Sunday, August 6, 2023

The truth about credit reports and credit score.

 I know, being having bad credit sucks, especially if you are a foreign student or just landed in the country. Like me, it's worse off, since I have not had credit for the past 19 years , and because I am overseas, banks do not like me. Even Santander (ABBEY National) when I have been with them for over 20+ years.

No credit, or thin credit is worse off them having poor credit. So what do I have to do to get things started:

  1. PROOF OF IDENTITY- Your drivers License. A Learners License (Provisional) would at least get you somewhere as proof. You will need the D1 form and ID + £34. They will need your passport # or Visa Share code. I don't trust them a trip up to Morriston Swansea is best.
  2. Basic Accounts etc still require ID, and it's a chicken & egg situation, thus why your first stop is to get your ID sorted. 
  3. Voters Roll - It's to show you are legal there. And yes, a NATIONAL INSURANCE NUMBER (NINO) is needed, so you are able to work, and link your license too to it. Don't have it? Go get it yourself. Previously, we get this from the DFEE or Jobcenter, and now it's done online. 
Some organisations do let you have a mere basic account, but if you are from abroad, best if you have a HSBC Account and from there, the International Team can help you get an account BEFORE YOU GET HERE. Once you are here, change yr address and it take them 3 months to get your records. 

Do note some stuff with HSBC: CALL THEM AND MAKE SURE YOU ARE TAX LIABLE FOR UK ONLY and NOT DUAL TAXATION. By default, those clowns in Bangalore will say you are tax resident in XXXX and UK, otherwise you won't get any benefits from the account. And you gotta press on with them that you are a Premier customer so that you get the benefits.

For now... I will talk about those credit builder site. Yes. I paid LoqBox to up my ratings and kinda work, cos now my credit utilisation is far better.

In every aspect, it takes alot of patience and time.

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