Fao; new arrivals wanting credit on TWP...
#1
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Joined: Jan 2007
Posts: 2,404
Fao; new arrivals wanting credit on TWP...
Whatever you do, dont give them your SIN number.
There's no obligation for you to do so, and it will only work against you if you do.
There's no obligation for you to do so, and it will only work against you if you do.
#4
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Joined: Jul 2007
Location: White Rock BC
Posts: 11,682
Re: Fao; new arrivals wanting credit on TWP...
... because the SIN number of a TWP holder starts with a 9 and immediately identifies them as a temporary resident of Canada.
It is generally good advice not to give your SIN number to anyone (except Government agencies like the Canada Revenue Agency) unless they are going to pay you taxable income, when it is compulsory.
However, if you are asked if you are a permanent or a temporary resident when you are applying for credit you have to 'fess up.
It is generally good advice not to give your SIN number to anyone (except Government agencies like the Canada Revenue Agency) unless they are going to pay you taxable income, when it is compulsory.
However, if you are asked if you are a permanent or a temporary resident when you are applying for credit you have to 'fess up.
#5
Joined: Feb 2007
Posts: 2,332
Re: Fao; new arrivals wanting credit on TWP...
Oh, thanks for the clarification, we are in the PR process..... Probably looking to buy a house before that though.
#8
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Re: Fao; new arrivals wanting credit on TWP...
Credit markets have tightened up a little though, dont you think?
Didnt affect me when I arrived 3 months ago, but it is doing now- even with the same bank. I cant trade in my vehicle for a less expensive one.
Didnt affect me when I arrived 3 months ago, but it is doing now- even with the same bank. I cant trade in my vehicle for a less expensive one.
#9
Joined: Oct 2007
Location: Ontario
Posts: 6,609
Re: Fao; new arrivals wanting credit on TWP...
I don't think that just because you have a 9 at the front of your SIN number they will look at you any differently than anyone else applying for credit at the moment. The risk is the same surely.
#10
Joined: Oct 2007
Location: Ontario
Posts: 6,609
Re: Fao; new arrivals wanting credit on TWP...
What is the reason for not be able to trade in your vehicle? Is is leased?
#11
Joined: Dec 1969
Posts: 2,484
Re: Fao; new arrivals wanting credit on TWP...
We got credit cards etc when we arrived, pay them off every month and pay all my bills on time.
Bank have advised we could have a morgage now if we wanted, but waiting to see what the market does.......well until the seller of the house i like gives in and reduces it
Was advised we could get a car, but happy with our older cars.......so not looked into that side too much
Bank have advised we could have a morgage now if we wanted, but waiting to see what the market does.......well until the seller of the house i like gives in and reduces it
Was advised we could get a car, but happy with our older cars.......so not looked into that side too much
#12
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Joined: Oct 2008
Location: the GTA
Posts: 3,824
Re: Fao; new arrivals wanting credit on TWP...
There's no doubt a SIN beginning with a 9 does raise a flag with the banks. It alerts them that you do not have permanent residence and they may not be able to get an up-to-date credit bureau report on you. It doesn't necessarily follow that you will not be granted credit but it may be only on a secured basis until you're more established. Credit Cards are more easily obtained because the CC companies take higher risks, hence the much higher interest rates. You can refuse to provide the bank with a SIN but they can then refuse to deal with you.
#13
Joined: Oct 2007
Location: Ontario
Posts: 6,609
Re: Fao; new arrivals wanting credit on TWP...
There's no doubt a SIN beginning with a 9 does raise a flag with the banks. It alerts them that you do not have permanent residence and they may not be able to get an up-to-date credit bureau report on you. It doesn't necessarily follow that you will not be granted credit but it may be only on a secured basis until you're more established. Credit Cards are more easily obtained because the CC companies take higher risks, hence the much higher interest rates. You can refuse to provide the bank with a SIN but they can then refuse to deal with you.
#14
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Re: Fao; new arrivals wanting credit on TWP...
We paid $26k for a brand new Tucson in September. We didnt want it at the time, but was running out of money and couldnt afford to keep paying for a hire car. We'd tried several dealerships at that point, and none could get us approved. Apparently its harder to get approved on a used (and cheaper) vehicle than it is on a new car. To cut a long story short, we got approved by Scotiabank.
Went back to Hyundai last week to enquire about trading it in for a used 2008 Dodge Ram they had at $22k. I'd accepted I'd take a hit on the Tucson, but wasnt expecting them to only offer me $13k for it. Managed to get them up to $15k, agreed a sale on the Dodge, and then it fell through when they couldnt get me financed. Even Scotiabank said no. I phoned them myself to see if there was a problem- apparently they're just going "by the book" and my temporary status is the stumbling block- despite me being an existing customer, payments up to date etc, and the trade in being a better security than the Tucson (as it's now worth more).
Same story at Nissan. Agreed a sale, and then it fell through with the finance.... Nissan could only get me finance for the period of my work permit, which basically meant I'd have to pay the balance off by Aug 2010.