Sign in to follow this  
digin

Establishing Credit in Canada

Recommended Posts

Guest Barbara

We have been here just over 1 year and are getting calls offering us credit cards now.

I took a no charge one the other day as my one card is still a secured card. The one question they asked me was does your sin number start with 9 ? When I said no they said that was fine, then I could have the card. I now have 2 and will keep these 2 going. My score must be improving.

Share this post


Link to post
Share on other sites
digin
I took a no charge one the other day as my one card is still a secured card.  The one question they asked me was does your sin number start with 9 ?  When I said no they said that was fine, then I could have the card.  I now have 2 and will keep these 2 going.  My score must be improving.

<{POST_SNAPBACK}>

Great news, Barbara. Some thoughts:

(1) Have a check of your credit score at Equifax (get the full report - it costs about $30). That way you will have a good idea exactly where your are.

(2) If the secured card has an annual fee, and the bank that offered you the secured card also has no charge cards, consider phoning them up to ask if they can convert your card to a no charge one and release the deposit. Be sure to mention that one of their competitors has given you a no charge card already - that usually gets them moving.

Share this post


Link to post
Share on other sites
Ann

You don't need to pay for a credit report. I went into their local office in Burnaby and got it for free. :D

Share this post


Link to post
Share on other sites
digin
You don't need to pay for a credit report. I went into their local office in Burnaby and got it for free.

Unless things have changed, the free report does not have a credit score, just the credit history. It also does not have the interpretation (though this is less useful given the knowledge collected above.)

Share this post


Link to post
Share on other sites
Michal

Hi. Sorry to take this very informative discussion back a few years. I have a 14 year credit history built up in the USA that is excellent and I would like to hear any suggestions on how I could capitalise on it given that Equifax operate out of both Canada & the USA. Ideas especially from Digin will be most welcome.

Share this post


Link to post
Share on other sites
hennie_dup
Hi All,

I've sent an email to a Manager at TransUnion Credit in Toronto. They have purchased ITC in South Africa - now known as TransUnion-ITC. I'm trying to get them to recognise our credit history from SA.

I'll keep u all posted..

Thanks for all of the info Digin!

;)

Sean

If you're still on the forum, did you ever get a reply to your e-mail? I'd be interested to know, and it would be nice if Transunion would recognise our SA credit history...

Share this post


Link to post
Share on other sites
Cathy K

Seanhay moved to the United Kingdom a long time ago........... ;)

Cathy K

Share this post


Link to post
Share on other sites
hennie_dup

Thanks Cathy, I'll see if I can follow up directly with Transunion to get some sort of reply ;)

Share this post


Link to post
Share on other sites
Marelke Roux

Hi guys,

I have a question.

Is there no way to transfer my South African credit history to Canada?

Without a credit history it seems impossible to obtain a lease agreement once we land.

Any suggestions on where one can live when arriving in Toronto, if we don't yet have a credit score?

Share this post


Link to post
Share on other sites
Guest

AirBnB!

Hi guys,

I have a question.

Is there no way to transfer my South African credit history to Canada?

Without a credit history it seems impossible to obtain a lease agreement once we land.

Any suggestions on where one can live when arriving in Toronto, if we don't yet have a credit score?

Share this post


Link to post
Share on other sites
davidhowell

Hey All, do any of you have suggestions around the best and quickest way to build a good credit score from the get-go as we land? IE do we take out a credit card and pay for all shopping etc on it (and keep it paid up on time). I have some understanding of what is required to build credit but my concern is probably more directed towards what would possibly hurt my score? Taking out too many credit cards? Leasing a car vs buying? etc? 

Share this post


Link to post
Share on other sites
MaryJane

Hi @davidhowell, that's what we did - took out a credit card and started paying everything with it, no matter how big and small. And I kept it paid up each month. We got the credit cards from the bank where we first opened an account with.

Before getting more credit, always ask if they will be doing a credit check (which they normally do). That was one of my first mistakes. I went to grocery/food store and when I got offered a card, I thought okay...and then wham! Immediate credit check, got refused for credit and it's a mark on my credit report...all in a span of 1 minute. I did it a second time at an electronics shop and the experience was more or less the same. So after that, I refused any kind of credit that involved any credit check for a year.

Here's more of us talking about credit scores etc. Might be a good read with regards what and what not to do..... ;)

 

  • Like 1

Share this post


Link to post
Share on other sites
davidhowell
2 minutes ago, MaryJane said:

Hi @davidhowell, that's what we did - took out a credit card and started paying everything with it, no matter how big and small. And I kept it paid up each month. We got the credit cards from the bank where we first opened an account with.

Before getting more credit, always ask if they will be doing a credit check (which they normally do). That was one of my first mistakes. I went to grocery/food store and when I got offered a card, I thought okay...and then wham! Immediate credit check, got refused for credit and it's a mark on my credit report...all in a span of 1 minute. I did it a second time at an electronics shop and the experience was more or less the same. So after that, I refused any kind of credit that involved any credit check for a year.

Here's more of us talking about credit scores etc. Might be a good read with regards what and what not to do..... ;)

 

@MaryJane Ouch! I didn't realize the actual checking and refusal of your credit leaves a mark and hurts your score?! Thanks for the heads up, wow... I checked my transunion score the other day and it says i have a score of 970 out of 1000 which is in the "excellent" category but will this carry any weight in Ontario with landlords and banks? Thanks for the link i will go do some more homework :)  

Share this post


Link to post
Share on other sites
ilette

Is it really worthwhile to bring over a TransUnion and/or Experian credit report from SA to Canada?

Does that count towards building a credit history in Canada?

How else can you rent an apartment from the first month on? Sorry for all the questions - wanting to be prepared for just about everything and anything...:unsure:

Share this post


Link to post
Share on other sites
M-N
4 hours ago, ilette said:

Is it really worthwhile to bring over a TransUnion and/or Experian credit report from SA to Canada?

Does that count towards building a credit history in Canada?

How else can you rent an apartment from the first month on? Sorry for all the questions - wanting to be prepared for just about everything and anything...:unsure:

Yes!!!! I'm not sure of all but I know that some mortgage brokers do require that as part of your mortgage approval if you are planning on buying a house within the first 2 (or 3 I think) years of being here.   It's not that difficult to get. I paid the R80 rand for my Transunion.  Never got my SA Experian, only my Canadian.   

  • Like 2

Share this post


Link to post
Share on other sites

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.

Guest
Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.

Sign in to follow this