1314jane

Just wondered if anyone has any experience here......we've been here for over a year now yet still no-one will give us any form of credit. We were warned before coming that it was almost impossible - a friend did not get approved for a credit card for 5 years for example - particularly since we're in QC where the laws are stricter on lending (no payday loans, no online loan apps etc).

We need to finance the shipping of our goods over here (it's been a long time and I couldn't face another winter without my woolly jumpers and the kids are so very sad without their bicycles!), but just cannot find anywhere. Our bank says to wait another 6 months at which point we'll have 2 years of good history then they'll do it for us. Other lenders (one of whom was an advance loan scam) have either not come through or said wait. Family is not an option and I don;t know anyone well enough to act as a co-sign.

Has anyone got round this problem? We're getting desperate - we can;t afford to keep the goods in storage in the UK much longer!!

Thanks for any advice or help or pointers

nldfc

I was advised to take out some small loans with high interest payments and pay them back quickly to avoid paying back to much to slowly build a credit history , then a car on finance then visa/mastercards

ESarge

The standard way to build credit is to start with a secured credit card. (This is not a plug but CapitalOne offers one - many other banks do to). You spend a little bit on the card every month, pay it back immediately and after a while you'll have some credit history.

Then you build from that to get more credit cards and other loans to get your score up.

Basic principle is to have lots of credit available but use next to none of it.

1314jane

thanks - the problem is we are in QC - capital one cards for new credit etc are not available in QC....

do you see the issue??!!!

we looked at secured but need the $1000 deposit so that was out of the question...

a vicious circle!

iaink

Not sure if its worse in Quebec, but it sounds like it is.

General advice is to get a secured card through your bank. ( I didnt know that at the time...my bank was no help at all)

I was OK for credit from places like Leons, although their store credit is now run by Citi financial. Buy now, pay in 12 months, that sort of thing, I also got a lease from chrysler, although that required a large security deposit. All of that helped boost credit rating, but ultimately I only got Canadian mastercard / Visa card / mortgage after I became a PR anyway. I suspect individual experiences depend on personal income levels too to some extent.

I guess the ultimate problem for you is secured loans / security deposits etc both require you have money available to build up your credit rating, and if you had that your stuff would be on its way by now...

Maybe you could sell some of the stuff you have lived without now for a couple of years to raise the funds?

ESarge

Can you buy something small on HP?

snakebite

can't speak for Quebec, but no it's most definately NOT impossible!
We've been in Ontario for a year now, got approved for a car lease after 1 week, got a non secured CC with TD after 2 weeks, and moved into our house in July after getting pre-approved for a $350k mortgage in May.

In our experience, It seems there's a bit of luck involved in who you ask (and how you ask). We got a lovely lady in the TD branch who pulled out all the stops and when a problem came up, her Branch Manager backed her up and over-road it.

don't lose hope!

dinger24

I think the proof is in the pudding!
You have managed without the kit in storage so far. Cant you there fore review what you have in storage and then reduce it by selling it off, then reduce the size of your storage. This would reduce your monthly outcome on storage and also the size of your shipping!
The monies you receive place into a saving account, buy new bikes (for example) on HP then pay off with your savings, thus increasing your credit score!
Sounds simple on a thread doesnt it! but I can imagine how difficult it is.

1314jane

It certainly does! It's a catch 22 really - we have no-one where the stuff is stored to start to sell things and we were very choosy in the first place with what we kept i.e. expensive bikes for one, quality cookware, sentiental stuff like baby photos, antiques, family heirloom furniture etc. and will only take up part of a 20ft container.

We rented furnished but are moving to unfurnished nexy month. Hence the dilemma. Husband is getting so frustrated (not finding a job yet doesn't help) more so now i'm on mat leave!!!

Thanks for the advice everyone!

dinger24

Well good luck!

Jingle

OK - nobody has mentioned the "S" word here ... how about saving up and then paying for your stuff to get over here? If you take out a loan you would have to pay it back with monthly repayments so instead of monthly repayments put that money in a savings account for the next few months - it'll soon mount up and then by the time you qualify for a loan you won't need to borrow so much. Of course if you had put a little away each month since you arrived that would have helped meet the cost too

I know that doesn't help much in the short-term but maybe trawling round some garage sales will help fill the gap till you get your good stuff here. We have found some great bargains in garages!!

Good luck! J

1314jane

Very true....... except with 3 kids and only 1 job (and now on mat leave), all but a very small amount goes into the savings and that's currently being used to pay for the storage!!!

We have picked up a lot at garage sales so far to keep us going and built enough to at least have a bed and a sofa when we actually move. I'm by nature a save not use credit person but am facing no other choice here.
Thank you though - worth knowing for others also!!

BristolUK

I was turned down for a credit card. I asked them to reconsider, pointing out the two properties I owned here with no mortgage and the high credit limits I had in the UK and still it was no.

Again I asked them to reconsider but this time I sent copies of the statements of my UK cards showing the activity (spending and repayments) and they agreed to issue one.

They can be persuaded sometimes.

I persisted because others had told me that persistence had paid off for them.

TD Green Card.

It was a low credit limit to start with but it's quickly risen.

Jingle

I know it's hard - been there done that etc .....

I would try your bank again and go to them with a detailed household budget and how you intend pay back the loan (e.g. using the savings on the storage fees), also show them, if possible, how you have been putting money into a savings account whilst working within your budget. You will also need to reassure them that you will be going back to paid employment after your mat leave. Banks can sometimes use discretion if the requested borrowing amount isn't huge. It would also help if your OH could at least get some type of part-time employment (even if it was just filling up newspaper boxes or something - my OH did that for a short time - he hated it but it was money coming in!!) ...

Please do not use any of the short-term loan people - you will really be gouged for interest fees and the like, it really is a slippery slope.

I do hope things work out for you and your family, take care J

Kokanee

It is not Impossible

When we arrived in Calgary we were approved for a credit card with a $1,000 limit (low i know) and a Car Lease - the deposit for the car was higher than we wanted but not stupidly high.

After six months of paying the car lease and paying off the credit card every month we were accepted for a higher credit card limit and we also obtained store finance for furniture.

After 11 months we obtained a mortgage and bought a house - now we have a house no issues on the credit front at all.

Being a PR made a significant difference.