Question about building Canadian credit

[canadiangirl78]

I have a question about Canadian credit. We celebrated 6 months in Canada this weekend (wow!) but my husband has yet to get a credit card. I got one in April at RBC by giving them $1,000. So at least one of us is building credit but my husband needs to start, he is already really late on this. But we don't want to give another $1,000 to get a secured visa especially since they locked mine up for 18 months instead of one year even though I am sure the account manager told me one year. Any advice?

 

[MadeInCanada]

Look into TD Bank. I have heard they are very good to help immigrants in building credit. I(we) plan on using their services upon my husbands arrival.

Here is a link to check

http://www.tdcanadatrust.com/newtocanada/just-arrived/index.jsp

 

[Fencesitter]

I was also given a secure credit card ($2,000) with RBC. The banker said that I would only need a secure card for a year, and the GIC expires in one year. You might want to talk to the banker who helped you get the credit card, as 18 months seems a bit much for establishing credit with a secure card.

Also, the banker I am dealing with told me that after 1 year they will change the card to a normal one, instead of the secure kind. It shouldn't be a problem to get a mortgage after one year of building Canadian credit, especially if you pay all bills in full before the due date.

I am also going to investigate other banks to see which offers the best choices when it comes time to buy a house.

FS

 

[tuyen]

I have a question about Canadian credit. We celebrated 6 months in Canada this weekend (wow!) but my husband has yet to get a credit card. I got one in April at RBC by giving them $1,000. So at least one of us is building credit but my husband needs to start, he is already really late on this. But we don't want to give another $1,000 to get a secured visa especially since they locked mine up for 18 months instead of one year even though I am sure the account manager told me one year. Any advice?

Go to Capital One at this link.

They offer secure credit cards for as little as $250, with a credit line between $1000 and $1500 for most people who are building credit history.

 

[canadiangirl78]

Look into TD Bank. I have heard they are very good to help immigrants in building credit. I(we) plan on using their services upon my husbands arrival.

Here is a link to check

http://www.tdcanadatrust.com/newtocanada/just-arrived/index.jsp

Thank you! RBC was clueless about immigrants. At least the guy we had. He asked Sergio if he was a temporary citizen. Um what?! LOL!

 

[DGT]

Also,

There are many ways to build credit aside from just on cards! Every time you pay a phone bill you'll build up a little credit too. Also, Capital One do Secured credit cards, that requires only a $300 commitment. That might be better than tying up another $1000 at RBC!

 

[canadiangirl78]

I was also given a secure credit card ($2,000) with RBC. The banker said that I would only need a secure card for a year, and the GIC expires in one year. You might want to talk to the banker who helped you get the credit card, as 18 months seems a bit much for establishing credit with a secure card.

Also, the banker I am dealing with told me that after 1 year they will change the card to a normal one, instead of the secure kind. It shouldn't be a problem to get a mortgage after one year of building Canadian credit, especially if you pay all bills in full before the due date.

I am also going to investigate other banks to see which offers the best choices when it comes time to buy a house.

FS

I already talked to one person about the 18 months plus an online chat person. They both said I have to go back to that original branch, a place I avoid because although I do love RBC, they were really annoying. But I have no choice so hopefully they'll change it back to 1 year. I am kicking myself for not looking more carefully at the paperwork and now I cannot even find it because we moved from my parents to our own place.

Good to hear we can get a mortgage after one year of Canadian credit. But I am a stay at home mom - I work online but it isn't the same as a teacher's salary. Since my husband will be working (he's part time right now and taking a UofT class) I think he really needs good credit. My dad had to cosign for us to get a lease.

 

[canadiangirl78]

Go to Capital One at this link.

They offer secure credit cards for as little as $250, with a credit line between $1000 and $1500 for most people who are building credit history.

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

 

[DGT]

My wife had been with RBC for years out in Nova Scotia, then when we moved back to Canada (Ontario) they've been nothing but a disaster. Can't wait to get away from them!

 

[canadiangirl78]

Also,

There are many ways to build credit aside from just on cards! Every time you pay a phone bill you'll build up a little credit too. Also, Capital One do Secured credit cards, that requires only a $300 commitment. That might be better than tying up another $1000 at RBC!

We don't have a phone bill. We have an internet bill. And a cell phone bill. Maybe I should put everything in my husband's name?

 

[canadiangirl78]

Wow good news everyone - my husband just got a Capital One credit card! He was approved instantly online and we had an awesome customer rep on chat to guide is through. They didn't require any money from us. I wish I had known about this so I didn't get my 1K tied up especially since we need it!

I am so glad I asked - thank you!!

Edit: I just read the small print and I guess they will require security funds but it won't be that much. We have to wait for the letter. Either way I am very happy he will finally be building Canadian credit!

 

[DGT]

Excellent! Good for you! Just make sure not leave a balance on it because the interest rate is terrible! Huzzah!

 

[CheshireCats]

Wow good news everyone - my husband just got a Capital One credit card! He was approved instantly online and we had an awesome customer rep on chat to guide is through. They didn't require any money from us. I wish I had known about this so I didn't get my 1K tied up especially since we need it!

I am so glad I asked - thank you!!

Edit: I just read the small print and I guess they will require security funds but it won't be that much. We have to wait for the letter. Either way I am very happy he will finally be building Canadian credit!

It is very easy to get approved for these cards, because the interest is so high, as well as the yearly fee so be careful what you spend on it, as you already owe about 70.00 or so as soon as you get the card!!
I would try going with the Scotiabank, they are very very good with immigrants and offer free accounts for a year etc.
Try to get a little 500.00 loan off your financial advisor, even if it means tying up money....pay it on time and then close it out. This way it isn't a revolving loan like a credit card and shows good on your credit report!

 

[DGT]

Absolutely agree with CheshireCats. Scotiabank are great. And you can get sweet deals at Scotiabank cinemas!

 

[Gary_87]

Td gave me one for nothkng with a $1000 limit which increased to $2000 after a few months! Coast capital also gave me one for free through dejardines at $700.