Theoldfields

Can anyone advise us on whether it is worth trying to bring our credit history across with us or is it necessary to start again. We have a good rating ( we think !) which would help us to get access to credit cards / loans in the UK but have no idea how it works in Canada.

All help gratefully received.

rpurdie

I've got HSBC to open me an account in Canada (I have one here) and am hoping that that provides easier access to credit cards/mortgages (albeit through HSBC) when I land as I don't think you can have your general credit file moved across

cheeky_monkey

i brought mine with me..lets say it doesn't do any harm to bring it

Jimbo2012

We also did this but, as you say, the drawback with HSBC is that this is only good for when you apply for one of their products. That said, a HSBC credit card or loan should help you build that all-important Canada credit history so this is worth doing.

Jane Barlow

How do you go about bringing it with you? Did you do one of those international credit check things online that you pay for or is it through your bank?

cheeky_monkey

Get an Equifax report which is recognised in Canada... cost a fiver or did when i got one.

magnumpi

Unless its a bad history? Then don't bother.

rpurdie

Sorry for the ignorance, but what did you do with that report in Canada? Submit to the Equifax equivalent?

cheeky_monkey

Equifax is used widely in North America..Hence the reason for getting an Equifax report in the first place.

jossie

We brought an equifax one but found that it wasn't any use. Didn't have any problem getting a mortgage or credit card just for the credit card we found it easier to start with our bank (HSBC)

cheeky_monkey

Really when i first arrived i couldnt get a credit card with more than $1k..then i went back with my Equifax report and the bank offered me $10k based on my credit rating...also got my car finance down from an original 8.9%offered to 1.9% with it...maybe i was lucky.

Mircha

Great to know you can do this and get the report and some credit.

I have an Amex account but would rather keep it as a UK credit card than transfer it over for now.

I just checked equifax's website and says its £2 for a statutory report!

Just wanted to check is this report the one the banks in Canada would like to see? or is there a more detailed report?

shunter1977

We did this but it hasn't helped, still had to wait to apply for a credit card which we still haven't done as they're only open 10 -4 Mon - Fri which is difficult to get to without Steve taking time off work. Most annoyingly they have a limit to how much you can spend on a Debit card in one day ($400) which is no help when you're buying furniture, cars and electrical items to start with. They will write a bank draft for you at a $50 charge or you have to ask for cash but the last time we did this for buying a lot of electrical items they refused to give the amount of cash we needed and were then forced to pay the charge for a bank draft. We complained about the limit on the debit card as the money was in the bank and it was all but impossible to spend it, they would not change it even as a one off.

Also we went to all the effort of setting up the Global Banking from the UK but they were still not aware of the account on arrival at our local branch in Red Deer as the Global Banking is a separate entity so they then had to get our details etc over before the account was active. They were very helpful and sympathetic in the branch but it wasn't as clean cut as they said it would be in the UK when we opened the account.

Don't know what other accounts can be opened from the UK but i've heard people mention Scotiabank on here and I read that you get a Credit Card automatically with them.

Almost Canadian

I'd be changing banks.

Like most, we transferred a large amount of money over when we first arrived. We knew we would be spending lots on appliances and the like so we just asked for a larger daily limit (and individual transaction limits) on our debit card. Clearly, it is preferable to purchase such items on credit cards anyway but a credit card with a large limit is likekly to be out of the reach of new arrivals.

$50 for a bank draft! WTF. My bank charges $6.50 and, normally, that can be waived too.

Theoldfields

Sounds grim! Is this with HSBC?

Does anyone have experience of dealing with RBC as a new arrival in the country?