January 26,2007
-
You Really Can't Take It With You
It is true that new immigrants to the US must start anew with no credit – even if they have solid credit established in their home nation. It's unfortunate, but those accustomed to the perks of great credit in one country – high limits, low APR, freedom to shop around for loans – must give them up, should they decided to come to the States. Credit reports from foreign lenders are not shared with the US agencies.
It is at the discretion of individual card companies whether they are willing/able to transfer international card accounts to US accounts. They have the power to give and take away card limits and interest rates. It pays to do your research, however, realize that you may end up starting from scratch. At that point, the standard credit builders like a secured card may be your best bet.