interest free credit card you would need to pay more than the minimum payments to actually drive the balance down (would this be affordable)? I would suggest some financial advice before doing something like this.

Realistically, it could be better to leave it whilst you are abroad and when you come back start again, when you are here to monitor things effectively. Good luck,


Laura
@natdebtline

Thrugelmir

Why are you concerned about your UK rating if you are emigrating. You'll start in Oz from ground zero.

ozdoc

Many thanks Laura.

I should have added to my initial post that I hope to return to the UK at some point!

Cheers

Thrugelmir

ozdoc wrote: »

I should have added to my initial post that I hope to return to the UK at some point!

Then you'll have no history.