bananahammock

We took our UK credit history plus letters from the bank & mortgage co................didn't make any difference, even having a mortgage & job here didn't help with credit rating so we just put down a 'security deposit' (which was twice the credit limit!!) & used the credit cards. On arrival Zellers were offering something like 30% off with their cards so I applied for one & was knocked back (same with Crappy tire) after using the credit card for a month or so I applied for the Zellers one again & was approved there & then...................I cut it up when it came . mind you, now I get all the crappy credit card junkmail in the post

As for the utilities, again we had to put down a security deposit, hydro was nearly $300, can't remember how much the gas was.............................................lo oking on the bright side of all the hassle it wont be long now before we get it all back (all deposits were for 12 months)

iaink

Im afraid thats just the rules of the game here. If you want to play, then you have to pay at first. It sucks, but I can see it makes sense to them, and its not going to change no matter how much we dont like it...so you just have to "suck it up" as they like to say here.

Canada2006

Remember, finance is all about risk.

New immigrant = big risk.

Most financial products are for low risk people.

New immigrant = no financial products.

Sucks doesn't it.

Off topic a bit. I once asked a specialist why loan sharks had such high rates. He said, they're not high rates, it's high risk and very expensive to be a loan shark!

It's expensive to be poor!

Garfielduk

Let me correct that a little :

New Immigrant with Small Assets = High Risk

bad.andy

It seems to me that it depends who you get on the other end of the phone when you call, if you're lucky you can get a better deal. We didn't need a deposit for BCHydro or Telus, but Terasen wanted $74, makes no sense to me at all.

Same with the mortgage, we got pre-approved from the UK with a Canadian broker before our recce trip, but they wanted a 35% deposit and a 2% arrangement fee. When we visited Campbell River we saw a realtor who put us in touch with a broker in Comox, he sent us to the Coastal Community Credit Union and we got a mortgage with a 25% deposit, no fees.

Now if I can just get it to work for the car insurance ....

bad.andy

kt0157

Now doesn't that smack of someone who has not been subjected to the cold wind of proper competition.. 2%. That's nearly half a year of mortgage payments. For doing what?

K.

Madmac

It's the same in the UK however if you come over as a new immigrant and deposit $130,000 smackeroonies in their low interest, high bank charge accounts you would expect some slack.

Offering a $1000 dollar limit credit card for $2000 down ain't going to win long term customer loyalty and as soon as said immigrant is settled they will just go elsewhere - ING, credit union, Presidents Choice. The rules of the market apply just as well to the banks.

'Power to the People' as a famous 70's rebel once said.

kt0157

Much more slowly though. Mind you, everything in Canada is a bit slower and more dopey.

Market forces don't operate very well in Canada. Not on alcohol sales from the LCBO (motto: "If we don't got it, you can't have it"). And not on car insurance from ICBC (motto: "You pay what we like or you get a bike"). And not on electricity supply from Ontario Hydro, any kind of private medicine in Alberta, gas prices in Quebec (with minimum prices to "protect jobs"), or a zillion other examples I could name.

Canada's economy is like UK's would be after another two decades of New Labour. Thank God for oil prices and tar sands, eh?

K.

Piff Poff

Just to put your mind at rest a little, we are here on work permits which makes getting credit extremely difficult. However getting all the utilities hooked up was mind boggling easy and no up front payments or anything scary at all.

Beaverquest

i went on the advice of someone on this board & hooked up with amex in uk before heading out here - i was accepted but shocked to find their annual charge was a lot of bucks (can't recall how much for the platinum card)
so i declined them politely in the end - still hanging on to uk credit cards & will pay them off on-line hopefully until set up here

third week in Calgary now, job, sin , driving licence etc etc & loads of house viewings - am taken by Midnapore - any good/bad thoughts on place

living in woodbine presently (just off of Capstan full strength Av.)

BQ

bananahammock

Ain't that the truth

Biiiiink

Ditto, no deposits, no nothing, despite having no real income. Mr B was offered small mortgage, enough to pay course fees and live on for 2yrs by Scotiabank, I got mobiles on contract, credit card with no deposit, all utilities set up fine and no claims accepted on car insurance and house insurance. It's not always a nightmare. In fact, thinking about it, I set up phone and electricity in Calgary even before I was in the country and they were happy to do both with no deposit.

I don't have any tips, don't think there was anything we did different to get the above, just wanted to make the point that it's not a uniform problem.

JAJ

The fact your SIN numbers will begin with 9 (assuming you'll be temporary residents) will scare a lot of credit providers. Even more than would normally be the case for a new immigrant.

raine66

Exactly the same for us, walked into TD bank opened an account and right there and then gave me a CC with $3,800 credit limit, not a lot I know but it's a start.

Got a contract phone no deposit, got home phone, TV and internet all installed no deposit asked.

When I got Hydro in my name they did ask for a $210 deposit which will be returnable after 6 six plus interest.

As for mortgage have been pre-approved for over a year now, all along they had been asking for $7,800 extra to be held for 6 months again will be returned plus interest. When we finally found a house we put our foot down on this one and basically said GFYS we are putting down x amount as a deposit and you still want this, fine we'll go to another lender, needless to say they said no no that's fine we can remove this from the mortgage offer.

Like someone said, I think it all depends who u get on the other end of the phone.

Raine

raine66

Mine begins with a 5

Raine