How to build a Credit Score in Canada while staying in USA?

[underwood]

Hello All,
I'm currently awaiting my stamped passports. We are planning to move to Canada from the USA by end of 2022.

I was wondering if :
1. There are any means of starting to build a Credit Score while still residing in the USA?
2. In the event where I have to take a loan, do Canadian banks accept USA Credit Score?

I'm in the Good - Excellent range here in the USA and would want to continue the same in Canada or build a Credit Score from now so that when I land in Canada I have a decent enough score to be able to apply for a loan.

Please let me know your thoughts.

 

[Kimbear]

credit system is different even though equifax and transunion are in both countries. only way to build credit when yoru not in canada is go in person to open a bank account and try and get a credit card. which is usually pretty difficult. once you move there and get PR many banks have specials for immigrants to get a CC right away when they open an account. your USA score will have no use to you in Canada since both banking systems are completely different. you will start with none at first. but it doesn't take long to build one up.

 

[cansha]

Hello All,
I'm currently awaiting my stamped passports. We are planning to move to Canada from the USA by end of 2022.

I was wondering if :
1. There are any means of starting to build a Credit Score while still residing in the USA?
2. In the event where I have to take a loan, do Canadian banks accept USA Credit Score?

I'm in the Good - Excellent range here in the USA and would want to continue the same in Canada or build a Credit Score from now so that when I land in Canada I have a decent enough score to be able to apply for a loan.

Please let me know your thoughts.

You can't apply for a Canada credit card unless you have a Canadian address and you are physically in Canada. You will have to do in person verification with your ID to get a credit card in Canada.

However, there is a way to "port" your credit score from USA to Canada. If you don't have an AMEX already, apply for an AMEX credit card in USA. AMEX has a program where they will give you a credit card in Canada based on your credit limit in USA and it will be much higher than the credit limit you will get in Canada based banks. Once you do that you will see a significant jump in credit score in Canada.

 

[YVR123]

You can't apply for a Canada credit card unless you have a Canadian address and you are physically in Canada. You will have to do in person verification with your ID to get a credit card in Canada.

However, there is a way to "port" your credit score from USA to Canada. If you don't have an AMEX already, apply for an AMEX credit card in USA. AMEX has a program where they will give you a credit card in Canada based on your credit limit in USA and it will be much higher than the credit limit you will get in Canada based banks. Once you do that you will see a significant jump in credit score in Canada.

That's very intersting! Would like to hear if that works for underwood

 

[underwood]

You can't apply for a Canada credit card unless you have a Canadian address and you are physically in Canada. You will have to do in person verification with your ID to get a credit card in Canada.

However, there is a way to "port" your credit score from USA to Canada. If you don't have an AMEX already, apply for an AMEX credit card in USA. AMEX has a program where they will give you a credit card in Canada based on your credit limit in USA and it will be much higher than the credit limit you will get in Canada based banks. Once you do that you will see a significant jump in credit score in Canada.

This is a great tip. Thank you so much.

Yes. I do have an AMEX card. I will follow up with Canada AMEX on the application process.

 

[cansha]

This is a great tip. Thank you so much.

Yes. I do have an AMEX card. I will follow up with Canada AMEX on the application process.

You can't apply unless you are in Canada.

 

[underwood]

You can't apply unless you are in Canada.

Yes. I totally get that.
Thank you again for your assistance.