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Thread: getting credit history from your home country for loans

  1. #1
    Join Date
    Nov 2004
    Location
    USA
    Posts
    820

    Question getting credit history from your home country for loans

    What did you do to prove your credit history when applying for a mortgage or other loan? For the US, did you just get your annual free copy from Experian/Equifax/Transunion and print it out?

  2. #2
    Join Date
    May 2012
    Location
    NZ (Auckland; via Canada)
    Posts
    1,323

    Default

    When I first got here I was offered a mortgage without any local credit history. Had a good paying job with a big company. That was surprising. A year or so later, when we were ready to buy, they looked at our NZ financials and nothing else.

    But I've found credit card stuff much harder here than in Canada. Tiny credit limits (5k) and very sniffy about increases to it. Different country

  3. #3
    Join Date
    Jan 2017
    Location
    NZ
    Posts
    30

    Default

    I used to work for a NZ bank and they didn't accept overseas credit checks on the basis that they couldn't verify the information. For those without a local credit history they looked at your NZ account conduct when assessing the loan. Things like what are your incomings/outgoings etc. Their systems also couldn't input the overseas credit check unless your application was referred to someone else to review (at that point it could be scanned into the system) - might vary from bank to bank. Focus on building some account history and that'll be the main thing they look at.

    Another idea if you can be disciplined might be to apply for a no/low fees credit card, use it a bit and pay it off every month to build up some credit history that way.

    I've found that the initial credit card limit can be low but once you have built up some history with the bank, they tend to be generous - at least for the banks that I'm with. I don't know how that compares to other countries but I'd be a little worried if they were even more generous. Some of the increases have seemed scary.

  4. #4
    Join Date
    Nov 2004
    Location
    USA
    Posts
    820

    Default

    You know, that was my impression before - that only NZ credit was considered. Then I thought I was wrong because this govt site with info for migrants settling in has this section, suggesting you bring credit history with you, depending on your bank's requirements:
    https://www.newzealandnow.govt.nz/li...-fx#section--3

    Maybe they are just covering their bases, in case some banks could theoretically want it...

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