Question about building Canadian credit

[CheshireCats]

I'm not sure that this is true. I was told by several financial institutions that my US credit history did not count, even when I printed copies of my US credit reports and brought them with me. Rental history, utility bills, etc may help with a few things that use credit checks (like getting a first credit card, or renting an apartment) but should not impact your credit score at all.

What I was told by our banker at a credit union, is that when it comes down to the decision to give personal loans is that the final decision is normally made by the manager of personal banking in the branch and that an overseas credit history along with of course your current financial situation is helpful to them. This is why I suggested going through one of the smaller of the 5 major financial institutions or a credit union. They will do what they can do for your business. Sometimes you just have to go shopping for the right banker that is willing to bend over to help you!
When it comes to getting a credit card through Visa or Mastercard, in branch managers don't have the final say...

 

[cdnmom]

The major banks use a centralized underwriting department for approving credit products... most branch managers don't have any discretion when it comes to approving credit products... So a Credit Union might be a good option.
Bringing in a copy of your credit history from another country won't help... they would have to order through Equifax or Trans Union so they have an electronic copy.... some institutions may be unwilling to order... but if you ask I am sure they would
If the financial institution says they will hold your funds for a secured credit card for 1.5-3 years... after 1 year you can request having the security removed... which they will do provided the payments have been made in a satisfactory manner.
Good luck

 

[Spoken05]

So my husband's U.S credit score will not recognized in Canada? Even if he has had collections in the U.S?

He has to start his Credit history with Canada from scratch?

 

[canadiangirl78]

Yes he has to start from scratch.

 

[canadiangirl78]

Anyone know how to get the best exchange rate on the USD? I get paid in USD and I lose about $11.50 for every 500 right now and wondering if there is a better way. (I currently have a US savings with Royal Bank of Canada and do online transfers)

 

[michty6]

Just wanted to add that 30% is the magical number in terms of holding a balance at your statement date. Balances above 30% will cost you points on your credit score, balances below this will gain you points.

There is an excellent thread over at the Red Flag Deal Forums (which is in itself an excellent forum for this sort of thing, as well as good deals everywhere) - http://forums.redflagdeals.com/ask-me-about-credit-scores-1099125/

 

[michty6]

So my husband's U.S credit score will not recognized in Canada? Even if he has had collections in the U.S?

He has to start his Credit history with Canada from scratch?

AMEX are the only company I have come across where you can use your credit score from another country to obtain a credit card in Canada. In my case it was the UK though so I don't know if this applies to the USA but the info is on their site here: http://www.americanexpress.com/global-card-transfers/

 

[canadiangirl78]

Royal Bank ran my US credit report but still made me give $1000 for a credit card even though I have great US credit. I guess it is just up to the account manager.

 

[michty6]

If you hold your monthly balances at <30% then in about 6 months you will be able to get the limit increased. You should be able to apply for increases pretty much every 6 months.

 

[lawgrrl]

AMEX are the only company I have come across where you can use your credit score from another country to obtain a credit card in Canada. In my case it was the UK though so I don't know if this applies to the USA but the info is on their site here: http://www.americanexpress.com/global-card-transfers/

Actually, Amex is transferring your ACCOUNT from one country to Canada, which will help start a Canadian credit history. I'm not sure that Capital One will do this, but I noticed on their site that they have the same customer service number for both U.S. and Canadian customers, so I'll give it a try once I've moved. Meanwhile, if you can open an Amex account now before you land in Canada, the Global Card Transfer could come in handy. You'll need a home address and phone in Canada to make the transfer.

 

[JimM]

Thanks!! I love my capital one credit card from the US. No foreign transaction fees and their commercials can be sooo funny.

I was thinking of going that route too since I have a card with them already. Having good history with the company should make it easier to get one.