According to the latest US Department of Homeland Security statistics, 3034 Australians obtained legal permanent residency in 2015, and another 5,527 obtained E3 visas.
One of the main challenges facing these and thousands of Australian expats every year is how to access US credit and begin to build a US Credit Score.
The Australian Community recognized this challenge and in 2012 introduced a program where Australians arriving in the US could quickly access US credit through HSBC’s Premier and Advance expat platforms, even if they were not existing customers – and without a Social Security Number.
Albeit members are able to immediately access credit, they still need to build a US credit score to be able to lease an apartment or even open basic utility accounts, and this can take months.
It comes as a shock to many professional Australians who arrive in the US with strong Australian credit, to discover that no US credit history is almost the same as a bad credit score.
Credit scores, generally speaking, are based on how much credit you have, how much you use each month, and how much you owe at the end of each month. To have access to credit and not use it hurts your score, just as carrying balances forward.
Enquiries on your credit report also hurt your score, so before responding to a “You have been approved” credit card application in the mail; a) you have not been approved, and b) if you apply and are rejected, that is a ding against your credit score!
The Australian Community is very pleased to announce a new program commencing on March 1, 2017 where our members can obtain a US credit card whilst they are still in Australia and thereby build a US credit score before arriving in the US.
The program details are being managed by our New York liaison at HSBC. In full disclosure The Australian Community does not receive any commissions or compensation from this program.
Assisting our members overcome the challenges of living in the US is core our Mission. Providing a way for our members to not only access credit in the US, but to build a US credit score whilst still in Australia makes perfect sense, and is an added value to joining our organization.
For more information on how to access this and other financial programs for our members, please complete the form below.