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Author: YunusEmre Two stars, 250 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 308367  
Subject: The down side of moving to California Date: 1/10/2003 2:41 PM
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Greetings to all you fools, a new one has just joined :)

I moved to California from England just over 2 years ago. What a great place! The down side is that I only have a credit history of 24 months or so. Has anybody else here has been in this position? if so do you have any tips? Is it possible to use my credit history from England here in Califronia?, is there any laws or regulations for this?

yunus
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Author: jenifair One star, 50 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 148993 of 308367
Subject: Re: The down side of moving to California Date: 1/10/2003 2:49 PM
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What do you need credit for? A credit card of utilities. When I moved to CA from the east coast 10 years ago (OMG where has the time gone!!!!) I couldn't get Gas and Electric because they had never had me as a customer and wanted a deposit. I was able to call Mass Electric and they sent a letter saying I had been a good little customer, paid my bills on time, etc. Hope that helps.

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Author: YunusEmre Two stars, 250 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 149002 of 308367
Subject: Re: The down side of moving to California Date: 1/10/2003 3:46 PM
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Hi jenifair, thanks for your reply.

I need credit for the usual things. In fact I already have credit cards, a car loan, and now a home loan. But I am being penalized for not having a long credit history. I can never get the advertised rates, they offer me higher rates and I have had to accept them. So I was wondering if I could use my credit information from UK.

I had the same problem with utility companies (I had to pay deposits), and I could not get a cell phone without my employer co-signing it.

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Author: Azotic Big red star, 1000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 149103 of 308367
Subject: Re: The down side of moving to California Date: 1/12/2003 5:15 AM
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So I was wondering if I could use my credit information from UK.

You really can't. However, look at it this way: Californians going to work in the U.K. or Europe often find it even harder than you have because often nobody will lend them money at ANY rate.

After you have a year or so of payment history on the cellular phone, ask whether you can get the employer's name taken off.

In California, also, the utility companies (at least water and power, I'm not sure about telephone) are required to refund any deposit you had to give them after twelve months of on-time payments. If you've been on time with your payments, this must be refunded to you with interest. Contact your utility if this hasn't happened.

Also, after three or four years of credit history you'll find it much easier. You might try checking your FICO score at myfico.com after you've waited another year or two and see how it's going.

-- Mark


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Author: YunusEmre Two stars, 250 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 149131 of 308367
Subject: Re: The down side of moving to California Date: 1/12/2003 6:44 PM
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Thanks for the reply Mark. I was able to get a credit card to build a credit history sooner because I had a credit card in UK with the same company and they shared my financial information with my consent. That is the only time my credit history (well, part of it) from UK was used.

The cell phone company refuses to take my employers name (infact now ex-employer) of the bill. Looks like I have to ask my ex-employer to contact the cell phone comapany to do it.

And yes you are right, I did get my deposits back. They were all very happy as I always paid the bills on time.

I checked my FICO score recently, it was around 650, which is about the lowest at which they consider lending you money. I was told a large part of the reason is the fact that my credit history only went back 24 months or so and second factor was I had above 50% balance/credit limit rate on one of my credit cards, which was stupid of me. Anyhow I have been paying that off, now it is nearly paid off, so I hope it is going to boost my score a bit.

The reason why I am interested in my FICO score is because I want to take advantage of these low mortgage loan rates. But I do not want to apply for too many loans only to find out I cannot do it.

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Author: Azotic Big red star, 1000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 149147 of 308367
Subject: Re: The down side of moving to California Date: 1/13/2003 3:39 AM
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The reason why I am interested in my FICO score is because I want to take advantage of these low mortgage loan rates. But I do not want to apply for too many loans only to find out I cannot do it.

Well, with a FICO of about 650 (and it will get better as time wears on) you should be able to get some kind of loan to buy a house, though it may not be at the very best rate.

As for the cellular phone, with the FICO you now have you should be able to sign up for a new account with a different provider if the one you're on isn't working with you. I'd say check around.

-- Mark


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Author: VladTI One star, 50 posts Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 151342 of 308367
Subject: Re: The down side of moving to California Date: 2/5/2003 4:56 PM
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I moved (with familly) from the UK to California in 1997.

  We went through exactly what you're going through but in the end
  had no problem getting a mortgage in 1999 to buy a house.

  Although it really pains me to say it i think 'Providian' was a help
  for us, i choked pretty hard at the concept of paying somebody to
  issue a card but i believe that helped kick-start our credit history.

  There was obviously some magical event because i/we suddenly started
  receiving credit-card 'offers', now whilst most of these represented
  nothing more than a means to start our living-room fire it does
  indicate that you're now 'credit worthy'.

  General advise..

    - Run a couple of cards (but don't go mad).
    - A store card (Target/BestBuy/Sears) might be usefull.
    - Try sweet-talking your bank for a card.
    - Last resort, go for a 'secured' card and then try and
      unsecure it as soon as possible.
    - Car dealers will bend over backwards to try and get you a
      loan - If it's a nasty rate you can always re-fi it later.

Good Luck.



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Author: YunusEmre Two stars, 250 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 151564 of 308367
Subject: Re: The down side of moving to California Date: 2/8/2003 4:18 AM
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Hey VladTI thanks for the advice. I was wondering if you've got a good rate with your mortage, I am guessing you may have refinanced by now? Due to relatively short credit history I have, I am not getting a good score, so the interest rate on the credit I have are above average. I do not have anything negative, just that it has not been long since I first had credit in this country. Since you did not mention it I am guessing you were not able to use your credit history from England?



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