Question
I am an Australian Citibank customer who is looking at relocating to the States next year. I have asked Citibank here if they can transfer my account to the US but they are monumentally unhelpful and just say I need to close the account in Oz and open one in the US - which I understand would be a problem as a person fresh off the plane with no Credit Rating.... does anyone have any advise on the best way for me to do this?
Answer
Perhaps you could start creating a US credit rating before you leave Oz? I'm not sure how you would do this.
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When I relocated to the US from England a few years ago I had no problems opening a bank account at a smaller local bank.
CitiBank hasn't been helpful to me either (they would transfer my account when I moved from one state to another in the US, different laws/regulations in each state).
My suggestion is keep your AU account open (or have a credit card to keep you going) until you can get an account setup, and get an account with a smaller bank in the area you will be living.
From my experience not having a credit history in the US will be more of a problem when you go to lease/buy a car, rent an apartment, or apply for a credit card.
Regards,
Mark......
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Thanks,
I have been reading all sorts of books on the subject and most advise obtaining a store credit card (I assume a Sears card etc) and then buy small things and pay them off etc and majically you get a credit rating... not sure how reliable this is though.... I plan to keep my AU accounts for a while (the lure of getting ~4 Qantas miles per $US spent on the ANZ Qantas Visa is pretty good) but I also (like a good flyertalker) want to get 1 or more US cards...
Does anyone have any experience with the cards that I get SPAM from all the time that are listed as "for people with bad or no credit"? and can anyone advise on how long it takes to build up a reasonable credit rating in the US?
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I am not sure how much money you will be using to open a bank account here. Many banks issue their own credit card. We bank at Bank of America and they offer several different types of credit card. This may be a good way to start off. Building a credit history is not to hard. Best thing is to have a checking and savings account and at least one type of credit card. Oh yeah, a job really helps! Then just make sure not to ever be late with a payment or overdrawn.
Originally posted by ANDREWCX:
Thanks,
I have been reading all sorts of books on the subject and most advise obtaining a store credit card (I assume a Sears card etc) and then buy small things and pay them off etc and majically you get a credit rating... not sure how reliable this is though.... I plan to keep my AU accounts for a while (the lure of getting ~4 Qantas miles per $US spent on the ANZ Qantas Visa is pretty good) but I also (like a good flyertalker) want to get 1 or more US cards...
Does anyone have any experience with the cards that I get SPAM from all the time that are listed as "for people with bad or no credit"? and can anyone advise on how long it takes to build up a reasonable credit rating in the US?
[This message has been edited by MoreMilesPlease (edited 09-01-2002).]
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Originally posted by MoreMilesPlease:
Then just make sure not to ever be late with a payment or overdrawn.
A good way to do this is to find a credit card that allows you to automatically have the bill paid (either in full, the minimum due, or some specified amount) when it is due. Then you don't have to worry about mail taking a long time to get there.
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While you´re still living in Australia you could also apply for an Amex International Dollar Card.
Have a look at their website www.americanexpress.com (http://www.americanexpress.com) and check out at "international products and services", if this might be a good deal for you.
Answer
Originally posted by axel1:
[B]While you´re still living in Australia you could also apply for an Amex International Dollar Card.
B]
Would this generate a US Credit history or just work on my Australian one? I couldn't find any specific info on the website.
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Sorry, as I´m from Germany and I am not familiar with the credit-standing- system in the US, I would suggest you just call one of the Int. Dollar Card telephone numbers and ask the customer service.
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Citibank US will probably be more helpful, esp if you are relocating to a large city (like NYC). Keep your Aussie Citibank acct open and then you can open a Citibank checking (current) account when you are settled in the US with a US social security number. Depending on the amount of money you have with Citi, they will either have the branch help approve you for a full credit card or, with less money, you could prolly get approved for a secured Citi AAdvantage card (yes, there is one but they don't advertise it) which means that your credit line is equal to an amount you deposit in an escrow account. Use this card regularly and pay it off in full on time every month and within 6 months you can upgrade to a full regular account with a real credit line.
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I Love New York -- Viva España
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Originally posted by Redhead:
Citibank US will probably be more helpful, esp if you are relocating to a large city (like NYC). Keep your Aussie Citibank acct open and then you can open a Citibank checking (current) account when you are settled in the US with a US social security number. Depending on the amount of money you have with Citi, they will either have the branch help approve you for a full credit card or, with less money, you could prolly get approved for a secured Citi AAdvantage card (yes, there is one but they don't advertise it) which means that your credit line is equal to an amount you deposit in an escrow account. Use this card regularly and pay it off in full on time every month and within 6 months you can upgrade to a full regular account with a real credit line.
Thanks, this sounds like the way I'll go. I most likely to be moving to the Bay Area so should qualify for the "large city" clause.
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If your affiliation with Citibank doesn't help you with Citibank in the US and even if it does, I'd like to recommend that you look into using a credit union rather than a bank when you get to the US.
If you are working for a technical company in the bay area, find out if they have any credit union affiliation, such as Technology Credit Union at www.techcu.com (http://www.techcu.com)
At the TCU web site, you can click on applications, and then 'field of membership' to search if your company is affiliated with this credit union.
Credit unions are mutually owned by their depositors (so there are no stockholders to earn a profit for and no parent company to answer to) and are much better at helping their members build credit. If your company is a member and you can open an account, you can have your check direct deposited into the account, which will provide you with a number of CU benefits. Once established, you can request a secured loan from the CU, and pay that off over several months and then get credit from them. In general, the CU goes by their own personal history with their members.
Finally, if your relocation is by a company, they should also be able to help you with this stuff.
Also, I believe that I've seen posts that people who have foreign Amex accounts can have their accounts moved to the US when they move, so if you already have affiliation with Amex, that might also be a huge help.
-David
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I second LIH prem recommendations. Credit unions are the way to go to establish credit history by first opening checking/saving and then using them to purshase say a car, that will get you going.
If you do a google search, you will find a few companies that help you transition your move to the US, the ones I have noticed are mostly from the UK.
Here is a link with some info for canadians moving to the US:
http://www.canadatotwincities.com
see credit on left sidebar, I do not know how much of this is relevant to you though.
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Assuming you are moving here as a non-resident like myself the MOST important thing is to establish a Social Security number......
Once you have that number you will show up as somebody with NO CREDIT...
Apply for expensive high annual fees Credit Cards use them for a few month and you work your way up to the card syou want....
Citibank US is not @ all helpfull!
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Amex will convert foreign accounts to U.S. ones, which is the easiest way of getting a prime credit card here for someone with no prior credit history. The # to call is 1-800-453-2639.
Saar
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When our daughter turned 18 and went off to college, we wanted her to have a credit card as a convenience, to learn firsthand the advantages/perils of credit/credit cards. Knowing the value of good credit in later life, we also wanted her to have a good credit rating in her personal name. Of course, like you will have, she had only her social security number and no credit history whatsoever.
At Citicorp, we applied in her name for a Cash Secured Visa card. We deposited $2,500 in her name and she received an American Airlines Aadvantage Visa card with a $2,500 limit. To create "activity" we/she asked to bank to provide 2 additional cards on the same account for my wife and myself.
For the next 1 year, we all actively used the card and paid the account in full every month. At the end of 1 year, the $2,500 was refunded with interest as a payment on the account. Since that time, (6 years ago) the account has been active and now has a credit limit of $15,000. Our daughter has excellent credit and is inundated weekly with offers of more credit. We have essentially "manufactured" a glowing credit rating for someone who is still a student and is totally dependent on her parents for all matters financial. As Jakov Smirnoff would say, "Whot a Cooontry"
Perhaps you may wish to park some of your savings with Citicorp for a year and use the same approach.
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Tying up $2500 for 12 months doesn't thrill me but it does seem like a viable option. In terms of AMEX, will they transfer a Credit Card or only a charge card? and does it need to be a US Dollar account or will an Australian account be acceptible?
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Originally posted by ANDREWCX:
I am an Australian Citibank customer who is looking at relocating to the States next year. I have asked Citibank here if they can transfer my account to the US but they are monumentally unhelpful and just say I need to close the account in Oz and open one in the US - which I understand would be a problem as a person fresh off the plane with no Credit Rating.... does anyone have any advise on the best way for me to do this?
I am also an Australian who banked with Citibank in Australia and then moved to the US (in 97) with no US credit history. I found that after I got myself a SSN, I was able to have Citibank in the US contact Citibank Australia to get a copy of my credit record with them. Citibank US honoured that and they then issued a card. Everything was fine from then on.