Ample savings, lived in UK for decades *but* lived abroad for a decade

fifthtimelucky

1. I moved back to the UK last month after a 12 years away in Canada essentially to retire early. My employment income is zero and I will only have a four figure annual pension for the next five years. However I have savings abroad which I am drawing from which are more than sufficient to live on. How should I report my income? I have not started paying UK tax yet so can't use that as a basis. Should I treat interest+dividend as my income? That plus unrealised capital gain? Some other measure?
2. I lived in the UK for more than 20 years and had a healthy credit limit and history. I also have a healthy credit history in Canada since. But having left the UK in 2014 it seems all of that information is lost or doesn't count and I am essentially starting from scratch. Is there any way to get any of my past financial performance taken into consideration?
3. If (as I suspect) I do have to start from scratch, when can I realistically apply for a credit card to build up a credit history? I tried the eligibility calculator and it couldn't find a credit history for me (or only found one that doesn't match me currently - it is not clear). I have registered to vote and for council tax where I am and I have had two UK bank accounts for years. I guess soon my credit file will start somewhere soon?
4. Given my circumstances, I should (eventually) qualify for the most advantageous "no credit history" card going - is there one that I can apply for that will actually benefit me when I am regularly paying off the full amount each month? If not, how long will I have to wait and use a "zero advantages" credit card before I can apply for a "proper" one?
5. Are there any online cards that I could apply for that would do an end run around the over-rigid rules (for example if I provided a big deposit that guaranteed payment of my card or if the lender could take overseas creditworthiness into account)?

flaneurs_lobster

Have the two UK bank accounts been active while you were resident in Canada? Maybe consider applying for a credit card with them?

Is there a particular need for credit in the future? What borrowing are you hoping to make?

Brie

do you have a mobile phone contract? broadband? they will help build a history for you.

after that car/home insurance paid monthly might be worth a try.

there's free access to credit history via a link on this site. that at least might help you understand what else you need to do.

As f_l says you could try one of your banks to get a card - your account history may work in your favour. Otherwise go for a horrid rate card with a low limit (i.e. 49.9% APR and £200?) and pay that in full each month and see how long it takes for them to offer you more credit. Let that all perk away and then maybe in a year something preferable will become available.

Any of your Canadian banks have a UK arm? Maybe you can get a card that way???

MyRealNameToo

https://forums.moneysavingexpert.com/discussion/6672820/ample-savings-lived-in-uk-for-decades-but-lived-abroad-for-a-decade

Certain banks and card issuers do have cross national processes for their higher tier customers, eg AmEx has their Global Card Transfer where they will consider your standing in your former country of residence when deciding if you qualify in your new country.

Unfortunately the overlap between the UK and Canada is very small, RBC does have a UK presence but only for HNW individuals (and corporate banking etc)

lr1277

Might be an obvious question but are on the electoral roll?

Nasqueron

https://forums.moneysavingexpert.com/discussion/6672820/ample-savings-lived-in-uk-for-decades-but-lived-abroad-for-a-decade

1. Income is income - pension yes, dividends if they are guaranteed. Interest is never reliable and savings are not income as you could spend them tomorrow so banks don't rely on them
2. No, in the UK the credit history is 6 years, after that they are wiped (same as debt history)
3. If the eligibility checker is not coming up with anything then you will need to leave it for a bit. Have a bank account and get some history of income and ask the bank about a CC perhaps. You can also build up credit history with certain bills, mobile phone, broadband etc
4. With no history you will likely get a basic card only - pay in full every month, build up some history
5. There are no mainstream cards based on something like that, perhaps private banking might do it

eskbanker

https://forums.moneysavingexpert.com/discussion/comment/82037855#Comment_82037855

Indeed - such an obvious question that OP already answered it!

I have registered to vote and for council tax where I am

lr1277

https://forums.moneysavingexpert.com/discussion/comment/82038029#Comment_82038029

Oops. I missed that. Sorry.

MyRealNameToo

https://forums.moneysavingexpert.com/discussion/comment/82038016#Comment_82038016

Interest is generally considered income, hence why you pay income. Fully agree that savings themselves arent income and if you are drawing down the capital then that is a red flag

Nasqueron

https://forums.moneysavingexpert.com/discussion/comment/82039172#Comment_82039172

Interest I feel is pushing it purely for the reason that as with savings, it's not guaranteed e.g. you say you have £1000 a year of interest but if you need to spend the savings or rates drop etc you don't have that income any more

MyRealNameToo

https://forums.moneysavingexpert.com/discussion/comment/82039491#Comment_82039491

Same as if you lose your job you then have no salary