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mnctxusa

Establishing Credit In The Usa

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As SJ27 says, the loan situation is pretty much the same across states, the finance companies make the difference (and many people use a broker to find the right mortgage).

 

The housing market conditions vary tremendously from state to state. The San Francisco scenario I laid out would not be the same, as, for example, Atlanta, where there is a plentiful supply of homes on the market. San Francisco has limited housing, and has experienced a huge influx of skilled and highly paid workers largely due to the growth of hi-tech, who are creating demand and pushing prices way up. Supply of homes is limited, and there are many people clamouring to buy the few properties that do come on the market.

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As SJ27 says, the loan situation is pretty much the same across states, the finance companies make the difference (and many people use a broker to find the right mortgage).

 

The housing market conditions vary tremendously from state to state. The San Francisco scenario I laid out would not be the same, as, for example, Atlanta, where there is a plentiful supply of homes on the market. San Francisco has limited housing, and has experienced a huge influx of skilled and highly paid workers largely due to the growth of hi-tech, who are creating demand and pushing prices way up. Supply of homes is limited, and there are many people clamouring to buy the few properties that do come on the market.

 

And things like this - look at the salary differentials in the table!

http://blog.sfgate.com/pender/2014/08/21/these-tech-worker-wages-will-astound-you/

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This is information and gives you a good overview. But some further research is necessary so that you can compare. tx

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So, our real estate broker had told us they would pull an international credit record re: a rental agreement. I was a bit sceptical given how everyone always says SA credit means nothing. Well we haven't gone for a lease yet but, we did get approved for cellphone contracts today without having to put down a deposit or show proof of job or even bank account, based on what they pulled for our SA crediit record. The woman had said they use Experian and they can get credit records for immigrants from a number of countries that way. Just thought I would share this story as it shows your SA credit can indeed count for something /conversely the idea some people have that they can leave bad debts behind with no consequence doesn't work either.

Edited by SJ27

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I opened a bank account with Chase in NY last month, deposited SA cash into it, then used the Chase debit card all over to pay for our LSD trip but received a phone call from the bank two weeks into the trip saying they cannot allow the account to continue being used until I provide proof of address in the US, specifically a US utility account with my name on, much like our FICA in SA. They would therefore send me the closing balance by cheque, but I rushed to the bank and just withdrew all the funds.

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I opened a bank account with Chase in NY last month, deposited SA cash into it, then used the Chase debit card all over to pay for our LSD trip but received a phone call from the bank two weeks into the trip saying they cannot allow the account to continue being used until I provide proof of address in the US, specifically a US utility account with my name on, much like our FICA in SA. They would therefore send me the closing balance by cheque, but I rushed to the bank and just withdrew all the funds.

The fact of depositing a large amount and then (seemingly) proceeding to try spending it all probably triggered some kind of flag - it does sound like something a money launderer would do... We got advised that leaving funds for a while to "season" helps as well.

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US Banks also have odd rules for example if you live in New York and go to Las Vegas and you try to use your credit card to pay for the hotel you may find your transaction is declined. Some banks require you to notify them of any travel plans outside of your normal residential area. Also for International travel you need to give them the dates you will be away etc.

American Express are a little more relaxed about this rule.

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We had an awful panic a few years ago when they locked my husband's card and he was in Germany. There were mad calls to the bank which thankfully was still open!

Edited by treverly

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The same applies with s.a credit cards you need to notify your bank if you are traveling out of the country and intend to make use of your credit card while abroad, although I don’t know how well they enforce this rule.

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US Banks also have odd rules for example if you live in New York and go to Las Vegas and you try to use your credit card to pay for the hotel you may find your transaction is declined. Some banks require you to notify them of any travel plans outside of your normal residential area. Also for International travel you need to give them the dates you will be away etc.

American Express are a little more relaxed about this rule.

 

Surely this depends on the bank and how regional it is? I know my dad has never had a problem with Chase anywhere whether in the US or internationally...

Have a NY address on chase and no problems spending in CA and in fact today had no issue at all going into a CA Chase branch to get a cashier's check. (and coming from SA, what a pleasure to find bank branches open till 6pm!!!)

All of the above incidentally is part of why I think lovecampsbay did something that triggered a flag, especially given our experience with Chase.

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The same applies with s.a credit cards you need to notify your bank if you are traveling out of the country and intend to make use of your credit card while abroad, although I don’t know how well they enforce this rule.

I accidentally used my Standard credit card to try pay for a $70 transaction - it got declined (I actually have a small credit balance on that). THREE DAYS LATER someone called me to check if it was fraudulent... Investec on the other hand you don't have to notify, but there are certain amounts you will need authorization for (they don't tell you in advance what they are though but they are big ones Ie over R50k for cerrtain types of vendors so generally this is not going to worry most people).

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I had problems with Bank of America and they are not a regional bank.

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I had problems with Bank of America and they are not a regional bank.

That's interesting...I would be pretty cheesed off if that had happened!

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