Credit in Canada

[Leon]

I am not sure how long you should wait. You could ask somebody at your bank. I would think at least 6 months.

 

[steaky]

How long did you wait between two cards (from two different financial institutions)?

 

[rubyalabar]

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.

 

[steaky]

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!

 

[rubyalabar]

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.

 

[steaky]

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

 

[SaugaBoss]

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?

 

[steaky]

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.

 

[IndividualLikeEveryoneEls]

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?

 

[rubyalabar]

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 just so they can make a sale.

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?

 

[steaky]

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.

 

[IndividualLikeEveryoneEls]

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