UK Credit History

[stoof]

Hi,

When I move to Singapore, does anyone know if the banks will be able to run a UK credit check on me? Or will I have to build up my credit rating all over again for when applying for credit cards and loans?

Thanks

[sundaymorningstaple]

Hopefully, they will be able to run a UK credit check. That way, if you have good credit, it should follow you, and if you have bad credit, it will prevent you from doing the same thing here and sabo'ing the Expat community here even further.

[JR8]

IME a credit record doesn't follow you, you have to build it afresh each country you move to. Actually that raises an interesting question, who has a right to access such info especially x-border?
I experienced this first-hand when I got expatted to the States. A place where it seems without credit and credit cards you are almost a non-person. Try hiring a car, or booking a flight or hotel and you'll see what I mean.

A couple of months in the door there and you'll be showered with offers for credit and credit cards. There is a whole strategy of starting off with any credit card, the offers initially will be horrible, maxing it, paying it off in full each month, then after say 4-6 months taking one of the more attractive 'You've been pre-approved for $50k credit' offers that comes along. After a year you begin to financially exist, after two you might be on something near to respectable financial terms.

A couple of things worth considering. Before you move make sure you have all the bank cards you expect to need. It's a *damned* sight easier doing this pre-move than trying to get new accounts/cards once you're abroad. Opening a UK account from abroad these days is almost impossible IME....
- I last did it c5 years ago and it required embassy certified copies of ID etc, and even then I had to open it within a UK 'tax-haven' jurisdiction. Such accounts tend to come with fat charges/min balances etc. No regular mainland bank would touch me*.
- Even now I'd like to move UK bank but I can't unless I go along some sort of extortionate 'private banking' route. It seems most banks are simply not set up to handle the latter-day x-border regulatory requirements... and the few who are will charge you through the nose.

There can be mileage in having an account with a UK bank back home that also has a presence in SG. That way when you get to SG you're a known quantity. That's if you want local SGn fin products/facilities. HSBC is one example. StanChart is another possibility. I've seen people here discuss how Amex do this too...
Note: I was looking again last week into what UK bank account options are available to me and for example I noted down that HSBC would steer me towards their 'Expat account', and for that I'd have to maintain a minimum depo/investment balance of GBP60k... and that's before all their inevitable fees!

p.s. Welcome to the forum Stoof!

* If you're not on the Electoral Roll whilst abroad you fall at the first hurdle. >Side-thought: Can you register on the Electoral Roll c/o a relative, AND not increase their council tax?... That way lies an avenue to maintaining some semblance of UK presence plus you maintain a right to vote.

[bgd]

When I arrived Citibank were interested in my EP, employer and salary. I doubt any other checks were done, even though I already had a UK Citibank account. Bank account was opened and 2 credit cards delivered all on the same day.