banking plan for newcomers

[sato2]

Hi,

Did anybody ever used or tried the newcomer banking plans proposed by banks in BC?
How hard was it to get a credit card under these plans? Was the application processed as usual or with little ease?
Any recommendation?

cheers

Sato

 

[sokolov]

If you can, get an American Express card in your current country ASAP but at least three months before your leave for Canada. AMEX offers a "moving" service for Amex cards so you can obtain a Canadian Amex card based on your current credit history until you ave built your Canadian credit score. AFAIK this is the best and easiest way to build a credit history/score in Canada. Everything else are "credit cards" where you provide a free credit to the bank buy giving them money first. Sucks - plus you probably don't get the best perks but a rather simple card.

 

[AllisonVSC]

I got a Canadian credit card without having to give money to the bank, having a job, or having a co-signer. It does have a low limit ($1000) and a high interest rate (19.9%) and is from RBC.

 

[sokolov]

Did you come in from the US? US credit histories are sometimes accepted.

 

[rubyalabar]

I made use of Scotia StartRight program for permanent residents.
3 days after I landed, I was able to open a powerchequing account (no fees for 1 year), moneymaster savings and was approved for a No fee Visa credit card with $1,000 limit. They did not ask for security deposit, and I did not have a job then as well.

Most banks have a newcomer program, just depends on your preference which one you will bank with.

 

[AllisonVSC]

Did you come in from the US? US credit histories are sometimes accepted.

I did come from the US, but they did not check or care about my US credit rating.

 

[sokolov]

I did come from the US, but they did not check or care about my US credit rating.

How would you know? You give them permission to check when you sign up and they don't tell you who they ask what.

 

[AllisonVSC]

How would you know? You give them permission to check when you sign up and they don't tell you who they ask what.

A social security number is required to run a credit check in the US, and I never disclosed that information. I asked specifically if they could check my US credit rating hoping it would qualify me for a lower interest rate (my US card as a 5% rate and my credit rating is excellent).