Credit Help

[AlTech]

Context: I've been living in the UK since September 2017 and I've since gotten a debit card with a current account at HSBC UK.

 

I also have a debit card from when I was living in Hong Kong and I have a shared credit card (both of these are from HSBC Hong Kong).

 

So, I'd like to have a credit card at some point and right now to get an unsecured credit card I'd need to wait 3 years before being able to get one and even so it would be fairly limited at that.

 

I don't know what I should do as most banks would not issue me an unsecured credit card because I have no credit history and I've not lived in the UK for the past 3 years (this is a fairly common requirement among credit cards in the UK). And most cards require that I be making between 7000-10,000 Pounds Per Annum. Right now I'm making none so that's a thing although I am trying to apply for some.

 

If i had my own credit card under just my name, the max monthly amount of money I'd like to be able to spend for now is between 300-500 per month.

 

The only reason I have a shared credit card at all is because the family member sharing with me has a fairly good credit score and has a reliable source of income.

 

So, what should I do? Should I look into a way to build a credit score or just wait the 3 years to finally get my own credit card even if it is somewhat limited?

 

Thanks guys.

[Hiitchy]

Look into secured credit cards. The bank takes a deposit of $300 or less and uses that to give you a credit card with that much on it. When you use your credit card and continue paying back the payments in full or more than the minimum payment, they may increase the limit depending on your spending habits and how well you are with keeping up your payments.

 

If you also have a phone, or cable, or internet under your name, you should already be making payments to those on your own which count towards your credit score. But as for the requirements in the UK, ask about secured credit cards and if it's possible to have one of those to help build credit. 

[AlTech]

14 minutes ago, Hiitchy said:

Look into secured credit cards. The bank takes a deposit of $300 or less and uses that to give you a credit card with that much on it.

Know of any located in the UK or specifically what banks/card issues should I look into?

14 minutes ago, Hiitchy said:

 

 

[Hiitchy]

Just now, AluminiumTech said:

Know of any located in the UK or specifically what banks/card issues should I look into?

 

Check Capital One. They might not have it displayed on their website, but give them a call and speak to one of their reps. See if they can help you out. There's also Aquis Vanquis, but I wouldn't suggest that since the interest rate is very high. I think HSBC may also offer them. Like I said, give banks a call and see if they have secured credit card options available to you.

[Canada EH]

45 minutes ago, AluminiumTech said:

So, I'd like to have a credit card at some point and right now to get an unsecured credit card I'd need to wait 3 years before being able to get one and even so it would be fairly limited at that.

 

why do you have to wait 3 yrs

 

why cant you get a co applicant on your credit card, say your parents.

[AlTech]

2 minutes ago, Canada EH said:

why do you have to wait 3 yrs

Because I came from overseas. That's just how it is.

Quote

why cant you get a co applicant on your credit card, say your parents.

I want my own credit card.

[Canada EH]

Just now, AluminiumTech said:

Because I came from overseas. That's just how it is.

I want my own credit card.

then you either get secured credit card, a store credit card, or wait 3 years.

 

Are you a citizen of the UK?

[AlTech]

2 minutes ago, Canada EH said:

then you either get secured credit card, a store credit card, or wait 3 years.

Any specific places?

Quote

Are you a citizen of the UK?

Resident.

[Canada EH]

UK and North American credit policies are vastly different from what you are saying.

Here you are a resident, dont matter if youve been away on mars for 20 yrs, they just look at your credit worthiness aka credit score meaning they pull your credit report from either Equifax or TransUnion.

[AlTech]

1 hour ago, Hiitchy said:

Check Capital One. They might not have it displayed on their website, but give them a call and speak to one of their reps. See if they can help you out. There's also Aquis Vanquis, but I wouldn't suggest that since the interest rate is very high. I think HSBC may also offer them. Like I said, give banks a call and see if they have secured credit card options available to you.

There's no capital one places anywhere near where I live.

 

HSBC has a few credit cards which are relatively easy to get except I'm not working right now and so I'm not making money.

 

3 minutes ago, Canada EH said:

UK and North American credit policies are vastly different from what you are saying.

Here you are a resident, dont matter if youve been away on mars for 20 yrs, they just look at your credit worthiness aka credit score meaning they pull your credit report from either Equifax or TransUnion.

The issue is my lack of income. If i made money then some credit card issuers would be fine with stuff.

 

Getting a credit card as a student is hard if you come from overseas.

[Hiitchy]

13 minutes ago, AluminiumTech said:

There's no capital one places anywhere near where I live.

 

HSBC has a few credit cards which are relatively easy to get except I'm not working right now and so I'm not making money.

Well if you're not working right now then that's kind of going to be an issue unless you have a cosigner who wouldn't mind opening a credit account for you. Even then though, the chances are very slim if you have no way of paying the money back except through money you get which isn't from working.

[Canada EH]

I see your problem.

 

Well there is telling the 100% truth on applications and there are little white lies.

For a basic card, they dont care, its in the credit cards risk architecture.

What I am saying is, if you declared bankrupcy, they dont want you.

 

Heck even new refugees from no where country get credit cards. If banks could line up at the docks and give the refugees a credit card they would.

You ever wonder why one first day of college and univ the banks are lined up in the main hall.

They will give a credit card to your cat and dog and pet bird.

You arent applying for a $10K limit, just get $500 limit minimum and they will increase it to $5K by one pull of credit report.

 

It is basically an automated process, they pull your credit report, see if there is no bankrupcy or fraud, and give you $500 limit credit card, or $1000 limit, then in 4 months they raise it if you are paying minimum payments.

 

I doubt the UK is any different in that regard.

 

You apply for $100K limit they will dig, or 10K they will call your "company's" phone number.

[Mug]

2 hours ago, AluminiumTech said:

Context: I've been living in the UK since September 2017 and I've since gotten a debit card with a current account at HSBC UK.

 

I also have a debit card from when I was living in Hong Kong and I have a shared credit card (both of these are from HSBC Hong Kong).

 

So, I'd like to have a credit card at some point and right now to get an unsecured credit card I'd need to wait 3 years before being able to get one and even so it would be fairly limited at that.

 

I don't know what I should do as most banks would not issue me an unsecured credit card because I have no credit history and I've not lived in the UK for the past 3 years (this is a fairly common requirement among credit cards in the UK). And most cards require that I be making between 7000-10,000 Pounds Per Annum. Right now I'm making none so that's a thing although I am trying to apply for some.

 

If i had my own credit card under just my name, the max monthly amount of money I'd like to be able to spend for now is between 300-500 per month.

 

The only reason I have a shared credit card at all is because the family member sharing with me has a fairly good credit score and has a reliable source of income.

 

So, what should I do? Should I look into a way to build a credit score or just wait the 3 years to finally get my own credit card even if it is somewhat limited?

 

Thanks guys.

When you move countries, getting credit can be difficult, even getting a debit card can be difficult. If you're a credit card company, would you honestly lend money to someone without a job, how are you going to pay this debt back. Why do you even want one in the first place, living beyond your means without a job is a bad idea. £7000-9000 is a basic job, not full-time. Even a minimum wage job pays over £11k full-time. It's not really a difficult requirement to fill.

 

Building up your credit history isn't hard, it's just costly. Still worth doing tho, buying things on finance is an easy option, I don't think you need a good credit history to buy things on finance, just prof you can pay. I was chatting to this guy at a house party who said he's building his credit history by buying things like washing machines at stores when there's a 0% APR finance sale on, selling the washing machine and reaping the credit benefits.

[AlTech]

8 hours ago, Mug said:

When you move countries, getting credit can be difficult, even getting a debit card can be difficult. If you're a credit card company, would you honestly lend money to someone without a job, how are you going to pay this debt back. Why do you even want one in the first place, living beyond your means without a job is a bad idea. £7000-9000 is a basic job, not full-time. Even a minimum wage job pays over £11k full-time. It's not really a difficult requirement to fill.

 

Building up your credit history isn't hard, it's just costly. Still worth doing tho, buying things on finance is an easy option, I don't think you need a good credit history to buy things on finance, just prof you can pay. I was chatting to this guy at a house party who said he's building his credit history by buying things like washing machines at stores when there's a 0% APR finance sale on, selling the washing machine and reaping the credit benefits.

 

9 hours ago, Canada EH said:

I see your problem.

 

Well there is telling the 100% truth on applications and there are little white lies.

For a basic card, they dont care, its in the credit cards risk architecture.

What I am saying is, if you declared bankrupcy, they dont want you.

 

Heck even new refugees from no where country get credit cards. If banks could line up at the docks and give the refugees a credit card they would.

You ever wonder why one first day of college and univ the banks are lined up in the main hall.

They will give a credit card to your cat and dog and pet bird.

You arent applying for a $10K limit, just get $500 limit minimum and they will increase it to $5K by one pull of credit report.

 

It is basically an automated process, they pull your credit report, see if there is no bankrupcy or fraud, and give you $500 limit credit card, or $1000 limit, then in 4 months they raise it if you are paying minimum payments.

 

I doubt the UK is any different in that regard.

 

You apply for $100K limit they will dig, or 10K they will call your "company's" phone number.

 

Student credit cards are a thing but all of them that I've seen require 3 years of UK addresses .

[Canada EH]

1 hour ago, AluminiumTech said:

 

 

Student credit cards are a thing but all of them that I've seen require 3 years of UK addresses .

Thats why its good to use family address whether its parents or brothers/sisters or a friend, but someone who doesnt move a lot. So leave country, but still keep a UK address.

[Bhav]

I couldn't get a 0% credit card in the UK cos no bank accepts benefits money for them.

 

But PayPal let me have £1200 PayPal credit with 4 months 0% interest on all purchases over £150.

 

No idea if you can still get this.

[dalekphalm]

Please don't take anyone's advice that says to lie on the forms.

 

You might get away with it, but if you get caught, you can go to jail for fraud. Fraud is serious business. Definitely not worth the risk.

[Guest]

6 hours ago, Bhav said:

I was thinking of doing this and simply putting in student or self employed, but the problem is this goes on your credit report and can be used on fraud checks. Lying to pass an application when I'm a few months away from getting my first house would be disastrous if it came up on a future credit scan.

Well a house is a bit more than 500 pounds a month

[divito]

Most banks will have a version for a secured credit card, which is used after bankruptcies in a lot of cases to help build your credit back up. Some might not advertise it, but just give a few places a call and they can probably help you out. Typically you'll put down like a $75 security deposit and give you a small limit like $500 or $1000 to start.

 

Don't lie on any application. Just explain the situation to whomever you're speaking to and they should be able to help you out.

[Bhav]

1 hour ago, RorzNZ said:

Well a house is a bit more than 500 pounds a month

Mines not, its about £70 per week plus bills.

 

If they search your credit file and find you've said one thing on one application then a different thing on another, they can and will refuse any lending and you can get done for fraud.

[Guest]

43 minutes ago, Bhav said:

Mines not, its about £70 per week plus bills.

 

If they search your credit file and find you've said one thing on one application then a different thing on another, they can and will refuse any lending and you can get done for fraud.

Its about the magnitude of investment. A credit check would be mandatory when taking out a home loan. For a credit card, and assuming it always gets paid, they don't care that much. Every country is different though.

[dalekphalm]

3 hours ago, RorzNZ said:

Its about the magnitude of investment. A credit check would be mandatory when taking out a home loan. For a credit card, and assuming it always gets paid, they don't care that much. Every country is different though.

For a credit card, they might not be that thorough, but if they catch you lying, you can be damn sure they'll care.

[Brenz]

Whatever you do DO NOT lie on any credit application. You will get caught. All applications must be screened by law.

 

When you apply for any line of credit they will check your credit history, as you have said you have no credit so this will come up blank, you also get screened against many other lists.

 

Ultimately banks give out credit to people who can pay it back, with no income that is something you cannot do. Get a part time job that's paid directly into your account (no cash in hand) and start building credit.