Credit history

[atz]

Question for anyone who has moved to Canada on PR after being in USA for few years or knows anyone who did. Did you face any credit history related issues initially while renting apartment / buying car etc? It's very unfortunate that credit history doesn't get transferred from USA to Canada even though the same credit agencies work in both the countries.

I have a strong credit history of 7 years and wouldn't be a problem if I want a loan of a quarter of a million here but I heard if I move there I may face problem even to get a car loan there initially as I won't have any credit history there?

Any idea how much time it generally takes an average guy to establish enough credit history to get a car or home loan for a typical house ~450k with 70% down assuming paying your credit card on time every month?

Thanks

 

[pecON]

We moved from the UK to Canada over 5 years ago from the UK. My spouse and I both had excellent credit history in the UK but non of it was transferable. Even though we had a very large sum of money in our bank account in Canada we struggled to get a credit card initially. The bank wanted to hold $5000 as security for the card, but it will help you build up a credit history within 6-12 months.

To be eligible for a mortgage our bank (BMO) wanted to see two years of income / tax returns and will use this to calculate what they will loan you.

The same goes for trying to buy a car on finance, we had to have a friend stand as guarantor, even though we paid 50% down in cash.

It is very hard initially, so good luck. Hope this helps.

Try contacting some Canadian banks ahead of time and see what they can do for you. Shop around, there is virtually no free banking here, so make sure you get the best deal for your buck.

 

[GK]

Your new lender in Canada can always run your US credit history. They did that to me, but you have to ask them to. Just give them you SSN. It worked for me when I bought a house only 6 month after I move from the US.

 

[malfoy]

RBC offers credit card and loans without credit history for newcomers, here's the link for reference: http://www.rbc.com/canada/banking-packages/index.html?_ga=1.50009126.109132965.1410249230

TD also offers the same: http://www.tdcanadatrust.com/planning/life-events/new-to-canada/products-and-services/index_b.jsp?mboxSession=1410277566935-998569&

 

[Suin]

RBC offers credit card and loans without credit history for newcomers, here's the link for reference: http://www.rbc.com/canada/banking-packages/index.html?_ga=1.50009126.109132965.1410249230

TD also offers the same: http://www.tdcanadatrust.com/planning/life-events/new-to-canada/products-and-services/index_b.jsp?mboxSession=1410277566935-998569&

Please check with the branch in advance. Not all of them will issue a credit card with the security deposit. We had really bad experience with the TD bank, they refused to give us the credit card even with the security deposit and lost a good reliable customer. We went with the RBC and have been happy with them since then.

 

[rhcohen2014]

Your new lender in Canada can always run your US credit history. They did that to me, but you have to ask them to. Just give them you SSN. It worked for me when I bought a house only 6 month after I move from the US.

so what you are saying is that after 6 mo. of being a PR, you were able to finance and buy a house in canada by yourself, with no other person co-signing the mortgage? I find that odd since the majority of experience says differently, and there are many US citizens who have great credit and lots of money and still have issues getting credit in canada.

According to your profile, you landed in 2008. it is now 2014 and since 2008 there was a major housing and credit crisis. the credit laws have certainly changed since 2008 so what may have been possible in 2008 is not so much anymore. i have never heard of any credit company or bank who arer willing to run US credit history, and the majority of experiences suggest otherwise. Specifically, where can someone find info on this to know it's still true?

 

[on-hold]

I'm also surprised that people have issues with this -- I'm an American (with either bad or non-existent credit in the United States, I was delighted to leave that behind), and a really lousy job for my first year in Canada; my wife and I had no trouble getting a decent Visa from Scotiabank (initial credit limit 1,000), and no trouble getting the credit limit raised to 10,000 when I found a better job. I believe Scotiabank also has a house-mortgage program that targets recent immigrants that makes purchasing a house easier.

 

[rhcohen2014]

I'm also surprised that people have issues with this -- I'm an American (with either bad or non-existent credit in the United States, I was delighted to leave that behind), and a really lousy job for my first year in Canada; my wife and I had no trouble getting a decent Visa from Scotiabank (initial credit limit 1,000), and no trouble getting the credit limit raised to 10,000 when I found a better job. I believe Scotiabank also has a house-mortgage program that targets recent immigrants that makes purchasing a house easier.

is your wife also a PR or a canadian citizen?

 

[on-hold]

PR too, no North American credit history. Of course, we had the large lump of money that PRs need to land, but so should every other PR.

is your wife also a PR or a canadian citizen?

 

[buliwyf]

Only two ways to keep track of your credit history (and score) in real-time; pay subscription to Equifax or TransUnion Canada.

There's also one, inconvenient and inefficient way; get your credit report by snail mail.

 

[steaky]

Only two ways to keep track of your credit history (and score) in real-time; pay subscription to Equifax or TransUnion Canada.

There's also one, inconvenient and inefficient way; get your credit report by snail mail.

There's another - Credit alert that you can know your status online.

 

[Yaak]

i have never heard of any credit company or bank who are willing to run US credit history, and the majority of experiences suggest otherwise. Specifically, where can someone find info on this to know it's still true?

In our case, we were able to get a Canadian mortgage last year, based upon our US credit (I am an American, still waiting for COPR and not yet landed; my partner is a Canadian citizen who has been out of the country for over 30 years). We didn't have much choice of mortgagers, but it was possible. Now that we have been paying the mortgage for a year, I'm hoping we will have better luck with obtaining credit cards once we move to BC next spring.

(Sorry for the tardy response. I'm just now looking at settlement issues in hopes of seeing COPR soon).

 

[loncan]

One thought I had - if you have an American Express card, it can be reissued in Canada with a similar credit-limit, you just have to give them a call.

 

[Yaak]

One thought I had - if you have an American Express card, it can be reissued in Canada with a similar credit-limit, you just have to give them a call.

Great tip! Thanks