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Canada Immigration Forum > Immigration Topics > Family Class Sponsorship > Topic: Credit in Canada
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Author Topic: Credit in Canada  (Read 5617 times)
Leon
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« Reply #105 on: May 11, 2011, 02:47:44 pm »
I am not sure how long you should wait.  You could ask somebody at your bank.  I would think at least 6 months.
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steaky
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« Reply #106 on: May 11, 2011, 03:59:11 pm »
How long did you wait between two cards (from two different financial institutions)?
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rubyalabar
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Category........: PNP
Visa Office......: Buffalo to Los Angeles
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App. Filed.......: 04-03-2010
Nomination.....: 21-02-2010
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« Reply #107 on: May 11, 2011, 04:02:01 pm »
My husband has been looking at buying a new car, 3 car dealers had him pre-approved for a car loan. Do you guys think 3 credit checks hurt his credit rating? I don't even know if only 3 checks were done since one dealer tried to get him a loan in 4 different banks at the same time.
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Disclaimer: All posts are from personal experience, reading other posts in this forum, reading the CIC website or just my opinion. I do not claim to be an expert so if you think what I said is wrong kindly correct me nicley, no need to be mean. Cheesy Cheesy Cheesy
steaky
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« Reply #108 on: May 11, 2011, 04:23:11 pm »
I have no idea, but I found credit checks in Canada very weird!

I have three names and one last name.  When the dealer made the credit check on me for the first attempt, he used the first and my last name, but didn't go through.  Then when he used my third and last name, it went through and I got the car loan!
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rubyalabar
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Posts: 771
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Category........: PNP
Visa Office......: Buffalo to Los Angeles
Job Offer........: Yes
App. Filed.......: 04-03-2010
Nomination.....: 21-02-2010
AOR Received.: 23-06-2010
IELTS Request: waived
File Transfer...: 26-10-2010
Med's Request: 23-06-2010
Med's Done....: 26-07-2010 (Aug.6 rec'vd by Ottawa)
Interview........: waived
Passport Req..: 16-12-2010
VISA ISSUED...: 05-01-2011
LANDED..........: 04-02-2011
« Reply #109 on: May 11, 2011, 04:34:35 pm »
I noticed that too, I have 2 first names which is common in the Philippines but no one here seems to understand this. I think I am now only Ruby and my second name Rose is now my middle name! Got to keep that in mind when I apply for a loan myself!

I hope all those credit checks did not hurt his rating though, at least we got a good deal... 0% interest for 84 months at hyundai. Smiley
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Disclaimer: All posts are from personal experience, reading other posts in this forum, reading the CIC website or just my opinion. I do not claim to be an expert so if you think what I said is wrong kindly correct me nicley, no need to be mean. Cheesy Cheesy Cheesy
steaky
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« Reply #110 on: May 11, 2011, 06:22:54 pm »
I heard usually this time of the year, dealership want to sell their old models asap so they give 0% financing which is good for us  Smiley
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SaugaBoss
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« Reply #111 on: May 12, 2011, 02:30:32 pm »
i was told by our mortgage agent to apply for a visa and secured card to build credit for a mortgage....i got a MC before the VISa bc TD at that time said i wouldnt get approved but another agent approved me when i asked him.

how long have u had credit to get approved for a car loan?
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steaky
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« Reply #112 on: May 12, 2011, 02:46:36 pm »
Quote from: SaugaBoss on May 12, 2011, 02:30:32 pm
i was told by our mortgage agent to apply for a visa and secured card to build credit for a mortgage....i got a MC before the VISa bc TD at that time said i wouldnt get approved but another agent approved me when i asked him.

how long have u had credit to get approved for a car loan?

I can tell you that credit in Canada is weird.  I first had mortgage, and then building the credit while living in China for ten years.  When I returned to BC recently, I applied and was approved a bank's credit card and car loan.  I also applied for Canadian Tire & Sears credit cards, but they denied me.
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IndividualLikeEveryoneEls
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Category........: FAM
Visa Office......: London, UK
App. Filed.......: 04-01-2011
AOR Received.: 31-01-2011
File Transfer...: 09-02-2011
Med's Done....: 27-09-2010
Interview........: Waived
Passport Req..: 25-05-2011
VISA ISSUED...: 06-06-2011
LANDED..........: 17-06-2011
« Reply #113 on: May 12, 2011, 02:49:18 pm »
Does anyone have experience with what happens if your spouse is Canadian (with decent credit history) and you are a landed immigrant (zero CDN credit history)? Presumably lenders base their offer on joint credit history?
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rubyalabar
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Posts: 771
Ratings: +30
Category........: PNP
Visa Office......: Buffalo to Los Angeles
Job Offer........: Yes
App. Filed.......: 04-03-2010
Nomination.....: 21-02-2010
AOR Received.: 23-06-2010
IELTS Request: waived
File Transfer...: 26-10-2010
Med's Request: 23-06-2010
Med's Done....: 26-07-2010 (Aug.6 rec'vd by Ottawa)
Interview........: waived
Passport Req..: 16-12-2010
VISA ISSUED...: 05-01-2011
LANDED..........: 04-02-2011
« Reply #114 on: May 12, 2011, 02:52:39 pm »
Well my husband was on a work permit with SIN beginning with "9", he got approved for a car loan worth about $20K after 1 year of having a credit card. Car dealers can pretty much do whatever it takes to get you approved for financing Smiley just so they can make a sale.

Quote from: SaugaBoss on May 12, 2011, 02:30:32 pm
i was told by our mortgage agent to apply for a visa and secured card to build credit for a mortgage....i got a MC before the VISa bc TD at that time said i wouldnt get approved but another agent approved me when i asked him.

how long have u had credit to get approved for a car loan?
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Disclaimer: All posts are from personal experience, reading other posts in this forum, reading the CIC website or just my opinion. I do not claim to be an expert so if you think what I said is wrong kindly correct me nicley, no need to be mean. Cheesy Cheesy Cheesy
steaky
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Posts: 2858
Ratings: +63
« Reply #115 on: May 12, 2011, 02:54:20 pm »
Quote from: IndividualLikeEveryoneEls on May 12, 2011, 02:49:18 pm
Does anyone have experience with what happens if your spouse is Canadian (with decent credit history) and you are a landed immigrant (zero CDN credit history)? Presumably lenders base their offer on joint credit history?

If landed immigrant spouse is applying for a mortgage, the Canadian spouse with decent credit history would have to be the guarantor.   My banker told this to me and you can ask your banker too for confirmation.
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IndividualLikeEveryoneEls
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Posts: 103
Ratings: +2
Category........: FAM
Visa Office......: London, UK
App. Filed.......: 04-01-2011
AOR Received.: 31-01-2011
File Transfer...: 09-02-2011
Med's Done....: 27-09-2010
Interview........: Waived
Passport Req..: 25-05-2011
VISA ISSUED...: 06-06-2011
LANDED..........: 17-06-2011
« Reply #116 on: May 12, 2011, 03:25:56 pm »
Quote from: steaky on May 12, 2011, 02:54:20 pm
If landed immigrant spouse is applying for a mortgage, the Canadian spouse with decent credit history would have to be the guarantor.   My banker told this to me and you can ask your banker too for confirmation.

We'd be applying jointly (assuming that's possible). I guess this is a question for the lenders. Thanks for the reply though Smiley
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Canada Immigration Forum > Immigration Topics > Family Class Sponsorship > Topic: Credit in Canada
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