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Old 11-12-2013, 05:08 AM
 
Location: Charleston, SC
84 posts, read 167,491 times
Reputation: 37

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I don't know if this is the right forum...

I'm 51 yo, and will settle in charleston next year (whole family), becouse we won the green card.
My idea is to sell all my assets here in europe, transfer money to USA, and became a little landlord (it's in fact what I do here).
It means, buy 3 or 4 hauses and get the rental money to live.

I don't know exactly how it works in Charleston: it's possible to have it financed ?
For instance, buy a 150k house, with a 50% down payment, and have a mortgage loan for 50% ?

I will have no fixed income in the USA, once arrived, but a nice credit score (I'm american express member since 1991, and the credit score can be transferred), and a demonstrable fixed income in italy (not so much, around usd 3000 netto per month).

Will I find a lender, with this economic bases, or not ?

Thanks for tips, and apoligize for my bad english
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Old 11-12-2013, 05:52 AM
 
19,001 posts, read 10,681,075 times
Reputation: 5815
Don't be so sure the credit scores transfer. When we moved from Canada 16 years ago we were told that we were starting from scratch even though we were able to provide solid credit ratings from three companies that had US and Canadian operations.

We did secure a mortgage and a car loan to assist with estabilishing a credit rating but had to pay a little more for the privilege (we had visa status, husband had company he worked for that vouched for him).

I'm surprised with no fixed income you managed to get a green card. That's the biggest hurdle.
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Old 11-12-2013, 06:13 AM
 
Location: WI
3,805 posts, read 8,506,316 times
Reputation: 2219
I'd maybe suggest having a discussion with a lender now, to see what requirements they would have and what you'd be able to do (or not do). By having this talk now that may give you some extra time to work with your finances and situation so when you do hit the states you already have a plan in place.
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Old 11-12-2013, 06:19 AM
 
Location: Charleston, SC
84 posts, read 167,491 times
Reputation: 37
I won the green card... it's the Government DV lottery, income doesn't matter

For amexco, the link https://www.americanexpress.com/global-card-transfers/ shows it, and I've phone them (in the USA) to be sure that the CS will be transferred as weel.
It will
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Old 11-12-2013, 06:55 AM
 
Location: MMU->ABE->ATL->ASH
9,002 posts, read 16,118,243 times
Reputation: 9676
BTW; Getting your AMEX card transferred to a US AMEX is not your "Credit Score",

The Credit score is a totally separate item. AMEX/US will report your activity to the US Credit scoring Companies, But it just one item of Many that make up your score.

Experian , Equifax, TransUnion are the 3 big US consumer reporting agencies
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Old 11-12-2013, 07:30 AM
 
234 posts, read 300,739 times
Reputation: 72
Quote:
Originally Posted by flyonpa View Post
BTW; Getting your AMEX card transferred to a US AMEX is not your "Credit Score",

The Credit score is a totally separate item. AMEX/US will report your activity to the US Credit scoring Companies, But it just one item of Many that make up your score.

Experian , Equifax, TransUnion are the 3 big US consumer reporting agencies
^^ I hope this was taken into account...
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Old 11-12-2013, 07:43 AM
 
Location: Charleston, SC
84 posts, read 167,491 times
Reputation: 37
they told me that the "credit score" will be tranferred in the US system (when I'll have an US SSN, obviously).
I guess (I hope) it will be so, becouse experian works in europe too (our lenders check experian before give a loan), and therefore the experian database is fed in italy.
Otherwise, how many time needs a "good payer" to build up a reasonable good CS in the US ?
Assuming that I will first use a debit card, and the amexco, and pay the bill in full every month, and so other debits ?
I want just to know if I need few months o several years to have a nice CS
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Old 11-12-2013, 07:51 AM
 
Location: MMU->ABE->ATL->ASH
9,002 posts, read 16,118,243 times
Reputation: 9676
Debit Cards will NOT add to your Credit Score.
Start with AMEX, Apply for A Visa & MasterCard, A few Store credit cards, Pay each one in full on time.

It will take several years (3 or 4) to get a High Credit Score if you do everything right.

My Understanding is your Experian Score in EU Does NOT transfer to the US system.
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Old 11-12-2013, 07:57 AM
 
Location: Charleston, SC
84 posts, read 167,491 times
Reputation: 37
Quote:
Originally Posted by flyonpa View Post
Debit Cards will NOT add to your Credit Score.
Start with AMEX, Apply for A Visa & MasterCard, A few Store credit cards, Pay each one in full on time.

It will take several years (3 or 4) to get a High Credit Score if you do everything right.
Thanks a lot.

Maybe, I've read, some secured cards could help to accelerate the process.
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Old 11-12-2013, 07:58 AM
 
Location: MMU->ABE->ATL->ASH
9,002 posts, read 16,118,243 times
Reputation: 9676
I would plan on a job(s) when you get here,
36,000USD/Year is not that much money to live on,
Not sure how big your family is,
But 36K a year will go quick.
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