This is a bit of a strange question, but I'm just wondering. Since people can come to the US, get a SSN or other id and begin a new credit profile here... since there are so many internationally based cards... Can we go overseas, apply for some other id, and use that to establish credit in Europe? I don't even know what credit tracking system Europeans use... and I certainly wouldn't be willing to give up my US citizenship... but I was just wondering since it's easier to build credit than to rebuild credit. Any thoughts? Or am I completely off my nut?
Marie wrote: "Any thoughts? Or am I completely off my nut?" You're not But the question isn't specific enough. It's not just a matter of getting "some ID". Getting a social security card is not enough to obtain a credit card in the U.S. if you have no prior credit history. That's a lesson every immigrant here has to learn. Generally, European issuers, just like their American counterparts, won't grant credit cards to anyone unless s/he is a Citizen or a Permanent Resident of the same country where the credit card is applied for. Saar
ok, for example, in England do they use the same "system" we use? If someone were going there to work would their US bad credit follow? or would they be able to get a British ID and "start over". I certainly understand that an id isn't a credit history and still, it seems so much easier to build than to rebuild. Since you're well-versed w/International credit: is there one system in Europe? ARe there multiple systems? (EG: Equifax, TU, etc). And if you could give any advice to someone wanting to move: is there a country of choice?
I think Experian is owned by the British. From their website: "Experian, the UK's largest credit reference agency, provides factual information to businesses - for example banks, building societies, finance houses and major retailers. This, coupled with other information such as, details supplied on an application form, helps them determine quickly whether or not the person applying for credit is likely to repay." I don't know the answers to your questions, just wanted to point that out.
I sorted mail at an apartment complex for a while. (Yes, I know that was antiquated, but the Postal Service hadn't forced the owners to install mailboxes yet.) Anyway, it seemed like every foreign student had credit cards from U.S. banks, and got more offers every week. U.S. banks actually discriminate in favor of certain people who are NOT permanent residents. Then when they run out of money (or credit) and go back to Iran, Indonesia, or wherever, the banks raise our APR's to pay for the bad debts. Believe me, I sorted plenty of collection letters as well.
He did not. Banks do not report a credit if no SS# is on file. If he applyes to one of this offer he will be denied for no credit history.
