headache

Hi all, We would look to rent in Canada on a BUNAC next year but are wondering about credit history etc. Does it follow you from the UK?

What if you have been bankrupt in the last 5years?

bzriddell

You can ask the credit reference people in the UK for a copy of your history to show in Canada, but they will start you from new. Often ask for security for credit card. Has the bankrupcy been discharged, if not will be on your history

headache

Yes bankruptcy is discharged but both have bad credit. Will it be difficult to rent if we didn't take credit history copy with us?

We hope to get job offers when there and then, hopefully, PR.

dentaltech

we brought our credit history with us , but it is of no relevance at all. i have just checked my husbands credit here and we have been here 2 years and he has 7 months only as he has a credit card , me i have none as i do not have a credit card.


so you should be okay , as they do not seem to go back to the uk for credit ref.s


my experience only , it does vary

Mehdi

When I had first moved to Canada from USA as a student many years ago, they didn't care much about my US credit history which was very good. I had to start from zero and I placed a deposit and got a secured credit card against it, which quickly helped build up my relationship with the bank and to build up my credit in Canada. I was turned down for renting a place in the begining and I had one of my friends become the co-guarantoor on the lease. The other way around it was paying the whole year in advance, which, luckily, I didn't need to do.
It is good to be aware of such things before moving. But don't worry, the history will build up quickly.

Good luck.

gary123

was told by the bank when we started our new account (RBC) that " English credit history counts for nothing in canada" tooks that to mean good and bad.

Was told 6 months beofre they would issue us with a credit card etc, I took my uk credit report with me all 32 pages of it , no one was intrested still had to pay a deposit for gas and hydro.

Gary

vancouver1234

has anybody newly arrived in canada managed to get a mortgage?

mark

Mehdi

Check with Lloyds TSB. I had once heard from one of their officers that Lloyds UK would be willing to look into mortgaging a property for their UK based customers in prime locations in Canada. However, this discussion was way before the economic crisis and if you are moving away from UK, then they might not consider at all.

Other than that, I haven't heard of any Canadian bank accepting to pull a credit report from UK.

Good luck.

minimeeze

We have been in Canada all of 4 weeks and have managed to secure a mortgage with Scotiabank. They actually did want to see a copy of our UK credit report, but would only accept Equifax. I don't know if it helped that I have a business account with Scotiabank, but they have been really helpful. We consulted a mortgage broker, but he said that we would need to build up at least 3 months credit history in Canada, unless we had a 25% deposit.
We were given credit cards with bank accounts (no deposit required). I have a $5000 limit and my OH has a $1000 limit.

Auld Yin

Do you have anyone in Canada who could vouch (not co-sign/guarantee) for you? If so, that's a possible way of getting around the bad credit issue.
Bankruptcy is only an issue if the creditor is made/becomes aware of it. When you say 5 years, is that 5 years ago or one year ago? It makes a difference to a credit grantor.

Silverdragon102

We secured our mortgage before we even arrived in Canada, just signed the paperwork the day after we landed and dh had his TWP

Auld Yin

Your post can be somewhat misleading. You'd require to be more specific as to the/your circumstances, including financial, to determine why you got a mortgage before even landing in Canada. If someone was to arrive in Canada with a job arranged, a substantial down payment and income to support mortgage payments then getting a mortgage approved could be quite easy.

snoopster

We brought detailed Equifax reports with us from the UK in order to get a mortgage when we got here. We arrived in November, and had bought our home within a month - mortgage approved. Our mortgage is with Scotiabank.
We didn't have jobs, but had a decent amount of equity from our UK sale to put into our new home purchase.
As far as bank accounts, credit history, credit cards etc. We were told that we have to start from scratch to establish a credit rating. We have received credit cards but had to put some of our savings in a GIC as security (an amount which matched the amount of credit we wanted on each card). From there, we are gradually using the cards sensibly each month to slowly establish our credit rating.

Silverdragon102

Well dh had job but no TWP as that wasn't issued until we landed. Deposit was about 20% but everything was done apart from final signing over the internet before we arrived