Dave and Jo

Guys,

Thought this info might be useful.

We leave the UK for NS at the end of the month, one of the hundreds of "things to do" before we leave was to set up bank accounts credit cards and mortgage funding.

We set up a cheque and saving accounts with RBC when we "landed" last summer, no problem, they were really nice and all went well.

Last month I contacted RBC to arrange a credit card and a line of credit to part fund the car purchase and despite having $400,000 to deposit with them they said we could only have a credit card and loan if we secured it with our own cash.

When I investigated the situstion via fellow Expats and threads on the site I realised that this was a common problem.

Then I found HSBC International, if you deposit £50,000 with them in a current account {no strings or conditions re leaving it in there} they set up everything in Canada, cheque and saving accounts, a $10,000 unsecured credit card and $25,000 line of credit.

Basicaly they are happy to use your UK credit history and understand that new arrivals have to build up a Canadian credit history.

I was really impressed with the service and their approach {I dont work for them or any bank}, but thought this info might be useful.

I was so fustrated that RCB were so inflexible and I am looking forward to turning down their offer of a secured credit card.

There is always a flip side though....HSBC only has one branch in NS {Halifax}.

Cheers,

Dave.

Brownstar

Tis old news as its been mentioned several times, we banked with HSBC for years in the UK and opened an HSBC account when we got her..........credit cards, mortgage (if we want it) no problem.

They are expanding and recently opened their 4 or 5th branch in Calgary.

fledermaus

We have never had a problem with credit history, or even been asked for it. When does this happen?

Dave and Jo

Fledermaus, lots of people have had issues with being able to use their UK credit history in Canada when first arriving and trying to build up a a Canadian credit history, so much so that Government departments are looking into the issue.

Brownstar, sorry to bore you mate with "old news", but it might be of interest to some if looking at recent threads and problems fellow expats are having is anything to go by

I took a few moments of my time to offer information that might be of use, its <snip> like you making useless comments that put people off this site.

triumphguy

Despite the fact that he's an Arse-nal fan... I'm afraid I have to stick up for BS!

this info seems fairly useful..

I don't think saying this:

makes him a cock though! It's a little dismissive, maybe. But the fact that he's an arse-nal fan is worse in my eyes!

Meanwhile....

It takes a while to build up a credit history here! 6 months probably. The easist way to build a positive rating is to get a secured loan from the bank and pay it off immediately. Tell them what you're doing and why.

HSBC are convenient because they bridge the two countries, however, not sure you're going to get better rates, fees from them.

Swings and roundabouts really....

Silverdragon102

We did this and had no problems at all, others say they have. We lie a few hours away from the local branch but do all online banking with no problems. We do however have a TD mortgage and account and they suggested I get a secure credit card with them but others have said they got a CC with no problems so I think a lot depends on who you talk to

triumphguy

And how possibly

Also, if you ask the cashier you're going to get one answer, and if you ask the assistant manager you'll get another.

People "shop" their banks a lot more over here I think. If TD says "no," go to CIBC and say - "Do you want my money? This is what I've got, and this is what I need"

Don't forget Credit Unions either , and in Alberta the ATB.

Brownstar

Ta...........I wasn't even being provocative, just contributing in a constructive and rather boring fashion. Not my fault people don't understand the search function.

fledermaus

Yes,but my question was more about credit history in general. I have no idea what mine is, have never been asked about it. When would it be asked and by whom, and why? We have been here 3 years and never been asked. I don't doubt that other may have had issues, I just don't understand the problem in general

G77

You won't be asked directly for it - but when you apply for credit i.e. credit card, loan, store card, etc etc - that company will query a credit agency on your behalf. If you're new to Canada then obviously have little or no history, which results in a decline from said company... 3 years in Canada should have been sufficient to build a history assuming you're using credit of some kind...

Cookie

We had a sizeable sum of cash when we moved here but still had to have a secured credit card with RBC.

It wasn't a problem though because it sat in a GIC in our name and earned interest. We would have had rainy day money in there anyway.

Forgot to mention that banks here are not linked in the same way as in the UK. If banking with the RBC and you use a TD bank cash machine you are charged, so HSBC in Halifax is no use to me or anyone outside Halifax unless you want to incurr charges each time you want to get some cash.

fledermaus

We didn't get credit cards until we had been here a couple of years. Even then we had no other loans, mortgage, overdraft, store cards.

Brownstar

You can use HSBC cards surcharge-free at THE EXCHANGE and BMO

ESarge

Ummm... I'd suggest that's not quite the best way.

There's a lot of information out on web about how to get a good credit rating. The Canadian system is pretty much the US system so all that advice applies.

In really simple terms you want to have as much credit available as possible and use as little of it (but not 0) as possible.

The get a loan and pay it all back doesn't have you using the credit so won't help much.

Practical things:
1. Get a secured credit card as soon as you can.
2. Keep the balance that it reports on a statement to 7-15% of the total credit limit.
3. If you can get an installment loan as well, like an HP or a car lease, then so much the better.
4. After 6 months request a credit report from the two providers, check the info and see how you've done. (Do not use freecreditreport.com under any circumstances)