Credit in Canada

[SaugaBoss]

I would say about 3-6 months. Major banks report your record at least every month. Store cards are less frequent.

wow really... im very concerned me and my husband are planning on getting a house under my name. nothing big just small maybe even a condo. he has bad credit same with me in the US (but in the US i am credit card debt free yaay but in debt with student loans) i was just planning on buying a condo/house withing 6-12 months from now and wondered if it is possible to build good credit in canada that quickly and be approved for a mortgage.

thanks for your help

 

[jancath410]

wow really... im very concerned me and my husband are planning on getting a house under my name. nothing big just small maybe even a condo. he has bad credit same with me in the US (but in the US i am credit card debt free yaay but in debt with student loans) i was just planning on buying a condo/house withing 6-12 months from now and wondered if it is possible to build good credit in canada that quickly and be approved for a mortgage.

thanks for your help

Apply for a credit card as soon as you qualify. Use it and pay it off all the time so that you can give the financial institution something to report. You should be okay if you are planning within 6-12 months. Worse comes to worst, you can get a broker to help you. There are plenty of ways to get a mortgage.

 

[SaugaBoss]

Apply for a credit card as soon as you qualify. Use it and pay it off all the time so that you can give the financial institution something to report. You should be okay if you are planning within 6-12 months. Worse comes to worst, you can get a broker to help you. There are plenty of ways to get a mortgage.

my husband just got his mortgage agent license ;D so i guess once he's trained he can help me with that...idc what interest rate is i just want one ASAP when i get to Canada im applying to everything listed on this thread lol to start ASAP

Thank you so much!!!!!!!!!!

 

[jancath410]

my husband just got his mortgage agent license ;D so i guess once he's trained he can help me with that...idc what interest rate is i just want one ASAP when i get to Canada im applying to everything listed on this thread lol to start ASAP

Thank you so much!!!!!!!!!!

Oh good! Then he can hook you up!

 

[SaugaBoss]

Oh good! Then he can hook you up!

well i should say us since its both of our house but under name hopefully if i get approved!

thank you 8)

 

[joecreosta]

usa and canada share files.just like ur driving records and history on ur vehcile and tickets issued on ur license.

remember the one world order they are trying to establish the NAFTA agreement. its all that my friend. soon they will also chip the new born babies.

yes credit files are shared between equifax and transunion. same company in both countrees

 

[jancath410]

usa and canada share files.just like ur driving records and history on ur vehcile and tickets issued on ur license.

remember the one world order they are trying to establish the NAFTA agreement. its all that my friend. soon they will also chip the new born babies.

yes credit files are shared between equifax and transunion. same company in both countrees

I don't know about other financial institution but when credit ratings/score/record are pulled, it does look from Equifax CANADA and Transunion CANADA. USA and Canada CAN share files but it costs the banks money to request for USA's credit record ($150) and that is why the bank that I know do not like doing it unless it is absolutely necessary.

 

[joecreosta]

I don't know about other financial institution but when credit ratings/score/record are pulled, it does look from Equifax CANADA and Transunion CANADA. USA and Canada CAN share files but it costs the banks money to request for USA's credit record ($150) and that is why the bank that I know do not like doing it unless it is absolutely necessary.

its the one world order trinity. all financial institushuns share info on everyone. equifax and transunion for sure does it. banks when they wanna give u hafl million mortgage dont u think they wanna spend 100 to 150 bucks to make sure ur credit rating is not bad? im sure they get bulk discounts to run searches.and before giving someone half million dollars mortgage they sure find out credit rating from USA if he was livign in usa before

 

[jancath410]

its the one world order trinity. all financial institushuns share info on everyone. equifax and transunion for sure does it. banks when they wanna give u hafl million mortgage dont u think they wanna spend 100 to 150 bucks to make sure ur credit rating is not bad? im sure they get bulk discounts to run searches.and before giving someone half million dollars mortgage they sure find out credit rating from USA if he was livign in usa before

It could vary from one situation to another. I guess it would depend on the amount you are looking for and how much due diligence the banks would like to do.

 

[joecreosta]

It could vary from one situation to another. I guess it would depend on the amount you are looking for and how much due diligence the banks would like to do.

ur right.

but when ur shopping arond for new insruance for ur veihicle. they always ask if u had been insured previosly in either canada or USA. what do u think that means?
and they also asks if u held a driving class licensing before in USA before. so what u think that means?

they ask this so they can open up ur profile dirving history from USA and if u have any convictions traffic or unpaid fineds or charges accidents claims frauds etc.

 

[jancath410]

ur right.

but when ur shopping arond for new insruance for ur veihicle. they always ask if u had been insured previosly in either canada or USA. what do u think that means?
and they also asks if u held a driving class licensing before in USA before. so what u think that means?

they ask this so they can open up ur profile dirving history from USA and if u have any convictions traffic or unpaid fineds or charges accidents claims frauds etc.

I am not sure about insurance, whether they are trying to establish a starting line for you or not? But I asked my husband to request his full driving record because when I looked to see the steps for converting his US license to Ontario, he would have to show that he's been driving for 3 years to obtain a G class license which would hopefully bring his insurance down vs. G1 or G2.

 

[joecreosta]

I am not sure about insurance, whether they are trying to establish a starting line for you or not? But I asked my husband to request his full driving record because when I looked to see the steps for converting his US license to Ontario, he would have to show that he's been driving for 3 years to obtain a G class license which would hopefully bring his insurance down vs. G1 or G2.

its better if he can make photopcy of his usa liscenece. in case in canada insurance asks for it. be safe.

 

[SaugaBoss]

oh wow... so they will check my credit report in the US when i apply for a mortgage? and also car insurance that sux bc mine is so bad!!!!!!!


and its not fair what about the europeans and everyone else? they get a new slate but the americans dont no offense to anyone but it should be the same for every new immigrant including me

 

[joecreosta]

oh wow... so they will check my credit report in the US when i apply for a mortgage? and also car insurance that sux bc mine is so bad!!!!!!!


and its not fair what about the europeans and everyone else? they get a new slate but the americans dont no offense to anyone but it should be the same for every new immigrant including me

lol sorry i duno about that. ask someone else who is from eyrope

 

[SaugaBoss]

well from what you're saying in Canada they check US credit reports... most people on this thread said they dont now im confused lol