obtaining credit -- advice please

[LuckyJinx]

Hi everyone, i just got my work permit and sin card. I was wondering if i can start to establish credit not being landed yet (prm. Resident). ... or if anyone has gotten any credit while in the process of getting permanent residency... if any one can share their story or any advice ! Thanks in advance

 

[AtHomeInMontreal]

Hi LuckyJinx,

Here's what I did:

My wife and I opened all of our utility accounts and telecom accounts under both of our names. Our lease was also in both of our names (with a very large property owner). I'd suggest you start by opening accounts in this manner if you haven't already. We opened these accounts after we were married, but before my application for PR went in. At the time, I was in Canada visiting my wife under a Visitor Record (6 months, renewed as needed).

I was able to open a personal (not joint) bank account here in Quebec immediately after I received my QSC (Quebec Selection Certificate), about 7 months before I received my COPR and landed as a PR. I know that Equifax had record of me at the time I went into the bank because of the accounts I'd opened with my wife - you can request a copy of your credit file from them which will probably be very short.

When I looked into opening a bank account I was told that I needed to bring my QSC, Passport, and Visitor's Record but I ended up bringing my entire immigration file along. I also brought a list of all of my U.S. bank accounts. I can't remember if there was anything else they needed to see when I met with my advsor at RBC.

I was offered a Visa card when I opened the account - it had a very low limit, but by using it I've been building my credit here bit by bit. We use it for regular expenses and pay the balance each month.

I don't know if every bank out there has a program for opening an account in this manner. A few people I know expressed surprise that I was able to do this before landing.

With this said, you should have an easy time establishing credit and opening a bank account, as you already have an SIN card and a work permit.

Best of luck!

 

[LuckyJinx]

Thank you very much for ur response. Ill defenitly look into that!

 

[LuckyJinx]

I just opened an Rbc acct today and the lady said to apply for a visa after my PR but ive heard ppl applying before hand. Everything is so confusing !!! ???

 

[AtHomeInMontreal]

Hello again LuckyJinx,

You might want to revisit the RBC branch where you opened your account - you can request a meeting with your advisor at any time. It's obviously possible for them to give you a Visa card given my experience, but there may be other variables involved. I'm assuming you are from the U.S. and that you have a banking history in the U.S. but I could be wrong. You might also have to have some sort of credit history already in place (in Canada) before they can do it - I really don't know.

One other thing - I opened a U.S.-based account with RBC at the same time I opened the account in Canada, which might have had some kind of impact on what they could offer me in Canada. There are some additional steps when you do this that are handled over the phone with a representative at the U.S. RBC Branch (after your Canada meeting). They may offer you a U.S.-based RBC Visa card when you are on the phone with the U.S. people (your U.S. ATM card is a debit Visa anyway so I didn't take them up on this).

As you may know, RBC is in the process of selling part of its U.S. banking interests - it soesn't seem like this will affect cross border transactions but it might have resulted in some policy changes with regard to PR's from the U.S. - again, I really don't know.

I really hope this helps - best of luck!

 

[figgy]

my boyfriend is here on work permit with SIN #. he opened a TD checking account and savings account. we were told he cannot get a credit card until he becomes a permanent resident. which is really annoying because he can't get a cell phone plan either because he doesn't have a credit card for them to do a credit check on him.

if anyone has any hints on getting a credit card that would be great! even willing to switch banks!

 

[bonitanita]

Hey

To get credit, I got a Koodo phone in my name.

Also, I applied for a credit card from CIBC. I am not a PR yet. Still visitor status. But, they sent me a letter saying I am approved for a credit care pending proof of my common-law partners income.

The guy at CIBC told me to use the credit card frequently but to also pay it off frequently and that will help build my credit.

 

[CanAusGal]

I've been in Canada on work visa's and temp SIN for some time and I just got a Capital One credit card so that I could establish credit. They have a 'Guaranteed' style card for people with no prior credit history in Canada.

From memory I think I had to put down security funds, but that just gets credited back to you later on. There is an annual fee and the rates are pretty high, but it works and I know have a really good credit rating in Canada.

 

[LuckyJinx]

oh thats some great info. I'll definitley look into some of these options. I heard the retail credit cards are "easier" to get? Maybe i should apply for a hbc credit card or gas card/canadian tire one.

 

[AmericaninQuebec]

I opened accounts at National Bank (Banque Nationale in Quebec) and TD Bank before I received PR, and I was only here as a visitor. I also remember opening a bank account at BMO about 8 yrs ago when I spent a summer taking courses at McGill. Again, no visa (it was an 8 week course, so I didn't need one) and definitely no credit history or co-signer (was single and barely knew anyone in Canada), and they let me open a checking account.

The one thing I didn't bother trying to open was a credit card, but I'm frankly shocked that they'd give you a hard time if you have a SIN. I would keep looking around, and like someone else pointed out try a large credit card company like Capital One.

 

[suzanne_m]

Try TD Bank, they gave my husband a 500 Credit card to help him establish credit. Mind you, he opened an account too the same day.

 

[LuckyJinx]

okay great, I will def. try TD. My wife has a bus. account there.

 

[QCSunshine]

I opened accounts at National Bank (Banque Nationale in Quebec) and TD Bank before I received PR, and I was only here as a visitor. I also remember opening a bank account at BMO about 8 yrs ago when I spent a summer taking courses at McGill. Again, no visa (it was an 8 week course, so I didn't need one) and definitely no credit history or co-signer (was single and barely knew anyone in Canada), and they let me open a checking account.

The one thing I didn't bother trying to open was a credit card, but I'm frankly shocked that they'd give you a hard time if you have a SIN. I would keep looking around, and like someone else pointed out try a large credit card company like Capital One.

Even after I landed, I couldn't get a credit card until after I found work. But then after I got a job, it went smoothly.

 

[Suin]

my boyfriend is here on work permit with SIN #. he opened a TD checking account and savings account. we were told he cannot get a credit card until he becomes a permanent resident. which is really annoying because he can't get a cell phone plan either because he doesn't have a credit card for them to do a credit check on him.

if anyone has any hints on getting a credit card that would be great! even willing to switch banks!

they told us the same even after we got PR status and have been in Canada about 6 months.

 

[computergeek]

I'm in Canada on a work permit and I have three Canadian credit cards: a Vancity Visa, a People's Bank Mastercard and now an HSBC Mastercard. I originally obtained the first two as secured cards (so I put up a cash deposit and that was the amount of the credit limit.) After a year of that, Vancity released the security deposit. Secured credit cards are reported as regular credit cards, so for credit reporting purposes they establish a credit history. I just obtained the HSBC Mastercard and it is not secured and has a $5000 limit on it.

So it can be done.