Nichola is a New Zealand native who made Australia her home after building her market research career and meeting her Australian husband. By 2009, they had bought their own home and Nichola had started her own business. Then a job offer saw them pack up their life in Sydney and move to New Zealand.

"It was a great opportunity for my husband and as a global market research strategist, I had the flexibility to take my business with me. We also thought it would be a good time to start a family and return after a few years," said Nichola.

Nichola and her family ended up staying in New Zealand for 9 years before making the decision to move back to Sydney. And that's when her credit challenges began.

The answer is "no"

Before the move to New Zealand, Nichola had a solid credit history in Australia. She had met all mortgage repayments on time, paid her credit cards in full, and had several bank accounts. But upon returning, she quickly discovered her good track record no longer mattered.

"Before leaving Australia, I had an established career, a mortgage, a business – and all the credit history that comes with that," said Nichola. "It never occurred to me that my past life in Australia would effectively be wiped off my credit record".

Nichola first became aware there was a problem when she and her husband went to apply for a home loan. Her husband had secured a new job and his income was accepted by the lender, despite also having no recent credit history. But as a business owner with no recent credit history, Nichola's income wasn't eligible and couldn't be considered for the home loan.

"I really thought I could pick up where I left off," said Nichola. "Thankfully, we were able to find a good deal and go ahead with buying our next home. But unfortunately, my struggle to get credit didn't end there".

Running a business with no credit

As the owner of a growing global market research firm, Nichola also needed a business credit card to help manage payments. And although she was a long-time customer of a large Australian bank, she came across another roadblock.

"While in New Zealand, I had kept my business savings accounts open with this major bank. I had also held previous credit cards with that bank and always made my repayments on time," said Nichola. "But it turns out that didn't help. They said I had been gone too long and needed to see a more recent credit history before they could give me any credit."

Nichola tried to negotiate by requesting a small credit limit, but the bank still couldn't help. She left feeling shocked and somewhat powerless.

"I did everything I thought was right and they still said no. I just walked out thinking – I can't even get a credit card, not even for $2,000."

"I worried about how I was going to run my business and what it meant for everything to run off my debit card," said Nichola. "And as a business that works with global brands from around the world, this wasn't great for optics". 

For the next few years, Nichola had to get creative with managing her business finances. Through a combination of debit cards and credit facilities she still had open in New Zealand, she was able to keep running her business. It did take extra effort and planning, as well as keeping a constant eye on foreign exchange rates and the impact of fluctuations.

Getting back on the right credit track

While Nichola was rejected for both the loan and credit card, she was able to take out utilities in her name. As Nichola continued to make repayments on time, she was able to rebuild her credit profile and track her progress with periodic checks of her Equifax Credit Report.

"When we later re-financed our mortgage to fund a renovation, my income was eligible and our application was approved," said Nichola. "Then earlier this year, I was approved for a business credit card and I finally felt back in control. I'm at a stage of rapid growth in my business and knowing I can get credit to support my growth plans is a huge relief".

Tips to rebuild your credit

Need to rebuild your credit score after moving back from overseas? Take a look at our practical tips you can start today to boost your credit score and build a positive credit history.