How to Build a Credit history in the UK?

krazydude · Post by **krazydude** » Mon Jun 13, 2011 11:10 am

Get a UK credit card and start spending on it. If you keep up with payments and do not default then you should be on your way to building your credit history.

Mind you they do look at what and where you spend the most, so too may international transactions might not be good for you. Also you do pay a charge apart from the exchange rate on foreign currency/abroad transactions.

maxiy · Post by **maxiy** » Mon Jun 13, 2011 11:57 am

mulderpf · Post by **mulderpf** » Mon Jun 13, 2011 1:41 pm

If you already have a credit card in the UK, then it means you already have a good credit history here. Unless it is not a card domiciled in the UK (e.g. cards on passport accounts), in which case it won't do much for your credit history other than with the bank that issued it.

To get a good credit history, you need to do the following (but it would be very difficult if you're not in the UK):

1. Get yourself on the local electoral register - this is usually key to get products which help you build up your credit history.
2. Get yourself a mobile contract - even if it is a small or pay monthly one and pay it up to date all the time.
3. Get something like a BarclayCard Initial which is a product designed to help you build credit history.

All these things require you to be in the UK, so building and keeping a credit history here will be quite difficult. I built up a really good credit record over here and then left for 7 years. Now I had to start all over again because it's as if I never existed before.

krazydude · Post by **krazydude** » Mon Jun 13, 2011 3:09 pm

At the end of the day, It will be far better to have even some history then nothing.

True.

Do you have any Advice in order to get a good history, like keep some saving in UK Bank account from month to month.

Apart from the suggestions mulderpf made in his post, its always better if you have a savings account and some investments (ISA's or Bonds) in a UK bank, since you do not have a salary/regular income account in the UK.

alex2011 · Post by **alex2011** » Tue Jun 14, 2011 9:50 pm

maxiy wrote:Hello All,

I would like to know How to Build a Credit history in the UK without being a residence in the country.

I have already open a Bank Account and they allow me to get a Credit Card,
Do this will help me to have a Credit History in the UK or I must be residence.

Waiting your feedback and Inputs.

Hi
Pay your bills on time and get a credit card, its the only way.

Thanks

Alex

alex2011 · Post by **alex2011** » Tue Jun 14, 2011 9:52 pm

mulderpf wrote:If you already have a credit card in the UK, then it means you already have a good credit history here. Unless it is not a card domiciled in the UK (e.g. cards on passport accounts), in which case it won't do much for your credit history other than with the bank that issued it.

To get a good credit history, you need to do the following (but it would be very difficult if you're not in the UK):

1. Get yourself on the local electoral register - this is usually key to get products which help you build up your credit history.
2. Get yourself a mobile contract - even if it is a small or pay monthly one and pay it up to date all the time.
3. Get something like a BarclayCard Initial which is a product designed to help you build credit history.

All these things require you to be in the UK, so building and keeping a credit history here will be quite difficult. I built up a really good credit record over here and then left for 7 years. Now I had to start all over again because it's as if I never existed before.

Hi
My wife is not on electoral register as she is from the non eu and no British Parsport but still has a very good Credit Rating

mulderpf · Post by **mulderpf** » Mon Jun 20, 2011 2:15 pm

Yeah, not being on the electoral register doesn't mean that you don't and can't get credit. It does however significantly boost your credit score with many companies which means a higher credit rating. It also means that even with a lack of credit activity, you can then have a much higher score.

There are also many companies who require you to be on the electoral register before they would even consider you, even with a good credit score.

It is one of many things you can do and probably the easiest, without being in a catch 22 situation (can't get credit because of no credit history, and no credit history because you can't get credit).

Post by **Casa** » Mon Jun 20, 2011 2:43 pm

It's not going to be easy when you're not living here. There's no guarantee for example that the lenders will be able to track you down if you default on repayments. What did evidence of address did you have to submit in order to be able to open a bank account and be issued with a credit card?

maxiy · Post by **maxiy** » Mon Jun 20, 2011 4:16 pm

mulderpf · Post by **mulderpf** » Mon Jun 20, 2011 8:36 pm

The product will only transfer your credit history with HSBC to the UK, not to the UK in general (e.g. NOT to other banks).

Also, I'm not sure a visit visa will work - AFAIK you need a visa which allows you to work to do this, not just a visit visa.

Your credit history in the UK will only be established on you have opened your HSBC account here and you have maintained some sort of credit line for a while.

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How to Build a Credit history in the UK?

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