# Credit score transferring?



## Laurengr (Jul 8, 2009)

I am moving to Sydney from the US in October. My Australian fiance and I are getting married in November.

I own a house in the US and have been trying to sell or rent it for some time now. If I cannot do so by October, I've been advised to just "walk away". Turn in my keys to the bank and let them foreclose. I realize this will drastically affect my credit in the US. Will it transfer over and prevent me from getting any kind of credit in Australia?


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## amaslam (Sep 25, 2008)

No it doesn't affect you in AU, you will start a new credit history here. But personally if you ever return to the US your assets can be seized and all sorts of bankruptcy proceedings taken against you. 

For now that might not be anything but who know what happens 10, 20 years down.

This question comes up from time to time in forums.



Laurengr said:


> I am moving to Sydney from the US in October. My Australian fiance and I are getting married in November.
> 
> I own a house in the US and have been trying to sell or rent it for some time now. If I cannot do so by October, I've been advised to just "walk away". Turn in my keys to the bank and let them foreclose. I realize this will drastically affect my credit in the US. Will it transfer over and prevent me from getting any kind of credit in Australia?


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## kaz101 (Nov 29, 2007)

Laurengr said:


> I own a house in the US and have been trying to sell or rent it for some time now. If I cannot do so by October, I've been advised to just "walk away". Turn in my keys to the bank and let them foreclose. I realize this will drastically affect my credit in the US. Will it transfer over and prevent me from getting any kind of credit in Australia?


Out of curiosity who has advised you to do this? Just wondered if it was a professional or a friend? 

As well as your credit record being affected in the USA I wonder what would happen if the bank you were dealing with in the USA merged with another bank abroad... 

For example HSBC can transfer some credit details from UK to Australia. 

Regards,
Karen


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## Laurengr (Jul 8, 2009)

kaz101 said:


> Out of curiosity who has advised you to do this? Just wondered if it was a professional or a friend?
> 
> As well as your credit record being affected in the USA I wonder what would happen if the bank you were dealing with in the USA merged with another bank abroad...
> 
> ...


I was speaking with a financial adviser actually. He said it's called a "deed in lieu". Not the best solution but more acceptable now, with the way the economy is going and the number of foreclosures there are.


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