Credit in Canada

[SaugaBoss]

if you are moving from the United States to Canada, does your credit start brand new or is it transfered over??

 

[MrsCasanova]

as far as i know it starts brand new...but i could be wrong

 

[MrsCasanova]

if you are moving from the United States to Canada, does your credit start brand new or is it transfered over??

I found this resource, i dont know if im allowed to post links though...hopefully i dont get in trouble for it lol...but i found an article for you on learning about credit...if this doesnt answer your question you can call the company and they will give you free advice, they're a non-profit company....I hope that helps!

ps - if the link doesnt work message me and i'll send it to you

 

[sbwv09]

It's true, your credit rating in the US has no bearing on your credit in Canada. This is what I was told at our bank. As an immigrant, your credit is at 0 (no rating). Lots of banks have special credit cards to help immigrants build their rating.

 

[MrsCasanova]

@sbwv09 thats what i thought, i know Coast Capital gives out credit cards to immigrants, you dont even need a SIN card or anything, but they start you at a $500 limit. I would suggest starting to build credit that way

 

[kelKel]

I know my boyfriend was given a credit card with a limit of $1000. He had to give them $1000 up front and they hold onto that for a year and a half then return it to you. Good way to get started!

 

[MrsCasanova]

@Kelkel what credit card company was that?

 

[sbwv09]

KelKel is talking about a secured credit card. I think most banks have them.

 

[Kess]

Lots of banks have special credit cards to help immigrants build their rating.

I hear radio ads every day for the program running at Scotiabank... sad reminder that this process takes so long.

 

[britincanada]

RBC Have a good Welcome package too..

http://www.rbc.com/canada/welcometocanada/?ProspectID=2CD6DC3074C34164A3C730B1E2BAC555

There are lots of good ways to build your credit here in Canada...I wish I had already looked into them as all you need is government issued ID i.e passport and Immigration document..Be it PR/work permit/ study permit or visitor record

 

[HoneyBird]

Brit does it mean from what you are saying,

if i am on a visitor visa, and I have a valid Trinidad and Tobago passport i can apply for a bank account?

 

[kelKel]

Yes it was a secured credit card. It was with Royal Bank. He gets his deposit back in Jan. I'm not how it works if you're just here as a visitor.

 

[HoneyBird]

okay thanks...
now i am gonna check to see if scotia bank has something similar...
i am wonder which is the preferred bank in Canada...the goto bank...cause here in Trinidad, we love Republic. People dont like Royal bank in Trinidad becuasethey are really slow...

 

[giggles1985]

It's true, your credit rating in the US has no bearing on your credit in Canada. This is what I was told at our bank. As an immigrant, your credit is at 0 (no rating). Lots of banks have special credit cards to help immigrants build their rating.

Aww damn, I didn't know this. I've got a good score too! Rats.

Are the credit scores in Canada at least calculated in a similar manner? So that the tips I used to build my credit in the US will still apply?

 

[HoneyBird]

scotia bank deal looks really good...

but i want to know peoples thoughts on the bank...in terms of processing times..i hate long waits..etc.