Transferring credit history to Canada

[abstalks]

I am based in Singapore. I was wondering if anyone tried to transfer credit history from Singapore to Canada ?
How does it work? Does it mean our credit scores will be shared with Canada's credit rating agencies?

For e.g., I know HSBC provides such services but they require a minimum balance of 25000CAD!
http://www.hsbc.ca/1/2/personal/new-to-canada/moving-to-canada/credit-history

AMEX offer to transfer credit cards when you have moved to Canada
https://www.americanexpress.com/global-card-transfers/#

Has anyone tried this before? I think it is advantageous to carry your credit history with you.
You can easily buy a car and a home if you have a decent credit history else you have to wait while you build that up in Canada which might take a couple of years.

I have also heard that when you take home loans, you could bargain for a better interest rate provided you have a good credit history. Not sure how far this is true but it makes a good point to carry your credit history along with you if you can.

 

[zardoz]

I am based in Singapore. I was wondering if anyone tried to transfer credit history from Singapore to Canada ?
How does it work? Does it mean our credit scores will be shared with Canada's credit rating agencies?

For e.g., I know HSBC provides such services but they require a minimum balance of 25000CAD!
http://www.hsbc.ca/1/2/personal/new-to-canada/moving-to-canada/credit-history

AMEX offer to transfer credit cards when you have moved to Canada
https://www.americanexpress.com/global-card-transfers/#

Has anyone tried this before? I think it is advantageous to carry your credit history with you.
You can easily buy a car and a home if you have a decent credit history else you have to wait while you build that up in Canada which might take a couple of years.

I have also heard that when you take home loans, you could bargain for a better interest rate provided you have a good credit history. Not sure how far this is true but it makes a good point to carry your credit history along with you if you can.

In general, your credit history, regardless of how good, cannot be carried to Canada. I had a very good credit score but had to start from zero when I immigrated. If HSBC or Amex give transfers, it's probably only relevant within those organizations, not the main credit reference agencies here.

 

[abstalks]

In general, your credit history, regardless of how good, cannot be carried to Canada. I had a very good credit score but had to start from zero when I immigrated. If HSBC or Amex give transfers, it's probably only relevant within those organizations, not the main credit reference agencies here.

That is unfortunate. Well, at least, within the respective organisations, you will have a credit history and that is not a bad thing.
I will see if Citibank in Singapore provides the same facility. If it does, then at least you have two organisations that can lend to you in Canada at good interest rates.

 

[abstalks]

Hi abstalks,

You can try RBC (Royal Bank Canada) which does not require any credit history to provide:

1. Credit Card
2. Car loan
3. House loan

Source:
http://www.rbc.com/newcomers/?_ga=1.13087091.575854096.1447636549

Thanks Nicolas...There must be some catch me thinks.
I found out about this and CIBC earlier but I suppose thee guys give out loans at higher interest rates cause of our lack of credit history?

 

[amitrathiesh]

Hi abstalks,

You can try RBC (Royal Bank Canada) which does not require any credit history to provide:

1. Credit Card
2. Car loan
3. House loan

Source:
http://www.rbc.com/newcomers/?_ga=1.13087091.575854096.1447636549

Thats informative! +1