jamie677

Hi landed in calgary 3 weeks ago,love it here,but you need money for everything if you are new,gas,electric and moblie phones all asked for deposits and a few places will not take our british credit card so we have to get a canadian securer credit card with a deposit.
you get the deposits back in a year,but could not believe how hard it is to get stuff out here.
anyone else had this happen to them,and how long does it take to get a credit rating?

R I C H

Everyone suffers these issues to a varying degree. Reckon on 12mths before credit problems are less noticeable.

Solarfish

I have never had a problem using a British card here (assuming you tell the CC company) as I had been doing that for the past 12 years on our annual vacation before we actually moved here. Of course a Canadian card and bank account are better because you are not being penalised for overseas transactions and exchange.

We did have to put a deposit down for a credit card when we first got here, but after a month I went back to the bank and basically said I wanted the limit increased and the deposit reduced or I would go elsewhere. They agreed and we now have a $10,000 limit with a $1,000 security.

As R I C H says, it takes a while to build up a credit rating here, but it didn't stop us getting a mortgage and car loan (0%). It is store cards that seem the hardest to get!

Surrey Expat

Never had a problem getting credit. If you have issues with the bank and have savings, consider investing in a GIC and securing any credit line & CC against that, you get the interest and still have the cash, they get the securirty. We use investments to secure the credit line, which gives us prime on any funds used.

Cookie

Despite coming over with a pretty large sum of cash our bank would only give us a secured credit card.

We bought everything cash (house, car, household goods, etc). Over one year later I can't even get a Sears card because Mr Y is the primary credit card holder and I am the secondary person (not too bothered really because I didn't use store cards back in the UK either). Strangely enough though my name is on most of the household bills. I think its best that I get my own line of credit boosted though or I may be 'invisible' forever.

Mr Y was able to get a unsecured Canadian Tire credit card this year which is great because now his company expenses are kept separate from our own.

Atlantic Xpat

It's one of the great mysteries of the world that borrowing x thousand dollars to buy a house is relatively easy for the new immigrant but getting an unsecured credit card for a few thousand is difficult. Nevertheless it's not an insurmountable problem - talk to the bank, be insistent, put some cash in a savings account and if neccessary start with a secured card.

I've never had a problem, incidentally, with using my UK credit card here. In fact the only problem I have is using it back in the UK being a chip and pin card I've forgotten the PIN for!

dazzlerdaz

Don`t they use chip and pin in Canada ?

Inse

We did just the same.
Because of our circumstances we didn't need credit as such but, obviously, a credit card was needed for several reasons so we deposited some funds into a GIC and the bank were quite happy.....And so were we!

iaink

Not yet, I thinks its going to finally be introduced this year in places.

dazzlerdaz

Thanks for that info ! I suppose its not been around that long in the UK anyway !

Surrey Expat

A mortgage is secured though, with a charge on the property, which other credit facilities are not as a rule.

Atlantic Xpat

Nah. They generally don't even check the signature either.

Atlantic Xpat

Oh yes I know that. Still the cost of defaulting on a $200k mortgage & the bank having to reposses and sell the house is probably more than being a poor credit risk on a $2k unsecured visa wouldn't you think?

Surrey Expat

It's whatever gives them the warm fuzzies. I guess it's more about risk, it is far easier for someone to do a bunk from credit card debt than a house.

However, I have long since stopped trying to figure out the rationale of the financial institutions.

dazzlerdaz

I dont think they know either