Is it worth bringing credit history across?
#1
Forum Regular
Thread Starter
Joined: Feb 2013
Location: Arrived in the Okanagan - June 2013
Posts: 245
Is it worth bringing credit history across?
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.
All help gratefully received.
#2
Just Joined
Joined: Feb 2013
Posts: 20
Re: Is it worth bringing credit history across?
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
#3
Every day's a school day
Joined: Jan 2005
Location: Was Calgary back in Edmonton again !!
Posts: 2,667
Re: Is it worth bringing credit history across?
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.
All help gratefully received.
#4
Forum Regular
Joined: Aug 2011
Location: Peterborough; ON
Posts: 200
Re: Is it worth bringing credit history across?
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.
#5
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Joined: Feb 2012
Location: Calgary,AB
Posts: 337
Re: Is it worth bringing credit history across?
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?
#6
Every day's a school day
Joined: Jan 2005
Location: Was Calgary back in Edmonton again !!
Posts: 2,667
Re: Is it worth bringing credit history across?
Get an Equifax report which is recognised in Canada... cost a fiver or did when i got one.
#9
Every day's a school day
Joined: Jan 2005
Location: Was Calgary back in Edmonton again !!
Posts: 2,667
#10
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Joined: Jan 2006
Location: Okanagan region
Posts: 625
Re: Is it worth bringing credit history across?
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.
All help gratefully received.
#11
Every day's a school day
Joined: Jan 2005
Location: Was Calgary back in Edmonton again !!
Posts: 2,667
Re: Is it worth bringing credit history across?
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.
#12
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Joined: Sep 2011
Location: Was London, UK now Toronto
Posts: 111
Re: Is it worth bringing credit history across?
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?
#13
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Joined: Feb 2012
Location: Red Deer, Alberta
Posts: 243
Re: Is it worth bringing credit history across?
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.
#14
Re: Is it worth bringing credit history across?
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.
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.
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.
#15
Forum Regular
Thread Starter
Joined: Feb 2013
Location: Arrived in the Okanagan - June 2013
Posts: 245
Re: Is it worth bringing credit history across?
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.
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.
Does anyone have experience of dealing with RBC as a new arrival in the country?