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Credit history etc

Credit history etc

Old Jun 6th 2016, 4:04 pm
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Default Credit history etc

Hi Everyone,
We move to BC permanently in just 2 months. I just had a call from Vodafone here in the UK and it made me think about the process for getting a mobile phone in Canada, as well as other things that may require a credit check.

Does anyone have experience of getting a mobile phone on a contract (rather than Pay As You Go) in Canada? I know here in the UK they credit check you before giving you a contract, but obviously in Canada I won't have a credit history. I am wondering if they also do credit checks for broadband, cable TV packages etc...

Has anyone had any issues with getting contracts for things like mobile phones, cable TV etc when first settling?
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Old Jun 6th 2016, 4:21 pm
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Default Re: Credit history etc

I was unable to get a credit card for a couple of years due to lack of credit history, but conversely had no problem securing a commercial mortgage and with no residency status. Banking policies aren't always very logical.

Didn't need a cell phone, so can't help you with that, but TV/internet wasn't a problem to sign up for.

I also had to pay security deposits for utilities (gas/electric) as a credit check couldn't be completed. These amounted to a few thousand dollars and were refunded/credited against the account a couple of years later.

ICBC, the car insurer may only allow you to insure for an initial 3 or 6 months rather than a full year until you've established a credit record.

Last edited by R I C H; Jun 6th 2016 at 4:23 pm.
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Old Jun 6th 2016, 4:27 pm
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Default Re: Credit history etc

Security deposits amounting to a few thousand dollars?! That's crazy!
As for credit cards...I've already opened an RBC savings account and I'm eligible for their New Immigrant package when I get to Canada...that gives me a free credit card and also a mortgage...I've already had my mortgage pre-approval through for the amount I need, so that's a nice security to have.

Thanks for the info.
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Old Jun 6th 2016, 4:49 pm
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Default Re: Credit history etc

Originally Posted by moosemeadows View Post
Security deposits amounting to a few thousand dollars?! That's crazy!
As for credit cards...I've already opened an RBC savings account and I'm eligible for their New Immigrant package when I get to Canada...that gives me a free credit card and also a mortgage...I've already had my mortgage pre-approval through for the amount I need, so that's a nice security to have.

Thanks for the info.
Context is important! I was asked for a couple of hundred dollars as a deposit. When I asked if I could put it on Visa they basically said that if I had a Visa card they would waive the deposit.

No credit check for cable. If you don't pay they cut you off. Cell phone may be more of a problem but using PAYG for a few moths is not a great problem.
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Old Jun 6th 2016, 5:03 pm
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Default Re: Credit history etc

Originally Posted by moosemeadows View Post
I've already had my mortgage pre-approval through for the amount I need, so that's a nice security to have.
Pre approval is still subject to credit checks and other admin procedures. It the amount that is approved as in your income qualifies you. Not the same as final approval.

Should you get pre-approved for a mortgage? Ten things to know - The Globe and Mail
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Old Jun 6th 2016, 5:06 pm
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Default Re: Credit history etc

I had a pay as you go phone for about 6 months with Fido then flipped it to a contract no problem, Bank account with RBC and an Avion Visa straight away but i did deposit a large amount of cash with them which may have helped with the credit card.
I also brought a credit check from Equifax with me, It may not help on paper but bank, apartment people etc seemed pleased to see it.
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Old Jun 6th 2016, 5:13 pm
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Default Re: Credit history etc

Originally Posted by Aviator View Post
Pre approval is still subject to credit checks and other admin procedures. It the amount that is approved as in your income qualifies you. Not the same as final approval.

Should you get pre-approved for a mortgage? Ten things to know - The Globe and Mail
Slightly different in my case as I will be self-employed and technically with no income. In that circumstance mr mortgage approval is based on needing a 35% downpayment and evidence of 12 months worth of mortgage and property taxes. Once the funds for those things are in my RBC account, the only remaining 'hurdle' is just whether the property I want is deemed suitable by the lender.
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Old Jun 6th 2016, 5:19 pm
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Default Re: Credit history etc

We got a month why math contract with Virgin when we first arrived. WE had more issue getting a contract for a data package for the iPads!!
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Old Jun 6th 2016, 5:29 pm
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Default Re: Credit history etc

Originally Posted by moosemeadows View Post
Security deposits amounting to a few thousand dollars?! That's crazy!
As for credit cards...I've already opened an RBC savings account and I'm eligible for their New Immigrant package when I get to Canada...that gives me a free credit card and also a mortgage...I've already had my mortgage pre-approval through for the amount I need, so that's a nice security to have.

Thanks for the info.
Use the credit card and pay it off promptly. That will do wonders for your credit rating.
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Old Jun 7th 2016, 9:18 pm
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Default Re: Credit history etc

Bring your own phone or get a Sim-free one. Get a Koodo service-only monthly contract. That lets you bail out when you are able to get a phone contract (if you REALLY want one - we stuck to buying our own handsets). There is no such thing as a free lunch or a free phone...

Scotiabank will give you a credit card with a paltry $500 credit limit. Just keep paying it off via online banking every time you've been shopping - the money goes straight back on and that improves your credit rating.

If you've got a UK Amex, you can get the same Amex over here - phone Amex when you've moved over here and get an International Card Transfer (or something like that). DO NOT close your UK Amex until afterwards.

Two and a half years later and I've now got credit cards with about $40k available plus an Amex. I didn't have that much when I left the UK!!

Mortgages aren't a problem (although allegedly some of the main lenders are going to tighten the screws a bit now that the housing markets in Greater Vancouver and Toronto have gone bloody mental!!). Go to a broker for a slightly lower rate than you can get direct from the same bank.

If you haven't got a large (ie 20%) deposit, you will pay an insurance premium for your mortgage - although you just add that on to the mortgage anyway....

Last edited by withabix; Jun 7th 2016 at 9:22 pm.
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Old Jun 7th 2016, 9:25 pm
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Default Re: Credit history etc

Originally Posted by JonboyE View Post

No credit check for cable.
There is a credit check for Telus TV/phone/internet, even though they won't find any history.

In BC, same for BCHydro and Fortis (the latter will usually want a deposit, BCHydro only sometimes).
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Old Jun 7th 2016, 9:37 pm
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Default Re: Credit history etc

So just saying "I'm British" doesn't work anymore then?


Originally Posted by R I C H View Post
...Banking policies aren't always very logical...
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