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Does My Credit Score Travel with me to Foreign Country?

Tags: credit country

If you are planning to move to another Country, you’ll probably be thinking how you’ll get Credit when you arrive in your new homeland. If you’ve got a good credit history at home, chances are you’d like to take it with you. If your credit file isn’t so fortunate, you’ll probably be grateful to leave it behind.

Non Transferable

Your Credit Score is Non Transferable

Luckily or unluckily, depending on which standpoint  you’re coming from, you can’t use your existing credit score in another country. Credit reporting laws differ from nation to nation, according to credit bureau Experian. As such, your credit report from the United States would be of no use to you whatsoever in England.

You have to Start from Begining        

Start from Scratch

You have to start a new credit profile from scratch when you arrive in the country you’re going to be living in. Both you and your partner will need to apply for low-balance, high-interest credit cards to get the ball rolling. Once you’ve shown you can manage your accounts sensibly by making a few payments on time, you’ll find it progressively easier to borrow money, especially if you’ve got a decent income and some savings.

Don’t let your home score down  

Never let your home sccore down

Think twice before closing all your credit accounts in the country you’re leaving, even if you’re confident you won’t be returning. You’ll have to start your credit file all over again if things don’t work out and you end up coming back having shut all your accounts down. Keep some of your credit card accounts open and use them when you’re back home visiting. .


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This post first appeared on Makemymoney, please read the originial post: here

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Does My Credit Score Travel with me to Foreign Country?


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