Credit in Canada

[Leon]

I was asked to provide a ten year driving record and insurance claims history for car insurance here. Maybe it is not a requirement to get coverage, but to get a high rating (and a lower premium) I sent mine. The state where I was last licensed only keeps records back three years, so I asked them to state that on the record they sent.

Yes, if you want to get credit for good driving history, you can provide that information. If you had horrible driving history and are paying a huge ransom for your insurance, you can just tell them that you are unable to get those records. I had not actually had a car or car insurance for a few years when I got one in Canada and that is what I said. They did not question that.

 

[SaugaBoss]

thanks Leon and everyone very informative

 

[javcil]

So, if you add a PR onto an existing (sponsor) credit card, does it still count to give the PR a credit rating? If s/he is NOT the primary name on the card, but has been added?? Or do they need to have their own separate account?

 

[AllisonVSC]

good question! and can my sponsor's accounts "secure" a credit card that's in my name? I think I'll visit the RBC on my way back from the gym today.

 

[BeShoo]

So, if you add a PR onto an existing (sponsor) credit card, does it still count to give the PR a credit rating? If s/he is NOT the primary name on the card, but has been added?? Or do they need to have their own separate account?

I actually think that it does. My mother (primary card holder) got me a card to pay for business expenses in the family business and it appeared on my credit report. It was a little shocking to me at the time when I saw that because I don't make the payments, the business does, but it was there. This was Capital One. It may depend on how the bank treats the second cardholder.

 

[jancath410]

good question! and can my sponsor's accounts "secure" a credit card that's in my name? I think I'll visit the RBC on my way back from the gym today.

Visit TD as well. My friend is a financial advisor there and he said they do not require security for new comers as long as you do not have ANY credit in Canada. Will save you security cash

 

[jancath410]

I actually think that it does. My mother (primary card holder) got me a card to pay for business expenses in the family business and it appeared on my credit report. It was a little shocking to me at the time when I saw that because I don't make the payments, the business does, but it was there. This was Capital One. It may depend on how the bank treats the second cardholder.

Yeah, I think it depends on how the Financial Institution treats the second holder. When I used to pull people's credit and it's a joint application, some credit cards only showed on the primary and some in both.

 

[jancath410]

So, if you add a PR onto an existing (sponsor) credit card, does it still count to give the PR a credit rating? If s/he is NOT the primary name on the card, but has been added?? Or do they need to have their own separate account?

I don't think you can just add a name (I could be wrong) on a credit card unless it's just a supplementary card. You would probably have to go through a joint application still. I would say if you can get a separate card on your own it is better so you know how your credit is building up.

 

[tgchi13]

Visit TD as well. My friend is a financial advisor there and he said they do not require security for new comers as long as you do not have ANY credit in Canada. Will save you security cash

That is not the same as a spousal card. A spousal card affects the credit of the primary card holder. That said, there is the option of the primary card holder being the co-signer a credit card for a spouse... that will establish the spouses' credit.

 

[nash_arsenal]

Not having been in the country doesn't mean you don't owe them money though. If you are on a contract, you have a monthly fee, whether you use the phone or not. If you are referring to them thinking that you have an old debt from before you even landed in Canada, they are probably mixing you up with someone else.

Yes i know that , i shouldve been more clear, i never had an account with them and the date supposedly the account was started i was out of canada, so it couldnt have been me.

 

[Leon]

Maybe your identity has been stolen. You should order a credit report and see if there is anything else on there you do not recognize.

 

[nash_arsenal]

Maybe your identity has been stolen. You should order a credit report and see if there is anything else on there you do not recognize.

yes i went ahead and did that.....also signed up for credit monitoring and fraud alert....but thankfully didnt find anything on my report.

 

[nomad_musafir]

People who apply for credit at a lot of places, especially in a short period of time, take a greater hit to their credit score.

Ummmm..... I am not sure about this statement. If you are going to apply for a bunch of credit cards, it is advisable to do it in a short period of time like a week or so. This is better than spreading it out. Your credit will be hit only once in the first scenario. At least this is how it works in the US.
just my 2 cents.

 

[whoopi83]

This is not true......Rogers only reports to your credit bureau and does not build your credit. On the other hand if you do miss your payments they will eventually report it as a nonpayment/send it to collections and that will adversely affect your credit history.

In other words paying rogers bill in time doesnt help you build credit but not paying it will harm your credit.

Heheh... i was on the phone with rogers call centre the other day asking them a few questions regarding this, since they claim i owe them money, when i wasnt even in the coutry at that time

Rogers do report to the credit bureau. After signing up to Equifax I can see they report each month. Part of your credit record includes the total credit available, how much you are using and if you clear credit obligations monthly etc. This does affect your credit score. Mine was zero when I arrived and after 9 months is 999.
In addition, for those not working but with money in the bank, BMO gave me a secured credit card (limit $1000) with an additional $250 "held" immediately. They simply held $1250 from my chequing account until my credit was established.

 

[nash_arsenal]

Rogers do report to the credit bureau. After signing up to Equifax I can see they report each month. Part of your credit record includes the total credit available, how much you are using and if you clear credit obligations monthly etc. This does affect your credit score. Mine was zero when I arrived and after 9 months is 999.
In addition, for those not working but with money in the bank, BMO gave me a secured credit card (limit $1000) with an additional $250 "held" immediately. They simply held $1250 from my chequing account until my credit was established.

well thats what i said,,,,rogers do report to credit bureau...its just that defaulting on rogers payment negatively effect your score, but paying it on time does not positively affect your score. Whereas loans, credit cards, car payments if paid on time positively affect your credit score.
Are you saying your credit score is 999 after 9 months cuz that is not even possible....credit [FICO] scores are between 300 to 900