[cathgates]

I've heard (somewhere, but not on here), that the banks will use your UK credit score and report if you are applying for a mortgage or credit card etc if you haven't been in the country for long. Anybody know if this is true - it would help in getting credit, especially for things such as telephone connection instead of paying out on bonds for everything.
Anyone know if this happens?
Thanks
Cath X

[ourquest]

Since banks are wanting to increase their business, they will probably be trying to find qualified clients to lend money to. Their mortgage book, because of the long repayment times, are the bank's best way of generating income. So in theory anyway, if you can demonstrate using real evidence to a bank that you are a low-risk borrower, they will take you seriously. This can include anything that is provable and in a format which the bank is used to (but see below).

Having said that, many people on the forum have indicated that NZ works only on negative credit records, and as such there is no such thing as building a positive credit record. They do want to see evidence of being able to make mortgage payments, and that would require either a cashflow history or proof of employment and sufficient salary. I can only guess that this would have to be specific to New Zealand, since a relocation to New Zealand is for most people a new start, at least in terms of their earning capacity, so their credit history is relevant, but is actually no indication of their ability to service a loan.

I hope this contributes, even if it isn't completely specific.

[IanW99]

I've heard (somewhere, but not on here), that the banks will use your UK credit score and report if you are applying for a mortgage or credit card etc if you haven't been in the country for long. Anybody know if this is true - it would help in getting credit, especially for things such as telephone connection instead of paying out on bonds for everything.
Anyone know if this happens?
Thanks
Cath X

AFAIK, this isn't true, it certainly wasn't true for us i.e. the banks were not interested in our credit history at all.

We received a credit card soon after arriving (on a WTR) without any problem (although we did have some money deposited in the bank which probably helped).

We also arranged a mortgage (as on a WTR we needed a 20% deposit) and in this case we just needed to prove that we were working and what our income was.

At no time were they interested in our UK credit history.

BTW, we never paid bonds for telephone etc either.

Ian

[cathgates]

Thanks for that, it's always good to hear from 'the horses mouth'!!

Cath X

[shakyle2906]

Hi

Yes, we were told the same - no credit history from the UK, only interested in history since in NZ.

One difficulty we first encountered when we first came over was putting down your nearest relative in NZ - of course we had no one. This was the only obstacle we have come across.

We had a credit card, loan and mortgage with no problems at all - just showing proof of earnings, bank accounts, etc.

Hope this helps

Sharon

[Familyofmonkeys]

I understand that you are more likely to be asked for UK credit history if you apply for HP here, rather than bank accounts/credit cards/utility companies etc.

[IanW99]

I understand that you are more likely to be asked for UK credit history if you apply for HP here, rather than bank accounts/credit cards/utility companies etc.

We've applied for HP twice since being in NZ and neither time were they interested in our UK credit history. Of course that doesn't mean that there aren't some that will request it.

But, we did have the same problem as Sharon i.e. they wanted a name of someone else in NZ e.g. relative or friend as part of the application.

Ian

[Leccy-Lee]

I had an application 2-3mths back for a credit card refused "Due to your lack of points in our credit score" ?

Which is odd going on the theory of "no good credit score" in NZ, as at that time i had just got in the country and couldn't have had either a good or bad score here?

So i am not sure how its works now..