I really want to know

Member since 01 July 2010

jaelynMember01 July 2010 23:46:21

When I move to Sydney (a year from now mind you) will my US (FICO) credit score follow me or be used in Australia at all? If not how do I go about building credit?

Guestposter14 Guest

Guestposter14Guest04 July 2010 11:41:00

Hi Jaelyn,
In Australia, you will have to be a Permanent Australian Resident or Citizen of Australia to apply for credit.聽 You can't apply for credit if you live here on a visa.聽 Your US credit score is not used in Australia.聽 Your credit rating is calculated a bit differently in Australia than in the US.聽 From what I understand (I'm not an expert) in Australia it is more basic and looks at your income and payment history.聽 Late payments or no payments = bad credit.聽 In the US, the rating also includes if you are a 'profitable' risk (like if you carry balances over long terms, and tend to pay lots of interest-- that could actually raise your score in some cases, even if you may have delinquencies) and I don't think that is part of the rating in Australia.聽 Again, I'm not an expert, but I hope this helps a bit.

Good luck!