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Is Credit Rating transferable to countries which have stable banking system?
- Thread starter YS2003
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flopticalcube
macrumors G4
Probably not. I moved from Europe to Canada and there was no way I could get my credit rating transfered.
Many credit card issuers operate worldwide. I am interested in knowing if the credit rating will follow you (without you ever knowing about it until you need to apply for credit in other countries). If the credit rating will stay in one country, then, a person can max out his/her credit cards to purchase all things he/she wants and take a hike to another country to start over.
flopticalcube
macrumors G4
Credit card issuers actually all operate locally. Each country has regulatory control over the local operator. These local operators may be managed internationally but none of the information gets shared. When you leave a country, your credit rating stays behind.
In the case, I will buy top of the line MacPro, MBP(s), CS3 (later in 2007), Cinema 4D, ACD(s), Final Cut Studio and other things to max out my credit cards and take a hike then😛 .
flopticalcube
macrumors G4
Knock yourself out. I just know that after 10 years of paying a mortgage and building up a decent credit score, I got knocked back down to high school graduate level. Took me at least 2 years to get back to a decent level.
and if you don't go, you can file for bankruptcy. the week after you are declared bankrupt, the credit card companies start sending you cards again, because you are now a good risk -- you don't own anybody anything and you'll have no reason not to pay them.
my uncle did that 3 times. he always lived well with no job all his life. he just paid the minimum each month for a few years and shifted balances etc. until he owed a few hundred thousand then declared bankruptcy.
but i would check the laws now. they may have made it more difficult to do.
my uncle did that 3 times. he always lived well with no job all his life. he just paid the minimum each month for a few years and shifted balances etc. until he owed a few hundred thousand then declared bankruptcy.
but i would check the laws now. they may have made it more difficult to do.
Since card companies are worldwide, that might be easier said than done...
Say you have a Visa in the US and do that, then move to Europe. When you apply for a Visa in Europe, they can probably check the Visa US ******** and see that you're on it, and any hope of you getting a credit card is probably gone.
Abstract
macrumors Penryn
But VISA and MasterCard don't hand out credit cards themselves. They usually do it through a bank, and so even though you have a VISA card, you don't really deal with VISA, but with the bank that issued it to you. Since they're local (even big multinational financial institutions are operated locally), your history won't be found.
However, I think that if you were to try applying for a VISA after maxing out all your credit cards, they'd notice.
However, I think that if you were to try applying for a VISA after maxing out all your credit cards, they'd notice.
Credit reference agencies (credit bureaux in the U.S.) are the ones who keep track of things, not the individual card companies.
Experian, Equifax etc. are the ones who have an overall view of your credit history and are usually the ones who provide your score to any lenders.
Although they operate internationally, it appears that credit scoring is not transferable in most cases, although these days I'm sure that if they really wanted to, they could keep track of you.
http://en.wikipedia.org/wiki/Credit_reference_agency
http://en.wikipedia.org/wiki/Equifax
Experian, Equifax etc. are the ones who have an overall view of your credit history and are usually the ones who provide your score to any lenders.
Although they operate internationally, it appears that credit scoring is not transferable in most cases, although these days I'm sure that if they really wanted to, they could keep track of you.
http://en.wikipedia.org/wiki/Credit_reference_agency
http://en.wikipedia.org/wiki/Equifax
flopticalcube
macrumors G4
3 years ago, Equifax had no prior knowledge of me, neither did Transunion. That may have changed by now, I don't know.
So, all of those credit re-building counseling are not as good as just leaving the country and starting all over in a foreign country then.