How far is it from Hull England to Las Vegas Nevada?

Credit scoring for SME and Director relocating from UK to Nevada USA

• What do the banks in the USA look for in credit checking from immigrating people and relocating businesses? I have a cash flow problem and need to resolve it, but I don't want to ruin my potential - next year we should be relocating to Las Vegas, Nevada from here in Essex England. I know and understand all the options here in the UK - IVA's, unsecured loans, increased overdrafts, etc. My credit rating with Experian is fantastic because I always make the minimum payments - but I need to shake the debt completely, credit card debts are a terrible way to borrow money. BTW for those who are wondering why I have £60K in credit card debts, I manage PPC campaigns for clients all on credit cards, but they pay cash - some didn't pay and have written of as bad debts, I also had 1 off costs for our wedding and a car accident. In the past I've asked this question and people have replied that I shouldn't have used my credit cards so much - well I realise that now, but what I want is advice on what American Banks look at when I relocate me ad my business to the USA? If they don't look at my UK credit history (unlikely I'm sure), then an IVA might be attractive. Have any of you moved from the UK to the USA, if so what did the banks and credit card firms look at when you moved? Did they consider your financial status when you did move? My business looks OK on P & L, great on forecasts, but the cash flow is terrible on the balance sheet. Same of my personal accounts.

• Answer:

  Hello allwehereisradio, Thank you for your question. You will not have a credit history in the United States. This doesn't make too much sense, since the main credit reporting agency in the UK, Experian, is also one of the top credit bureaus in the US. However, credit history in the United States is tied to a social security number, and you do not have one, so you have no American credit history. You will be similar to a student who has never had a credit card in that regard. This could cause definite problems as far as American banks lending to you at first, but you should be able to do it by building credit slowly. If you will be either an employee or conducting your business in the US, you will start to build a credit history. You can get joint credit cards and loans with your spouse and build credit for both of you. British Computer Society Google Cache: http://72.14.209.104/search?q=cache:agetOKxG_XEJ:www.bcs.org/server.php%3Fshow%3DConWebDoc.2870+immigrant+uk+us+banks+credit+history&hl=en&gl=us&ct=clnk&cd=5&client=firefox-a "You have no credit history in the US even if you have savings or have owned a house in the UK and had very good credit there. This can work to your advantage if your credit is less than brilliant in the UK as you have a clean slate in the US. It takes time and patience to build a credit history. You can help the process by getting joint credit cards with your spouse and a joint auto loan. Employment also really helps to start getting credit card offers coming in. They won't initially be the best of terms but you need at least four revolving accounts of good standing to start to build a good credit score. Other financial activities over here, such as setting up a bank account, car insurance, etc is much the same as in the UK." How can you establish credit when you have none? US Financial Information http://www.workpermit.com/us/relocation/financial_information.htm "To establish credit, you first will have to open a bank account. This is necessary in order to obtain a credit card. You can even take a loan of $500 out against your own $500 in the bank, then pay it right back. It may sound silly, but this helps you establish credit." You can also apply for a credit card with an international company like American Express. More than US or UK banks, American Express is equipped for clients relocating internationally and your UK credit card would be able to be transferred to the US quite simply. So, apply for an AMEX as soon as possible and keep it after you move. International banks, such as HSBC, could be very helpful in establishing credit as well. Some UK banks have collaborations with US banks which may help you in getting a US bank account. Inquire at your bank and find out if this is the case with it, and if not, find out what banks have collaborations and set up an account with one of those. For example, a few years ago Bank of America and the Royal Bank of Scotland had a tie-in that helped some colleagues of mine who were moving from the US to the UK. If you don't want your credit history from the UK to follow you to the US, you have no problem as it will not unless you purposely try to help it along with an American Express card and the like. Sources: Ask Metafilter "international credit history" http://ask.metafilter.com/mefi/44255 Search terms: immigrant uk us banks credit history move uk us "no credit history" If you need any additional clarification, let me know and I'll be glad to assist you. --keystroke-ga