Credit Score

[lemon85]

Question:
Is my credit score here in United States valid/recognize in Manitoba CA. Or do I need to have a new credit history
for my new SIN number in Manitoba?

 

[scylla]

Nope - your US credit score isn't valid in Canada and won't be recognized. You will have to start building your credit score from scratch again once you reach Canada.

 

[Leon]

What you can try though is bring a print-out of your credit score to your new bank in Canada and see what they will do for you. Another thing, get a letter of introduction from your bank as in so and so has been a client of this bank for so and so many years and has always been a good customer etc.

 

[scylla]

What you can try though is bring a print-out of your credit score to your new bank in Canada and see what they will do for you. Another thing, get a letter of introduction from your bank as in so and so has been a client of this bank for so and so many years and has always been a good customer etc.

Leon - We actually tried this in Toronto and it got us nowhere. (Maybe someone else will have more luck with a different city or different branch?) My husband had close to the highest US credit score possible, tons of assets in the US and zero debt. And yet I still had to co-sign and guarantee his credit card application. It was actually pretty hilarious in some respects.

 

[Leon]

scylla, some people say it has worked for them. I am sure it depends on the bank, branch and even the person you talk to. I also couldn't get anywhere with credit when I arrived.

 

[born2code]

With the banks it's all how you present yourself, and whether they are meeting their goals (or monthly/weekly targets). The day I became a PR I opened an account with TD. I had this account for 3 years and even though I lived abroad I had a percentage of my salary wired to this account. I also had a credit card with TD with a limit of $5,000 and as a guarantee I had $5,000 worth of GICs.

Guess what when I finally moved to Canada and decided to buy a house, TD started acting up. Even though I had a confirmed job letter paying 6 figures annually, with cash in my chequing account at TD to make a down-payment of up to 44% of the purchase price, they still declined me a loan. So I walked 500m to the neighboring ScotiaBank branch and within minutes I was all set. The lady at ScotiaBank managed everything. I was so frustrated with TD that I had decided to close everything and move everything to Scotia. Within 60 minutes, everything was moved from TD to Scotia. All that left for me to do was to walk over to TD and submit a letter confirming the request to close all accounts, GICs, and credit cards. It's been 7+ years now, and Scotia remains to be my bank of choice.

I asked the lady a month after how come TD declined me the loan, and yet you processed it. Her reply was simple, "I had to meet my targets and the branch manager was willing to extend me some flexibility". So I would suggest try out several banks over a period of time, before you give up hope.

Hope this experience helps.

Cheers...

PS: I don't work for these banks nor do I represent them. Nor do I suggest that you open the account with the same bank that I did. The case in point is that you gotta try and not give up if one bank declines.

 

[AvayaLenovo]

Question:
Is my credit score here in United States valid/recognize in Manitoba CA. Or do I need to have a new credit history
for my new SIN number in Manitoba?

It actually depends on the bank/institution. Based on my experience, my US history was not acknowledged by a Toyota dealership in Calgary but it tremendously helped us in getting a 0% car loan at a Nissan dealership. I also used my US history in applying for my MBNA rewards credit card ($5000 credit limit). When I started in the US, it took me a couple of years to reach that credit limit, but having a US credit history definitely will help you in Canada. Before I left US, I printed all my credit reports from the 3 bureaus... but they don't look at those in Canada. They do their own query by asking for your SS#. Bottomline, it depends on the bank/institution and how you present yourself (a job offer helps too!). One's experience does not speak for everyone's experience.