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How does a solvent individual get a credit card with little or no credit history?
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Thanks so much for these helpful suggestions. To answer your questions and provide some further colour:
(1) My electoral roll details are up to date but that is recent. I previously owned a UK property that I let out and subsequently sold. Consequently, that left me without a UK registered address, which, looking back, was a big mistake.
(2) I banked/bank with Citi in the US. I will speak to them about opening a bank account and see what they can offer. Historically, though, credit seems to be confined to national borders. My getting a UK AmEx card is more a function of my having recently started a new job. When I first returned to the UK, I did not have a job and that proved non-negotiable to credit card companies.
(3) I am especially appreciative of your HSBC suggestion. For reasons that are not relevant to list here, I will be leaving Barclays later this year after > 30 years of banking with them. I had been looking at Santander as their cashback offer is generous for billpayers. However, I value expediting securing a credit card with a decent limit. I still have multiple US cards with substantial limits, which is crazy:-)
While I don't dislike Citi, I really like the idea of the 'one transatlantic bank relationship'.
Lastly, I absolutely will post a comment later in the year and provide an update on a) my credit (card) situation and b) banking choice.
Again, thanks SO much for taking the time to post such a detailed reply and provide such excellent suggestions.0 -
@ARH_2, many thanks for the advice re how to use the AmEx card. That's precisely what I intend to do. Over time, the limit will almost certainly increase. I always pay off the bill promptly and in full. I had a good relationship with them in the US so was surprised that I was unable to get a card here in the UK until now.0
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@Fighter1986 - thanks for the great recommendation that I write to AmEx and request a manual review of my circumstances. I will do that after demonstrating responsible usage of the AmEx card for 3-6 months. Hopefully, that will maximize the uplift in my credit limit:-)1
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@brianposter - thanks for the suggestion. I have historically - in this digital age - relied on the phone and email and text. Even in 2020, for some things, nothing says complaint like a formal letter. Once I have decent limits on a couple of cards (so some time down the road), I will likely cut up my Barclaycard. If there is one thing I hate, it's spending money on a credit card and getting zip back for doing so. I'm sure we MSE devotees all feel the same way:-)0
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@cymruchris Thanks for your motivating words. I am delighted to see that you are well along the road to financial recovery. Great that you are there to inspire others also!0
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@Deleted_User Hmm....patience, never been my strong suit:-) But you are definitely right! Thx0
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@msallen I did and I do have a US AmEx card - I was most disappointed when that did nothing for me here. The reverse worked nicely when I first arrived in the US and needed to build my credit. I suspect that my not having a job when I first returned to the UK was a major reason. The obsession with income rather than means to support oneself and proof of years of paying off one's bills in full is the issue. Still, now that I am working again and we have just bought a house, things will almost certainly improve going forward. Thx0
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I use my credit card to take advantage of the airline points. I only have a £3200 limit so last year when I was planning a holiday costing just over £5000 I paid £4000 cash into my credit card account leaving me with a healthy balance then a few days later paid for the holiday leaving me with an outstanding debt of just over £1000 which I cleared a few days later.
My limit was increased a few months ago to £5200.
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2020_hs said:I banked/bank with Citi in the US. I will speak to them about opening a bank account and see what they can offer. Historically, though, credit seems to be confined to national borders.
Citi should also be able to help. They tried to duplicate something likeH Premier some time ago but not to great success. They don't have a great reputation in the UK with fees and a very limited branch network - and they closed most of their personal UK retail bank accounts some years ago.
FYI HSBC usually has a referral offer for Premier but not at the moment with Covid - and when you open an account give you 6 months to fund it/meet the eligibility criteria (certainly did when I opened it)
Thanks for agreeing to post updates:)
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