Credit in Canada

[joecreosta]

well from what you're saying in Canada they check US credit reports... most people on this thread said they dont now im confused lol

its all up to their descretion

like i said.......if bank wanna loan u mortage for 500000.00 dolars dont u think they will do a check on u?

 

[jancath410]

I would say apply for a credit card still as soon as you qualify, to build a credit record in Canada.

 

[joecreosta]

I would say apply for a credit card still as soon as you qualify, to build a credit record in Canada.

yes u should in any case apply. go to scotia bank.they have a new scheme for newcomers welcome pacakge
call them find out

 

[Leon]

They will probably not check your US credit report unless you ask them to. If you have good credit where you are coming from, you can get a credit report or an introduction letter from your bank and bring it with you to Canada to try to get better credit. If you have very bad credit where you are coming from, do not mention it at all and in Canada, you will start with a clean slate.

Same with car insurance.

 

[joecreosta]

They will probably not check your US credit report unless you ask them to. If you have good credit where you are coming from, you can get a credit report or an introduction letter from your bank and bring it with you to Canada to try to get better credit. If you have very bad credit where you are coming from, do not mention it at all and in Canada, you will start with a clean slate.

Same with car insurance.

thanks Leon

 

[tgchi13]

They will probably not check your US credit report unless you ask them to. If you have good credit where you are coming from, you can get a credit report or an introduction letter from your bank and bring it with you to Canada to try to get better credit. If you have very bad credit where you are coming from, do not mention it at all and in Canada, you will start with a clean slate.

Same with car insurance.

Your out of Canada credit will have little bearing even if it is good. Generally you need the cash equivalent/security of the credit you are trying to receive until you have a credit rating in a new country.

Leon has the right idea.

 

[whoopi83]

Most banks will ask you for PR card and or SIN.

BMO has a good newcomers package and offers secured credit cards.

Rogers Wireless reports to the credit agencies as well so you can begin to build credit with a cellphone too.

Checking credit histories in other countries is problematic; in the UK there is the DPA to overcome, many other countries have various privacy laws so you would need to permit or request a credit check in the other country or expressly consent to such a check. Either way it does seem largely irrelevant, you start at zero in Canada.

 

[tgchi13]

yes u should in any case apply. go to scotia bank.they have a new scheme for newcomers welcome pacakge
call them find out

No, you should not 'in any case' apply for credit. You may arrive in Canada with no credit but if you apply and are rejected that is a strike against you. Each and every unsuccessful attempt will make it that much more difficult if you apply for credit when you are eligible.

Consult with your bank manager to know when to apply.

Joe: Where are your stats?

 

[jancath410]

Scotiabank is very specific on the class code of your PR-Skilled Worker for no security any other class would require security. TD on the other hand will give you $500 credit card as long as you have no credit record in Canada.

 

[Leon]

No, you should not 'in any case' apply for credit. You may arrive in Canada with no credit but if you apply and are rejected that is a strike against you.

This is also what I was told when I arrived. I asked my bank if I could get a credit card and they said I must have been working for a year in the same job. I asked a couple of other places but they said the same thing. They also said not to apply for stuff regardless hoping to get something because it will go on your credit record and it will look like you are desperate to get credit so they will think you are in trouble financially.

I just did what they said so after a year of working, I applied and got a card with a $1000 limit. A year or two later, I was being pestered by banks sending me letters and calling me trying to force me to take their credit cards. I do know somebody who got a credit card without working somewhere for a year. It's not a problem to ask different banks what their policy is.

 

[heatherusa]

This is also what I was told when I arrived. I asked my bank if I could get a credit card and they said I must have been working for a year in the same job. I asked a couple of other places but they said the same thing. They also said not to apply for stuff regardless hoping to get something because it will go on your credit record and it will look like you are desperate to get credit so they will think you are in trouble financially.

I just did what they said so after a year of working, I applied and got a card with a $1000 limit. A year or two later, I was being pestered by banks sending me letters and calling me trying to force me to take their credit cards. I do know somebody who got a credit card without working somewhere for a year. It's not a problem to ask different banks what their policy is.

This is exactly true - every attempt to gain credit is a "hit" on your credit report. People who apply for credit at a lot of places, especially in a short period of time, take a greater hit to their credit score. It is better to have no credit history and a good stable job (for a proven period of time) than to have applied at numerous places and gotten small amounts that may have not been managed well.

There is a misconception (at least in the US) that you have to have credit to get a mortgage... You either have to have NO credit... or GOOD credit. Having no credit at all and an established employment history is better than having "trolled" around for credit.

 

[nash_arsenal]

Rogers Wireless reports to the credit agencies as well so you can begin to build credit with a cellphone too.

This is not true......Rogers only reports to your credit bureau and does not build your credit. On the other hand if you do miss your payments they will eventually report it as a nonpayment/send it to collections and that will adversely affect your credit history.

In other words paying rogers bill in time doesnt help you build credit but not paying it will harm your credit.

Heheh... i was on the phone with rogers call centre the other day asking them a few questions regarding this, since they claim i owe them money, when i wasnt even in the coutry at that time

 

[Leon]

Heheh... i was on the phone with rogers call centre the other day asking them a few questions regarding this, since they claim i owe them money, when i wasnt even in the coutry at that time

They could be wrong. I once had a problem with Telus. I wrote them a detailed letter stating how they were overbilling me and they corrected it.

Not having been in the country doesn't mean you don't owe them money though. If you are on a contract, you have a monthly fee, whether you use the phone or not. If you are referring to them thinking that you have an old debt from before you even landed in Canada, they are probably mixing you up with someone else.

 

[AllisonVSC]

They will probably not check your US credit report unless you ask them to. If you have good credit where you are coming from, you can get a credit report or an introduction letter from your bank and bring it with you to Canada to try to get better credit. If you have very bad credit where you are coming from, do not mention it at all and in Canada, you will start with a clean slate.

Same with car insurance.

I was asked to provide a ten year driving record and insurance claims history for car insurance here. Maybe it is not a requirement to get coverage, but to get a high rating (and a lower premium) I sent mine. The state where I was last licensed only keeps records back three years, so I asked them to state that on the record they sent.

 

[joecreosta]

No, you should not 'in any case' apply for credit. You may arrive in Canada with no credit but if you apply and are rejected that is a strike against you. Each and every unsuccessful attempt will make it that much more difficult if you apply for credit when you are eligible.

Consult with your bank manager to know when to apply.

Joe: Where are your stats?

what stats? what r u wanting?