Ireland Expat Forum

monsoonMike1
Joined 2019
Posts: 1

4 years ago

Establishing Credit

4 years ago

Hi,

I'm considering a move to Ireland in the near-to-mid term, having recently obtained citizenship via the "Granny Rule" (foreign births register).

I understand that while I could move to Ireland today if I wished, I'd be facing a few headaches, not the least of which is I have no established credit rating there.

Despite searching, I've yet to find anything related to establishing credit. In the U.S., one gets bombarded with credit card offers in the mail as soon as you turn 18 (or at least this was true in the late 90s/early 00s). I think my first credit card had a $100 USD limit, but I was approved for it despite having no established credit, and it got the ball rolling.

I've read that it can be "difficult" to get a credit card in Ireland for the first year or two, and one may have better luck getting started by getting a car loan, as it is a secured loan, and lenders have more discretion.

I'd prefer to establish credit ahead of time. Are there any steps I can take while non-resident? Would establishing a bank account help? If so, does a Current Account hold more "weight" than a Savings Account? Since Current Accounts seem to require a €2500-3000 balance to avoid the cornucopia of fees, I'll likely hold off until Brexit is ever figured out and exchange rates calm down.

Would having such an account make me more likely to be approved for credit card immediately, after a year, or have no affect at all? (Even with just a €100 limit).

Thanks!
-Mike

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