Discuss about life in Singapore. Ask about cost of living, housing, travel, etiquette & lifestyle. Share experience & advice with Singaporeans & expat staying in Singapore.
-
RimBlock
- Regular
![Regular Regular]()
- Posts: 126
- Joined: Fri, 06 Oct 2006 12:38 am
-
Quote
-
0
login to like this post
Post
by RimBlock » Mon, 26 Aug 2019 2:36 pm
Whilst this is around the other way, there is clearly a wealth of knowledge here which I hope people would be willing to share.
As some may know from my National Service thread, I am looking to relocate with my Singaporean family to the US for 5-6 years (I am British but the rest of the family inc the kids are Singaporean).
There are two areas I would appreciate any advice people are willing to share on.
Building a credit score, if possible, relevant to US banks before moving to the US.
My local credit score is good and I would prefer not to go to nothing. With various banks having operations in the US I was hoping that having an account with them in Singapore would lead to some sort of credit score I could take over to the US but so far I have had a no from both Citibank and Standard Chartered.
Are there any banks that offer this facility or any other legal way of starting to build a credit score relevant to organisations in the US from Singapore ?.
Home loans for Expats who have just moved to the US.
I have heard that home loans for people moving to the US with no credit score is likely to require a 30% initial payment. Are there any organisations people are aware of which would be able to offer home loans without such a high initial down payment. Monthlies are not likely to be a problem but with my wife keeping her CPF in SG we are left with only 50% of our home buying power in regards to the down payment (minus moving costs etc).
Please also let me know if there is a better place to ask these sort of questions.
Many thanks
Without dialogues, if you tell them you want something real bad, you will get it real bad.
-
sundaymorningstaple
- Moderator
![Moderator Moderator]()
- Posts: 40557
- Joined: Thu, 11 Nov 2004 1:26 pm
-
Answers: 21
- Location: Retired on the Little Red Dot
-
Quote
-
0
login to like this post
Post
by sundaymorningstaple » Mon, 26 Aug 2019 5:46 pm
I'm afraid I'm of no use in that regard, maybe Strong Eagle or PNGMK would input their wealth of knowledge. (I've got US credit cards that I've kept since 1979 for the specific purpose of the off chance I did return to the US eventually.)
SOME PEOPLE TRY TO TURN BACK THEIR ODOMETERS. NOT ME. I WANT PEOPLE TO KNOW WHY I LOOK THIS WAY. I'VE TRAVELED A LONG WAY, AND SOME OF THE ROADS WEREN'T PAVED. ~ Will Rogers
-
RobSg
- Regular
![Regular Regular]()
- Posts: 73
- Joined: Mon, 28 Apr 2008 1:58 pm
-
Quote
-
0
login to like this post
Post
by RobSg » Mon, 26 Aug 2019 10:18 pm
I visited the US about 2 years before I finally returned to the US to retire in early 2014. I had lived in Singapore for 25 years. On my visit to the US in 2012, I had no credit score. However, the American Express card from Singapore is easily transferable to the US, and so I immediately was able to get a US American Express card. I decided to use my brother's home address as my mailing address, and applied for VISA and Mastercard. I got them both based on my American Express card. Using them in Singapore for two years allowed me to build up a credit score.
Having the American Express card was the key to building up a credit score. Best of luck.
Rob
-
Strong Eagle
- Moderator
![Moderator Moderator]()
- Posts: 11772
- Joined: Sat, 10 Jul 2004 12:13 am
-
Answers: 11
- Location: Off The Red Dot
-
Contact:
-
Quote
-
0
login to like this post
Post
by Strong Eagle » Tue, 27 Aug 2019 12:01 am
RobSG has an excellent idea with Amex.
I kept my US credit cards when I came over so building credit was not an issue. However, I would expand on what RobSG has said and immediately open a checking/savings account with Chase. Why Chase? Credit cards, mortgages, and in my view, very helpful people to be able to establish some sort of relationship banking.
With a checking and reasonable amount of savings account, Chase will probably issue you well above sub prime credit cards, and I don't think it will take long to build a credit history with them to check out a mortgage. The key is to build a relationship, and unless you are wealthy enough to be into private banking, in which case you wouldn't be posting, developing an integrated financial relationship with a bigger bank will be the quickest way to build overall credit.
Sidenote: I have no relationship with Chase except as a customer. I have held the same checking account for some 25 years as it has passed through at least three bank purchases. Chase has been by far the best.
-
RimBlock
- Regular
![Regular Regular]()
- Posts: 126
- Joined: Fri, 06 Oct 2006 12:38 am
-
Quote
-
0
login to like this post
Post
by RimBlock » Thu, 29 Aug 2019 11:00 am
Would anyone know if a Transferwise account would qualify for credit score (I suspect not) ?.
Had a look at the AMEX cards and nothing jumps out as being particularly good compared to other offerings in SG (don't see ourselves using SGAirways too much). Don't live central so the dining etc percs are not really of too much interest either. My wife does have a person AMEX card though and I may look for the cash back one and pay the bills etc through it to build up the usage.
Without dialogues, if you tell them you want something real bad, you will get it real bad.
-
PNGMK
- Moderator
![Moderator Moderator]()
- Posts: 9289
- Joined: Thu, 21 Mar 2013 9:06 pm
-
Answers: 11
- Location: Sinkapore
-
Quote
-
0
login to like this post
Post
by PNGMK » Fri, 30 Aug 2019 9:31 am
Rim - Amex sucks but it's one of the few tools to get credit. Use the cash back one as you mention. TF won't do a thing for your credit as they don't participate in credit bureau activities to my knowledge.
I not lawyer/teacher/CPA.
You've been arrested? Law Society of Singapore can provide referrals.
You want an International School job? School website or
http://www.ISS.edu
Your rugrat needs a School? Avoid for profit schools
You need Tax advice? Ask a CPA
You ran away without doing NS? Shame on you!
-
RimBlock
- Regular
![Regular Regular]()
- Posts: 126
- Joined: Fri, 06 Oct 2006 12:38 am
-
Quote
-
0
login to like this post
Post
by RimBlock » Fri, 30 Aug 2019 9:50 am
Great, will do.
Thanks for the info everyone.
Without dialogues, if you tell them you want something real bad, you will get it real bad.
-
-
Can Singapore citizens work in International Schools in Singapore?
Replies: 8
First post
Hi all,
I am currently building my career to end up teaching at an international school in Singapore, and have noticed that most international...
Last post
Singlish as an option is efficient and to the point. In Singapore, and possibly Malaysia, it has its use case. In fact, code-switching can actually...
- 8 Replies
- 25113 Views
-
Last post by Max Headroom
Thu, 09 Jan 2025 11:30 am
-
-
Singapore EP or Australia PR or Singapore PR
Replies: 8
First post
Folks, I wanted your ideas/suggestion on a rather complicated situation.
I've been living here in Singapore on an EP with my wife and 2 kids. We are...
Last post
Ah great to know you are an Aussie! Totally respect your reasons. The reasons I want to move are:
Own house instead of rent
Kids education covered...
- 8 Replies
- 13064 Views
-
Last post by PNGMK
Thu, 11 Mar 2021 2:07 pm
-
-
- 0 Replies
- 12496 Views
-
Last post by Zakaria
Sun, 23 Jul 2023 1:15 am
-
-
paid Singapore PR application agency to apply for Singapore PR
Replies: 5
First post
has anyone paid Singapore PR application agency to apply for Singapore PR. How is it going through Singapore PR application agency and does anyone...
Last post
I'm not sure about the part that they only accept clients who can get PR on their own in the first place . As for my case, they said that my success...
- 5 Replies
- 4644 Views
-
Last post by MOCHS
Tue, 02 Jul 2024 10:34 am
-
-
Thoughts on Ex Singapore citizen applying for Singapore PR?
Replies: 4
First post
Hi Everyone!
I am a Singaporean currently in Melbourne and my husband is an Australian Citizen.
Years ago, he lived and grew up in Singapore and was...
Last post
Hi PrincessPika,
Perhaps he could try applying for an LTVP first being sponsored by yourself as a Singaporean? I'm not sure if that could be easier...
- 4 Replies
- 5091 Views
-
Last post by preggers15
Wed, 30 Apr 2025 8:17 pm
Users browsing this forum: No registered users and 5 guests