Credit Score from NZ

[Kramvi]

I just moved from New Zealand.  I have an excellent credit rating from there like a 900 or something.  Anyway I could transfer that here or use that to get credit here, or do I start again from scratch by getting a supermarket card?  Any advice will be appreciated.  

[Nemesis]

On 09/12/2023 at 12:23, Kramvi said:

I just moved from New Zealand.  I have an excellent credit rating from there like a 900 or something.  Anyway I could transfer that here or use that to get credit here, or do I start again from scratch by getting a supermarket card?  Any advice will be appreciated.  

Credit ratings don't transfer between countries. Not sure what you mean by a "supermarket card" but if you mean things like Woolies Rewards and Flybuys, they don't have anything to do with credit ratings.

[Philip]

Unlike in the USA, credit "scores" are not that relevant in the UK, and even less so in Australia. I would guess that NZ is more like Australia than the US.

If you have Amex in NZ you can use it as a reference to open an Australian Amex.

If you have HSBC Premier in NZ you can get HSBC Premier in Australia and only need to qualify in one country, but when it comes to borrowing money each country's bank will assess you separately on local criteria.

Despite the name I believe the only relationship between ANZ Australia and ANZ NZ is that they will submit an application to open an account before you actually travel.

[Kramvi]

16 hours ago, Nemesis said:

Credit ratings don't transfer between countries. Not sure what you mean by a "supermarket card" but if you mean things like Woolies Rewards and Flybuys, they don't have anything to do with credit ratings.

Nemesis what I mean is for example in New Zealand I had no credit score in the beginning.  And larger companies would reject my application for a credit card because I had no credit.  So I started with a warehouse store (similar to Big W here) Visa credit card of 500 dollars.  I made transactions and paid on time.  Then bigger companies started offering me a credit card but I chose only what I wanted.  I did not want to borrow money but rather wanted to build credit.  This day out of a possible 1000 I have a score of 900 which is regarded as excellent.  Thats what I wanted to have so if I ever need to borrow money for a house etc, I would have a good credit amongst other things.  It may not be the only thing but I think it is one important creteria that they consider when granting a loan.  

[Kramvi]

I saw online that a few stores do offer visa and mastercard credit cards.  Example coles, woolworths and many others.  Coles has a 0 percent interest rate promotion going.  However I will apply after I have been in my job and same address for at least 3 months.  

[BendigoBoy]

6 hours ago, Kramvi said:

Nemesis what I mean is for example in New Zealand I had no credit score in the beginning.  And larger companies would reject my application for a credit card because I had no credit.  So I started with a warehouse store (similar to Big W here) Visa credit card of 500 dollars.  I made transactions and paid on time.  Then bigger companies started offering me a credit card but I chose only what I wanted.  I did not want to borrow money but rather wanted to build credit.  This day out of a possible 1000 I have a score of 900 which is regarded as excellent.  Thats what I wanted to have so if I ever need to borrow money for a house etc, I would have a good credit amongst other things.  It may not be the only thing but I think it is one important creteria that they consider when granting a loan.  

In terms of borrowing for a house, the banks are more likely to put weight on your job role, industry, likelihood for salary progression, and take home pay after expenses than they are a credit rating: it's a handy check for risk assessment. But when people working in the banks are showing people how to lie on mortgage applications, you have to wonder where the real risk is.