But with HSBC, you may be able to use your international credit record, depending on the country. You can also build your credit rating from scratch, even if you have no existing UK credit history. So, if you've recently arrived in the UK and find yourself in this position, don't worry.
Just like many other countries, the UK has a system designed to assess how creditworthy you are.
The 3 main credit reference agencies in the UK are Equifax, Experian and TransUnion.
The higher your credit score, the more confident a lender will be about letting you have loans, credit cards and mortgages. But if you've just moved to the UK, your credit history from your home country doesn't come with you. This can make it tricky when starting your financial journey in the UK.
If you have a good credit record from your home country, you might be able to use this to your advantage.
If you're applying online for an HSBC UK credit card, you can now choose to share your credit history from selected countries.
This is thanks to a new partnership with the cross-border credit bureau Nova Credit.
If you can’t transfer your credit history to access a credit card, the best thing to do is to focus on starting to build your credit history in the UK.
First, get on the electoral roll if you can. Registering to vote provides evidence of your address and helps lenders confirm your identity. However, as a non-UK citizen, you might not be eligible to vote.
Next, consider opening a UK bank account. This doesn't directly affect your credit score, but it can help you start establishing a financial footprint in the country.
If you're eligible, consider applying for a credit card to build your credit history.
Lastly, remember to manage your finances responsibly. Do your best to pay your bills on time, don't exceed your credit limit, and try to pay off your credit card balance in full each month.
Building a credit history in the UK as an international newcomer might seem daunting initially, but with patience and responsible financial management, it's entirely achievable.
