Grass not always greener

It's tricky to get any type of credit here since 2008. Also the fact that England is a laundering hotspot. So minimum requirement is 3 years of UK residency before you can enter any agreements. But you CAN build up credit by picking up a BAD credit card (about 50% interest). It just takes a bit longer to build up a history before they'll lend you the serious (home loan) money.
 
The Voice said:
It's tricky to get any type of credit here since 2008. Also the fact that England is a laundering hotspot. So minimum requirement is 3 years of UK residency before you can enter any agreements. But you CAN build up credit by picking up a BAD credit card (about 50% interest). It just takes a bit longer to build up a history before they'll lend you the serious (home loan) money.
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Amex was quite happy to hand me cards without a credit record. Hell wasn't even in the UK at that point. Some other bank - hsbc or investec not sure also wanted to give me a credit card.

Also don't buy the part about needing 3 years res to enter into an agreement. Source please?
 
HavocXphere said:
Amex was quite happy to hand me cards without a credit record. Hell wasn't even in the UK at that point. Some other bank - hsbc or investec not sure also wanted to give me a credit card.

Also don't buy the part about needing 3 years res to enter into an agreement. Source please?
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Just check the fine print of any new credit agreement (loan, phone contract, car finance, etc). Over 16. Minimum 3 years as a UK resident.

Edit: just checked for a mortgage. 3 years is for EU residents. But only 2 for non-EU?
 
The Voice said:
Just check the fine print of any new credit agreement (loan, phone contract, car finance, etc). Over 16. Minimum 3 years as a UK resident.

Edit: just checked for a mortgage. 3 years is for EU residents. But only 2 for non-EU?
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I'm asking for the legal source where you think this requirement comes from. I know tons of people with UK credit agreements that don't meet those requirements so I very much doubt there is a law forcing companies to include such a requirement.
 
HavocXphere said:
I'm asking for the legal source where you think this requirement comes from. I know tons of people with UK credit agreements that don't meet those requirements so I very much doubt there is a law forcing companies to include such a requirement.
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Ah right. Technically, there isn't one. But good luck trying to get credit from someone if they have the common requirement of 3 years minimum stay and you're unable to prove it. I'm yet to find one that doesn't ask for it.

Makes perfect sense to have something like that, though: Joe Soapavic comes to England to work in a factory for 6 months, pops into Carphone Warehouse, fancies the new iPhone 7, signs up for it on a 2 year contract, then buggers off home a couple of weeks later. Debt is a civil matter, so there's really not a lot that the provider can do bar harass the address where Joe used to live. He gives zero f's because he's back in his third world country (yay EU) with his shiny new phone. May have happened one too many times for their liking.

Also, all these people you know: how long have they been living here?
 
So realistically if I moved over I would only be able to buy a house after 2 or 3 years?
 
DunDarach said:
And had the quality dropped as a result? Stands to reason...
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I haven't noticed any drop, but a little early to tell. Health insurance is so ubiquitous here, that a few more people getting cheap insurance probably won't make much of a difference. Some googling tells me that the number of uninsured was at 16.6% before the affordable care act (introduced in 2014), and now it's at 10.5%.
 
Grimspoon said:
So realistically if I moved over I would only be able to buy a house after 2 or 3 years?
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No reason why not, get a bank account, a slightly uncompetitive credit card, a couple of mail order accounts and a phone account in the first couple of years as they all report to the credit agencies. By year 3 you'll have a decent file and as long as your income is good enough you should be sorted, it's almost as cheap to buy as to rent so it won't cost you much more monthly.
 
The Voice said:
Also, all these people you know: how long have they been living here?
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They're not in the UK. Hence me being so suspicious of any hard legal limitation on residency.

I do actually need to check my UK credit record...see whether im even on the UK credit system. Don't think I am despite decent sized credit line.
 
HavocXphere said:
They're not in the UK. Hence me being so suspicious of any hard legal limitation on residency.

I do actually need to check my UK credit record...see whether im even on the UK credit system. Don't think I am despite decent sized credit line.
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If you have a bank account, or any credit offered by a financial and many retail organisations (even a mobile phone) you'll have a credit record.

You can sign up to Noddle and ClearScore to see 2 of the agencies records for free.
 
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