DarwinCharles

Hi all,

Pros and cons of setting up- if possible, a line of credit online from UK prior to move.

I am a citizen but no SiN number as I've been living in UK.

Edit: I understand the process is usually completed by landing and attending the bank but the current situation means I can't get over yet... I'd like to sort a credit rating prior to a move... If there's such a thing.

Thank you kindly guys

Siouxie

Without a job nor any security to offer, it's unlikely that you would be able to obtain a line of credit unless you had a good relationship with your bank... you might want to read over this: https://www.canada.ca/en/financial-c...es-credit.html
For different bank links see our wiki - but you will need a SI Number to complete the process I believe: https://britishexpats.com/wiki/Banking-Canada

A line of credit and your credit rating are very different things Are you hoping to raise your credit rating for obtaining a mortgage or similar? If so, read up on 'newcomers' mortgages and what you can provide if you don't have a credit rating yet in Canada.. New To Canada Program - Products - Genworth Canada - Homeownership


Edited to say, it is possible to obtain your SI number if you are not in Canada

DarwinCharles

Thank you indeed. I will be working for myself and I could forsee that being a problem credit wise. I do mean a credit rating yes, I'll take a look!

Thank you indeed.

DarwinCharles

Edited to say, it is possible to obtain your SI number if you are not in Canada[/QUOTE]

One would assume I'd need my address set up first in Alberta for my SiN?

Thank you.. Very kind!

Hurlabrick

No.

You do need to give them a Canadian address as their system insists on it. I did a soft landing and they were happy to use my cousins business address.

Siouxie

Did you see my earlier post

https://www.canada.ca/en/employment-...sin/apply.html
From the application form (which also allows you to put down an address outside of Canada):

plasticcanuck

As a former banker in Canada I would not entertain a request for a L of C from a non-resident of Canada without a pledge of Cash Collateral equal to the limit granted and not to be drawn down until applicant obtains residence status within Canada and is landed. Without residence status, no employment/income, no Canadian credit experience he/she would be a most unsuitable Unsecured borrower.

Siouxie

The OP is a Canadian Citizen who hasn't lived in Canada previously I believe.

DarwinCharles

Yes, that's correct. I was born to a Canadian father in the UK and law quirks prevented him from registering us. The IRCC head gave us a 5.4 so it doesn't recognise us from birth.. Hopefully, the law will change as that's ridiculous.

So, my sister and I are left packed and ready to go but with the current situation, we will remain here as we'd struggle to get an address in Calgary atm with Air bnb rentals ect and no way to get work or groceries for the first 14 days of arrival.

Tricky situation.

plasticcanuck

Okay, but without employment/income and credit history he would still be an unsuitable borrower, unless fully secured.

DarwinCharles

Is there any way of building a credit score.. a start at least, before we move?

Thank you kindly

DandNHill

you could get a prepaid credit card. But I think you’d need to be in Canada to do so. Check capital one as they’re international...

DarwinCharles

Thank you, if anyone is able to confirm either way, I'd be grateful. I've tried researching but no answers

Thanks guys

rivingtonpike

We managed to get a $25k line of credit through HSBC when we moved 10 years ago. We didn’t have jobs or an address, but we did have a good UK credit history and a reasonable amount in the bank. I guess both of those counted for something.

Siouxie

You could try this.. open an account with one of the banks online (see - https://britishexpats.com/wiki/Banking-Canada ) and see if you could apply for a SECURED credit card - you give the bank $500 / $1000 and they place that into a GIC Bond (Guaranteed Investment Certificate) then issue you with a credit card up to that maximum, which you can use at will, pay off regularly and build your credit rating. They return the $ once you reach the 1 year mark or have proved yourself to be a good risk, if that's earlier. Once you have your Social Insurance Number you could use it and perhaps 'up' your credit rating.