Possible to build Canadian credit without SIN#?

[TheMaze]

I'm currently going through the PR process and hope to move to Canada in the next few months, pending approval. One thing I'm wondering if it's possible to do some things to help build Canadian credit (open credit card/bank account?) before I live there an before I have an SIN#. I do have excellent US credit. I have a friend that had no Canadian credit when he moved to Canada, and that was a huge pain for him. I'm hoping to avoid the same issue.

Normally in the US, the SSN number is required for most financial accounts - is the same true of Canada? Is there anything I can do to jump-start this process? I have several friends in Toronto and visit frequently, so if something needs to be done in person, I probably can.

 

[SenoritaBella]

Unfortunately, I don't think it's possible while outside Canada. I don't see the point of rushing though. When you arrive and sign up for your cell phone and utility bills, you will begin to build credit. Paying them on time each month helps establish good credit.
If you have a large sum of money in your account, some banks will send you a pre-approved credit card. Once you get a job and a steady income flowing into your account, the bank will feel more comfortable giving you a credit card.

A social insurance number is required for bank transactions like opening registed accounts (e.g. retirement savings plan) and also in the event they wish to assess your credit worthiness before issuing a credit card.

 

[TheMaze]

Unfortunately, I don't think it's possible while outside Canada. I don't see the point of rushing though. When you arrive and sign up for your cell phone and utility bills, you will begin to build credit. Paying them on time each month helps establish good credit.
If you have a large sum of money in your account, some banks will send you a pre-approved credit card. Once you get a job and a steady income flowing into your account, the bank will feel more comfortable giving you a credit card.

A social insurance number is required for bank transactions like opening registed accounts (e.g. retirement savings plan) and also in the event they wish to assess your credit worthiness before issuing a credit card.

The reason to somewhat try and rush is there's a decent chance I'm going to want to buy a house ~2 years in, and I figure starting at 0 credit may make that timeline hard.

 

[mrbeachman]

Simple answer no.

Complicated answer - still no.

However, I heard that HSBC does sometimes take into account the credit history in your country which can be transferable to Canada. I think it's also for Premier clients, though.

Maybe open an account with HSBC if it is available in your country?

 

[Lammawitch]

The reason to somewhat try and rush is there's a decent chance I'm going to want to buy a house ~2 years in, and I figure starting at 0 credit may make that timeline hard.

Not necessarily. I bought a house within 1 yr of arriving as PR in canada; the credit union I bank with took into account the deposit I had to offer, & my financial status (inadequate credit rating included), when considering & approving my mortgage application.

 

[OntarioBound]

The maze,

I don't know why some of the people here are saying you cannot get a credit card. I have gotten a credit card from TD Bank with no SIN#. You do need a Canadian address to do it however. I decided to do this before I moved over in an attempt to build credit history before I arrived. (I did this in December of 2014 and I moved here July 2015 (SIN# obtained after PR).) My husband called TD Bank and made an appointment in advance that I wanted to open a personal checking account as well as a joint account and requested a credit card (in my name only). The limit on the credit card was very low (either $500 or $1,000, I cannot remember. It was called Green VISA.) Hard to use a card with such a low limit, but I tried to use it as much as I could. By the time I moved here, they said I could get a different VISA card with a higher limit, so I switched over. I now have a card with $5,000 credit limit (which isn't as high as the limit I was used to back in the US, but it's high enough that I could use it without worrying about going over the limit). Someone who moved here told me there was a couple of banks who have new comer packages - One was TD Bank and I think the other one was Scotia Bank (CIBC may have it too.) I believe you can do all this even if you are single. Someone who moved here a while back advised me to open a bank account to get a credit card as soon as I could, and that's exactly what I did. I am keeping one US credit card and US bank account open (You will need a US address for this) - I've been told if I ever decide to go back to the US to live with my husband, I will still have credit history as long as I have a bank account and a credit card. Without them, you will have to start the credit building all over again.

And get the bank statements in paper instead of paperless - I used it to get my healthcard in Ontario (They requested that I gave them proof of residence (I couldn't exchange my US drivers license to the Ontario one so this came handy.)

And oh, try to get Global American Express in the US now - That is supposed to be transferable to Canada. I happened to get a wrong AMEX so I couldn't get that transferred..

 

[OntarioBound]

I just googled and found this. The link below may be of interest to you...

https://www.td.com/to-our-customers/tdhelps/#psce%7Ccid=871%7Clid=1%7Ctid=001%7Cvid=b0a2c3315

Good luck

 

[OntarioBound]

Another link - This one is about Global American Express (which I failed to get... I got EveryDay AMEX and that didn't transfer )

http://www.americanexpress.com/global-card-transfers/