I would have thought international banks would lower the address history as they could check prior histories. I know Amex will allow you to convert your account.
JaJa could take an age though.
They aren’t the quickest in sending out invites.
Although I fully agree with you regarding the cashback.
Free overseas spending is of much more value to me.
What did you decide on in the end?
Not one person asked ‘Why do you need a credit history?’. Of course it implies you want to borrow in the future - but have you considered never borrowing at all? This way you don’t ever pay interest (line the pockets of others), never have the worries of debt and always live within your means. Go back two generations and this was the norm. So, rent don’t buy, use pay as you go travel and (the big one) save up the money before you buy something!
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Not borrowing can actually be more expensive.
For example I could’ve bought my car in full. But I took out a loan for $7500 and rather than spend it on the car, I was able to invest that money at a higher interest rate that I was paying on the loan therefore it actually came out earning money by taking out the loan.
The same goes for property which is actually a relatively good investment. One generally earns money once they sell their property even taking into account the interest paid.
The same goes for credit cards I earn money by using a credit card, because I get up to 51 days interest free, where money I would’ve otherwise spent is invested in a high yield interest-bearing savings account. balances are paid in full.
Pay-as-you-go travel is terribly more expensive than buying an annual TravelCard. One does not need credit history to buy, so I’m confused by that one, but I live in London so it could be different elsewhere.
Wow, the Holly Grail: take out a loan and immediately invest the money for higher interest rate. Please let me know how and I’ll borrow £1M immediately!
Property - the mistake people make here of course is they don’t compare interest rates, inflation and maintenance costs to their ‘appreciating asset’. Again I’d love to see your numbers.
CC - so if you spend £10 cash on a book. You have a book and are -£10. If you get the same book on your plastic you have a book and are -£10. I don’t get your point.
Pay-as-you-go does include a TravelCard. The point is don’t invest in a car/motor bike. And definitely don’t borrow to do so.
You are not considering the time value of money, what money is worth now, vs what it is worth in the future. You also need to consider the income
the money will allow you to generate.
If I took out a loan for £1m to invest in my business it would more than pay for it self by the extra revenue generated. Think Monzo, it would not exist if the founders did not take on debt to access the funds required to found the business.
The reason you are unlikely to get a £1m loan is you will need it backed by collateral.
My investments are earning about 4% however my loan was less than 2%
Credit card is no different, when you spend on a credit card it differs payment up to 51 days from the purchase date. This means that £10 is not debited from my how yield interest-bearing account, which continues to earn money.
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You must be a very wealthy individual indeed! I wish you continued success and good luck. Keep borrowing!! 