Credit history & Banking in Canada
 

Afternoon all, I've had a look through and checked the search function to see if this has been posted before, but I can't seem to find anything on it.
I saw a post a few days ago in the overwhelmingly massive IEC thread, saying that most apartments in BC come un-furnished.
I don't know about the rest of Canada, and Toronto / Nova Scotia is my plan, but it got me thinking.
I don't have a credit history over in Canada, so I'll likely be denied financing on things like white goods, a car, or even getting an apartment in the first place (or so I'd imagine).
I've asked my bank, and they'd recommended printing off 3 months worth of statements to support applications. Though, that'll prove that while I was working in England I had a steady income to pay off any financing, as soon as I up sticks to head to Canada that income is moot.
So, uh, am I being paranoid over nothing, or is this something to be concerned about?
Moreover, what can be done about it?

Re: Credit history & Banking in Canada
 

The vast majority of rental units come unfurnished, however they do include appliances. Store cards are not that hard to get to help build a credit rating. Bank statements are not going to help you do that, it is the credit bureau reports that subscribe to that are the basis of their lending.

I was refused a credit card recently due to a $50 dispute on mt bureau report from a cell phone company. It was nothing to do with an ability to pay and it was by the bank I have been with for nearly 25 years! Only needed it because Costco had ditched Amex!

You could bring a bureau report from the UK which may help with the banks.

Re: Credit history & Banking in Canada
 

You should also be able to get a secured credit card - so you'll get a credit card but they'll ask for maybe a $500 deposit that they'll hold for a few months. IT's pretty common for newcomers to have to do that, so that's another way you can get a credit card.

Re: Credit history & Banking in Canada
 

Store credit/finance agreements are very hard to get when you have no credit history, so I would rule this out as a possibility for now.

Getting a credit card from your bank will be easier (not easy) if you can demonstrate a good UK credit history, and you have a job, etc.

If you have a good UK credit score, print it off and bring it with you, but you should still work on the assumption that Canadian banks are a lot more conservative than UK banks.

Re: Credit history & Banking in Canada
 

I brought an Equifax report from the UK and the bank i opened an account with seemed pleased i had it (they copied it) so likely as stated bringing one may help.
Credit Cards aren't easy to get but its possible but just a low credit limit.
If your renting then a lot of places are furnished, some wont rent furnished as others have used them so up to you but even unfurnished can come with the white goods included, if you buy again most come with white goods included.
Privately rented basements tend to be great deals, they can include all utilities and even cable etc. proof of employment required and if they seem hesitant offer an extra couple of months of rent up front will seal the deal if you can afford it.
My first place when i moved to Edmonton was a pvt basement, all utilities Incl shaw cable, full kitchen with dishwasher, fridge freezer, new stove, Pvt in suite laundry, two good sized bedrooms, off street parking, pvt entrance obviously and it cost me $1100 per month. All i had to pay on top was the internet i had put in myself from Shaw too.

Re: Credit history & Banking in Canada
 

If you have no credit at all, try for a secured card at first and go from there after you have built up some credit.

Capital One will pretty much approve anyone, and sometimes won't even require the deposit, but expect a low credit limit at first (300-500).

RBC advertised their Visa as not needing any credit for newcomers, but not sure how easy it is, they still won't give me a card and I bank with them and have done so for 11 or 12 years now.

Wal-Mart and Canadian Tire also have Mastercard's and are also not as picky as the big banks are. Their interest is high, but if you pay off each month you don't pay any and Wal-Mart rewards with rebates off purchases and you can get a pretty decent amount back each month.

Re: Credit history & Banking in Canada
 

Well, thanks for all the answers!
White goods was my main concern, I've got a fair bit saved up for the things I'll need to buy like a new computer, TV, all that nonsense.
I'm not too bothered with things like a fancy sofa or anything, just a computer chair and desk is enough to get me by. I don't think I'll be wanting a Credit card either, my experiences with them have been somewhat negative...
Renting a place was the other thing I was concerned by, since I figured that would possibly require a credit check, right?
The Privately rented basement sounds good, even if it does sound rather expensive, though I've heard before that property is expensive in Canada...
I suppose the best thing I could do is get a cheap B&B until I find employment, use the proof of employment to get an apartment? Is that sounding about right? I've never rented a place before, except where I live now... but that is in the place I work, and works a little differently to renting a property normally. So, it's all a little confusing and overwhelming. ^^;;

Re: Credit history & Banking in Canada
 

You may want to look at the Y or something, B & Bs here are not cheap, they are an alternative to a hotel for experience not price. A motel is likely to be cheaper. Check out the BC Accommodations Guide for rates.

Some folks rent out a room in a house, I have seen them for around $400 a month.

You could try this for rentals Rent BC - Apartments & Houses for rent in BC | Vancouver, Victoria, Burnaby, Kelowna, Coquitlam, Kamloops, Surrey, Richmond

Re: Credit history & Banking in Canada
 

Rent a room in a private house, most city's have loads of people renting rooms out, and they don't generally do credit checks and if you have the cash to pay, will rent to you. Lots of people have to do that in Vancouver as did I and where I lived now.

Rent in the major city's for apartments tends to be high, just a fact of life.

Hotels/Hostels/B&B's are going to cost the most, a hostel for example in Vancouver is still going to run you 30+ a night.

Re: Credit history & Banking in Canada
 

Landlords generally will ask for references, most cannot do credit checks, other than asking a previous landlord. A credit check subscribing to the credit bureaus. I don't know of any landlords who have done that.

Re: Credit history & Banking in Canada
 

If you've got a UK Amex, don't cancel it. When you get here you can call Amex Canada and ask to speak to Amex Global Transfer.

If you are working, there is a good chance that they will give you a Canadian Amex of the same flavour as your UK one.

Chase (Sears) gave me a card when I applied just for a laugh. I applied online and got the standard 'We cannot give you an immediate decision' reply, which normally means 'NO'. Much to my surprise, a week later a card with a $7000 limit appeared.

Much more useful than the $500 limit which Scotiabank will STILL only let me have, despite today having approved me for a stupid large mortgage of nearly 1000 times that....

The most amusing thing that has come out of this week's mortgage shenanigans goes somewhat towards proving that Equifax's credit scoring service is about as much use as a chocolate teapot (I don't pay for it - I got it 'free' from Home Depot's database hack fiasco). THREE hard searches on my credit file by the mortgage broker, Scotiabank and Genworth (mortgage insurance) this week resulted in my credit score going UP by 20 :confused:

As for rentals, you can get furnished ones - try AirBNB to start you off. We rented furnished to start with, although that was a winter rental of a summer 'holiday' rental property, so a bit easier. They took references from my Canadian employer.

Re: Credit history & Banking in Canada
 

Except for independent landlords every place I have rented from that was professionally managed did them, but not the individual landlords who were private.

Pain since it starts to hurt your credit score with a slew of inquiries from management companies.

Re: Credit history & Banking in Canada
 

Mine goes up and down 20 some points every month, I can see no changes on it, and haven't a clue how they figure it out each month, this month is 10 higher then last months....but 20 lower then the previous month....Makes no sense at all.

Re: Credit history & Banking in Canada
 

My landlord did a credit check... and it was a private lease- not through an agency.

Re: Credit history & Banking in Canada
 

If you have savings then I found that the most that was required for newcomers was:

(a) prove of status in Canada (i.e work, study, IEC visa)
(b) if your not currently working or have a job offer, then proof of enough savings to cover living costs & the duration of the lease i.e 6 or 12 months
(c) once you have employment, then a copy of an indeterminate job offer, stating salary Ect. is good enough for most agents / landlords
(d) if you have a copy of your UK credit file, then this is also a help (although not critical) for banking and rental, and all the main banks have packages for "newcomers"


most rentals will start on the 1st or the 15th of the month, and there is always strong competition. Unlike the UK most rental viewings are conducted en-mass, so don't be surprised if lots of others are there viewing the same apartment. If you are looking at student type accommodation, or in those areas, then you need to be quick.

privately rented basements are an option, but obviously approach with care, many are listed through Craigs list or Kijiji, - and like any city there are always scams related to some of these postings.

Craigs list / Kijiji can also been a good place to grab some bargain furniture when you have your own place.

Good luck!