Is the US the only country with credit scores?

Is the US the only country with credit scores?

In the United States, the credit score determines the honor and respect of a person. It depicts the creditworthiness of a person. However, not all the countries that offer credit cards have this credit score system.

Because of the advent of a global pandemic, the whole world is in a crisis. The US is facing many serious problems, especially in the workforce, as more employees are taking leaves and leaving out of the country. Having a good credit score in the US works pretty well, but it may not work for countries outside the US as there are tons of countries that do not consider this system. This situation creates many financial problems as many people have to give their long incredible credit streak and have to start from scratch.

Starting from a zero score can cause trouble in getting apartments, equipment, or even small loans as your recent good history will not work outside.

Before you move out, you must conduct thorough research of the country’s financial system. Understanding whether the credit cards are synced with the US card or not.

How to get through?

Many countries have different credit scores. For some countries, you will have to get a residency first before applying. In other countries, you have to show your credit history and employment certificates to quality. Establishing a financial presence by using a credit card for all kinds of payments is one way you can improve your credit score if you want to make your mark in the foreign credit systems. Before moving out, pay the total debt in the US banks and take your credit report with you.

Also, try to get a credit card that does not have a foreign credit transaction fee.