calv

Timeline
---------------
Aug 20, 01 - submit application to Buffalo
Nov 6, 01 - AOR
June 2, 02 - Accessment completed, interview required
Nov 4, 02 - Interview in LA
Jan 17, 03 - X-Ray to Ottawa
Feb 20, 03 - request for passport
Mar 6,03 - Submit passpart at LA
Mar 14, 03 - Collect passport in person from LA
Mar 15, 03 - Landed in Alberta (-40C no kidding)
Mar 20, 03 - First apartment rental approved. Had a hard time with many landlords as lack of credit rating.
March 22,03 - Installed internet and submit loads of resumes around.
Mar 28, 03 - Called for first job interview- got the job
Mar 31, 03 - Started working. Position as Business Manager for a Telecom company
Apr 03 - Get my driver's license.
May 03 - Bought first car, due to lack of Canadian / US Driving experience, pay insurance premium of almost C$3000 !!!! (the car cost C$2800)
May/Jun 03 - Baby born. It's a boy...
Aug 03 - Secured bank loan for mortgage with 35% downpayment. Bought my first home.

Sept 03... Moving in. It's like a dream comes true and everything is moving along very smoothly. Thank god.


Background -
category - independent skill (IT) 15 years of experience in IT and Telecom industry
education - 3 years Computer degree from Australia.


Just to share my experience with everybody. Especially those from out of North America......

Get your credit rating right.

It's everything here and no bank recognised your rating from UK/Australia or other part of the world.
I call it discrimination against new migrant as anybody here with bankruptcy record can get a better credit than a newbie to Canada... getting a room rental, Credit card, utility bills that requires "HUGE DEPOSIT", mortgage and etc...

calv

By the way, my company is looking for entrepreneur / sales / IT people with lots of foreign contact interested in starting calling card business, satellite internet set up and VoIP.

It's an opportunity for anybody looking for "Canadian experience" from overseas before landing here. If interested, send me your resume to [email protected] (remove '-no-spam')

Please note :

We are NOT (I repeat, NOT) prepare to sponsor / apply employment authorization for any candidate.

RSK

wow man, your story seems like drawing a beautiful picture and walking right into it. good going. can you pls tell us how the job market is in alberta. I know for IT it sucks all over the world but compared to toronto & vancouver how is it alberta.

cheers

RSK

calv

IT job (technical) sux..... it's worldwide and we have only y2k to blame for... most corporate spend their 5 years IT budget before 2000 and well, you know the story. Unfortunately, with the massive IT graduate coming out every year, it's kinda worsen as it goes.

I predicted the coming shortfall of technical jobs and went into sales few years back. However, like all across Canada, the expression of "it's not what you know but whom you know" stands.

Within the first week, I did my network, I mean, lots of it. Volunteer job, meeting recruitment agency in person, chat with lots of people and go all out to get their email and send my resume. It's hell of a competative market here but loads of "hidden job" laying around. You just have to talk to people to find out.

It has been a year of good run for Alberta due to the oil and gas industry, however, we see the industry is now slowing down. The fact with Alberta getting it's forest fire and mad cow had hurt lots of people recently. Much worst than the effect of the great black out in the east.

Robert

congrats on sticking it out
as fer credit rat

put lump of cash in bank (big lump)
apply for card with bank
DONT TAKE NO for answer and threaten to move to another bank (card usually
gets approved)
spend like mad on card (only stuff you can afford to pay off and need)
PAY most of card on 1st bill
pay off rest on second
apply for store card (usually easy to get)
do that as above

watch as loan offers and card offers flood yer mailbox !!!!
time 2 1/2 month
result WONDERFUL

canadian banks will have to learn that the customer IS KING and not just
business !!
"calv" <[email protected]> wrote in message
news:[email protected]...
    > Timeline
    > ---------------
    > Aug 20, 01 - submit application to Buffalo
    > Nov 6, 01 - AOR
    > June 2, 02 - Accessment completed, interview required
    > Nov 4, 02 - Interview in LA
    > Jan 17, 03 - X-Ray to Ottawa
    > Feb 20, 03 - request for passport
    > Mar 6,03 - Submit passpart at LA
    > Mar 14, 03 - Collect passport in person from LA
    > Mar 15, 03 - Landed in Alberta (-40C no kidding)
    > Mar 20, 03 - First apartment rental approved. Had a hard time with many
    > landlords as lack of credit rating.
    > March 22,03 - Installed internet and submit loads of resumes around.
    > Mar 28, 03 - Called for first job interview- got the job
    > Mar 31, 03 - Started working. Position as Business Manager for a
    > Telecom company
    > Apr 03 - Get my driver's license.
    > May 03 - Bought first car, due to lack of Canadian / US Driving
    > experience, pay insurance premium of almost C$3000 !!!! (the car
    > cost C$2800)
    > May/Jun 03 - Baby born. It's a boy...
    > Aug 03 - Secured bank loan for mortgage with 35% downpayment. Bought my
    > first home.
    > Sept 03... Moving in. It's like a dream comes true and everything is
    > moving along very smoothly. Thank god.
    > Background -
    > category - independent skill (IT) 15 years of experience in IT and
    > Telecom industry
    > education - 3 years Computer degree from Australia.
    > Just to share my experience with everybody. Especially those from out of
    > North America......
    > Get your credit rating right.
    > It's everything here and no bank recognised your rating from
    > UK/Australia or other part of the world.
    > I call it discrimination against new migrant as anybody here with
    > bankruptcy record can get a better credit than a newbie to Canada...
    > getting a room rental, Credit card, utility bills that requires "HUGE
    > DEPOSIT", mortgage and etc...
    > --
    > Posted via http://britishexpats.com

calv

Credit rating :

How much exactly is big lump suppose to be. 10k? 100k? I have put in 20k for over 4 month in CIBC and got a pity 7xx credit card from them. Never offered a raise from the bank even we had spent over double (we have to pay twice monthly to prevent the card from overspending) pay all bills in FULL on every statements for 4 months now.

Applied 3 credit cards and rejected even I have a full time job.

I am doing something rediculus to build my credit rating. Put in 1000 on fix deposit and use it as guarantee against another loan of 1000 from the same bank and pay them back monthly (with interest).

It's 4 months now and nothing improve. Still have 0 rating after checking my credit report.

Robert

"calv" <[email protected]> wrote in message
news:[email protected]...
    > Credit rating :
    > How much exactly is big lump suppose to be. 10k? 100k? I have put in 20k

We put over 60k in total

    > for over 4 month in CIBC and got a pity 7xx credit card from them.

got $2,500 initial card

Never
    > offered a raise from the bank even we had spent over double (we have to
    > pay twice monthly to prevent the card from overspending) pay all bills
    > in FULL on every statements for 4 months now.
    > Applied 3 credit cards and rejected even I have a full time job.
and did you check the reason for refusal ????
and did you argue the reason for refusal ???


    > I am doing something rediculus to build my credit rating. Put in 1000 on
    > fix deposit and use it as guarantee against another loan of 1000 from
    > the same bank and pay them back monthly (with interest).

That helps slightly


Dont feel bullied by the banks, in fact bully them !
DONT TAKE NO FOR AN ANSWER !!!!!!!!!!

tell your bank to raise the card limit or you will move your whole banking
arrangement elswhere !!

BUT MEAN IT !

get another bank lined up and make sure the know what they have to beat from
your old bank !

Same deal with mortgage. there aint as many people as there are in europe,
but the ones that are there can still be played for the rates !!

I can only tell you how i got round the laid back attitude over here. They
prefer you to play the quiet laid back canadian. You to grab thier
attention. Once you have it make the best of it.

Its up to you to find the angle that gets you what you want.

    > It's 4 months now and nothing improve. Still have 0 rating after
    > checking my credit report.
    > Originally posted by Robert
    > > congrats on sticking it out
    > > as fer credit rat
    > >
    > > put lump of cash in bank (big lump)
    > > apply for card with bank
    > > DONT TAKE NO for answer and threaten to move to another bank
    > > (card usually
    > > gets approved)
    > > spend like mad on card (only stuff you can afford to pay off and need)
    > > PAY most of card on 1st bill
    > > pay off rest on second
    > > apply for store card (usually easy to get)
    > > do that as above
    > >
    > > watch as loan offers and card offers flood yer mailbox !!!!
    > > time 2 1/2 month
    > > result WONDERFUL
    > >
    > > canadian banks will have to learn that the customer IS KING and
    > > not just
    > > business !!
    > > "calv" <[email protected]> wrote in message
    > > news:[email protected]"]news:929909.106159531-
    > > [email protected][/url]...
    > > > Timeline
    > > > ---------------
    > > > Aug 20, 01 - submit application to Buffalo
    > > > Nov 6, 01 - AOR
    > > > June 2, 02 - Accessment completed, interview required
    > > > Nov 4, 02 - Interview in LA
    > > > Jan 17, 03 - X-Ray to Ottawa
    > > > Feb 20, 03 - request for passport
    > > > Mar 6,03 - Submit passpart at LA
    > > > Mar 14, 03 - Collect passport in person from LA
    > > > Mar 15, 03 - Landed in Alberta (-40C no kidding)
    > > > Mar 20, 03 - First apartment rental approved. Had a hard time
    > > with many
    > > > landlords as lack of credit rating.
    > > > March 22,03 - Installed internet and submit loads of resumes
    > > around.
    > > > Mar 28, 03 - Called for first job interview- got the job
    > > > Mar 31, 03 - Started working. Position as Business Manager for
    > > a
    > > > Telecom company
    > > > Apr 03 - Get my driver's license.
    > > > May 03 - Bought first car, due to lack of Canadian / US
    > > Driving
    > > > experience, pay insurance premium of almost C$3000 !!!! (the
    > > car
    > > > cost C$2800)
    > > > May/Jun 03 - Baby born. It's a boy...
    > > > Aug 03 - Secured bank loan for mortgage with 35% downpayment.
    > > Bought my
    > > > first home.
    > > > Sept 03... Moving in. It's like a dream comes true and
    > > everything is
    > > > moving along very smoothly. Thank god.
    > > > Background -
    > > > category - independent skill (IT) 15 years of experience in IT
    > > and
    > > > Telecom industry
    > > > education - 3 years Computer degree from Australia.
    > > > Just to share my experience with everybody. Especially those
    > > from out of
    > > > North America......
    > > > Get your credit rating right.
    > > > It's everything here and no bank recognised your rating
    > > from
    > > > UK/Australia or other part of the world.
    > > > I call it discrimination against new migrant as anybody here
    > > with
    > > > bankruptcy record can get a better credit than a newbie to
    > > Canada...
    > > > getting a room rental, Credit card, utility bills that requires
    > > "HUGE
    > > > DEPOSIT", mortgage and etc...
    > > > --
    > > Posted via http://britishexpats.com/"]http://britishexpats.-
    > com[/url]
    > --
    > Posted via http://britishexpats.com

Nick B.

First of all - it takes a while before Equifax will register your credit
(trades) on your record. My bank's policy for new immigrants is that we
will do mortgages with 25% down and confirmation of employment. As for
credit cards, we take 100% security though a Guaranteed Investment
Certificate (ie we restrain it as collateral for the card) and issue it...
if it operates satisfactorily we'll usually release the security early.

For clients with a lot of funds (ie most new immigrants) it's not a lot to
ask, and if they give us a mortgage than we'll usually do our best to set
everything else for them.

I personally have quite a few new immigrant clients and all of them have
been excellent to deal with, and I've been able to get them good deals on
all of their needs. That's just the way I do things.


"calv" <[email protected]> wrote in message
news:[email protected]...
    > Credit rating :
    > How much exactly is big lump suppose to be. 10k? 100k? I have put in 20k
    > for over 4 month in CIBC and got a pity 7xx credit card from them. Never
    > offered a raise from the bank even we had spent over double (we have to
    > pay twice monthly to prevent the card from overspending) pay all bills
    > in FULL on every statements for 4 months now.
    > Applied 3 credit cards and rejected even I have a full time job.
    > I am doing something rediculus to build my credit rating. Put in 1000 on
    > fix deposit and use it as guarantee against another loan of 1000 from
    > the same bank and pay them back monthly (with interest).
    > It's 4 months now and nothing improve. Still have 0 rating after
    > checking my credit report.
    > Originally posted by Robert
    > > congrats on sticking it out
    > > as fer credit rat
    > >
    > > put lump of cash in bank (big lump)
    > > apply for card with bank
    > > DONT TAKE NO for answer and threaten to move to another bank
    > > (card usually
    > > gets approved)
    > > spend like mad on card (only stuff you can afford to pay off and need)
    > > PAY most of card on 1st bill
    > > pay off rest on second
    > > apply for store card (usually easy to get)
    > > do that as above
    > >
    > > watch as loan offers and card offers flood yer mailbox !!!!
    > > time 2 1/2 month
    > > result WONDERFUL
    > >
    > > canadian banks will have to learn that the customer IS KING and
    > > not just
    > > business !!
    > > "calv" <[email protected]> wrote in message
    > > news:[email protected]"]news:929909.106159531-
    > > [email protected][/url]...
    > > > Timeline
    > > > ---------------
    > > > Aug 20, 01 - submit application to Buffalo
    > > > Nov 6, 01 - AOR
    > > > June 2, 02 - Accessment completed, interview required
    > > > Nov 4, 02 - Interview in LA
    > > > Jan 17, 03 - X-Ray to Ottawa
    > > > Feb 20, 03 - request for passport
    > > > Mar 6,03 - Submit passpart at LA
    > > > Mar 14, 03 - Collect passport in person from LA
    > > > Mar 15, 03 - Landed in Alberta (-40C no kidding)
    > > > Mar 20, 03 - First apartment rental approved. Had a hard time
    > > with many
    > > > landlords as lack of credit rating.
    > > > March 22,03 - Installed internet and submit loads of resumes
    > > around.
    > > > Mar 28, 03 - Called for first job interview- got the job
    > > > Mar 31, 03 - Started working. Position as Business Manager for
    > > a
    > > > Telecom company
    > > > Apr 03 - Get my driver's license.
    > > > May 03 - Bought first car, due to lack of Canadian / US
    > > Driving
    > > > experience, pay insurance premium of almost C$3000 !!!! (the
    > > car
    > > > cost C$2800)
    > > > May/Jun 03 - Baby born. It's a boy...
    > > > Aug 03 - Secured bank loan for mortgage with 35% downpayment.
    > > Bought my
    > > > first home.
    > > > Sept 03... Moving in. It's like a dream comes true and
    > > everything is
    > > > moving along very smoothly. Thank god.
    > > > Background -
    > > > category - independent skill (IT) 15 years of experience in IT
    > > and
    > > > Telecom industry
    > > > education - 3 years Computer degree from Australia.
    > > > Just to share my experience with everybody. Especially those
    > > from out of
    > > > North America......
    > > > Get your credit rating right.
    > > > It's everything here and no bank recognised your rating
    > > from
    > > > UK/Australia or other part of the world.
    > > > I call it discrimination against new migrant as anybody here
    > > with
    > > > bankruptcy record can get a better credit than a newbie to
    > > Canada...
    > > > getting a room rental, Credit card, utility bills that requires
    > > "HUGE
    > > > DEPOSIT", mortgage and etc...
    > > > --
    > > Posted via http://britishexpats.com/"]http://britishexpats.-
    > com[/url]
    > --
    > Posted via http://britishexpats.com

Robert

"Nick B." <fenianbastard1@****spam.hotmail.com> wrote in message
news:[email protected]...
    > First of all - it takes a while before Equifax will register your credit
    > (trades) on your record. My bank's policy for new immigrants is that we
    > will do mortgages with 25% down and confirmation of employment

Hmm odd seeing as i put down 15% (FACT)

. As for
    > credit cards, we take 100% security though a Guaranteed Investment
    > Certificate (ie we restrain it as collateral for the card) and issue it...
    > if it operates satisfactorily we'll usually release the security early.


Odd again. as we didnt do any of that (FACT)

    > For clients with a lot of funds (ie most new immigrants) it's not a lot to
    > ask, and if they give us a mortgage than we'll usually do our best to set
    > everything else for them.

And again odd, as we took out a mortgage from a bank we didnt hav an account
with (FACT)

    > I personally have quite a few new immigrant clients and all of them have
    > been excellent to deal with, and I've been able to get them good deals on
    > all of their needs. That's just the way I do things.

Name the financial institution if it is so good !

    > "calv" <[email protected]> wrote in message
    > news:[email protected]...
    > >
<snip>

Robert

"Robert" <[email protected]> wrote in message
news:[email protected]...
    > "Nick B." <fenianbastard1@****spam.hotmail.com> wrote in message
    > news:[email protected]...
    > > First of all - it takes a while before Equifax will register your credit
    > > (trades) on your record. My bank's policy for new immigrants is that we
    > > will do mortgages with 25% down and confirmation of employment
    > Hmm odd seeing as i put down 15% (FACT)
    > . As for
    > > credit cards, we take 100% security though a Guaranteed Investment
    > > Certificate (ie we restrain it as collateral for the card) and issue
it...
    > > if it operates satisfactorily we'll usually release the security early.
    > Odd again. as we didnt do any of that (FACT)
    > >
    > > For clients with a lot of funds (ie most new immigrants) it's not a lot
to
    > > ask, and if they give us a mortgage than we'll usually do our best to
set
    > > everything else for them.
    > >
    > And again odd, as we took out a mortgage from a bank we didnt hav an
account
    > with (FACT)
    > > I personally have quite a few new immigrant clients and all of them have
    > > been excellent to deal with, and I've been able to get them good deals
on
    > > all of their needs. That's just the way I do things.
    > >
    > >
    > Name the financial institution if it is so good !
    > > "calv" <[email protected]> wrote in message
    > > news:[email protected]...
    > > >
    > <snip>
And just as an aside. I started work only 2 week before the mortgage was
signed !

calv

The fact to me is:

No bank accepts my mortgage application (tried over 16 banks) in Alberta. One of them (my current bank) actually asked me to put down US$100k in deposit so that they can give me C$100k "mortgage". I was so mad at them for such rediculous suggestion.

Finally settled with CIBC and Scocia which able to give me mortgage but needed 35% downpayment (non negotiable), again with full employment history plus loads of arm twisting via mortgage broker. Maybe this is Alberta...the province of "live is easy, why bother". I go with Scotia which I have no account with.

Nick B.

I was merely stating what the written policies of my bank are and they are
generally similar to any other bank's. They're policies for minimum
standards of service and they're only a baseline.

Your response has a strange and impossible-to-justify tone of hostility.

    > > First of all - it takes a while before Equifax will register your credit
    > > (trades) on your record. My bank's policy for new immigrants is that we
    > > will do mortgages with 25% down and confirmation of employment
    > Hmm odd seeing as i put down 15% (FACT)

Either the bank lied to the Canada Mortgage Housing Corporation with respect
to insurance, you have a vendor takeback mortgage, or they used private
mortgage insurance with more flexible policies. All are possible.
What I can tell you is that mortgages where the loan-to-value is greater
than 75% (that is, the buyer puts less than 25% down) require mortgage
insurance. Most of this insurance is provided by the Canada Mortgage
Housing Corporation (CMHC), which has very inflexible guidelines for
insurability - one of which is minimum three years work experience in the
same field in Canada OR minimum one year in present job in Canada.

There is another mortgage insurer, General Electric Mortgage Insurance
Corporation (GEMICO) which will sometimes underwrite mortgages with less
stringent guidelines. For example, they are the people that Bank of Nova
Scotia made a deal with for the "no down payment" mortgage offer you see
right now - CMHC would not insure such mortgages.


    > . As for
    > > credit cards, we take 100% security though a Guaranteed Investment
    > > Certificate (ie we restrain it as collateral for the card) and issue
it...
    > > if it operates satisfactorily we'll usually release the security early.
    > Odd again. as we didnt do any of that (FACT)

So, the bank was able to approve you without security based on other factors
which are between you and your bank. Not entirely surprising. As I said,
the policy is a minimum guideline and to the best of my knowledge is a
starting point.

    > > For clients with a lot of funds (ie most new immigrants) it's not a lot
to
    > > ask, and if they give us a mortgage than we'll usually do our best to
set
    > > everything else for them.
    > >
    > And again odd, as we took out a mortgage from a bank we didnt hav an
account
    > with (FACT)

Not in the least surprising, we write lots of mortgages and loans for people
whose primary banking is elsewhere. A bank cannot compel you to open an
account with them as a condition of credit except in certain specific
circumstances which mostly apply to business clients.

    > > I personally have quite a few new immigrant clients and all of them have
    > > been excellent to deal with, and I've been able to get them good deals
on
    > > all of their needs. That's just the way I do things.
    > >
    > >
    > Name the financial institution if it is so good !

I don't disclose my employer on the internet. All I can say is that it's
one of the Big Five.

Alfaris

I am glad that we have an actual banker contribute to this discussion -- thank you, Nick. I am curious, how does your bank treat people in Canada who have established themselves, but do not have the actual landed immigrant status? My paperwork is being held up because of a technicality -- I cannot provide the travel document that the CIC requires to finalize my permanent residence application. I have passed all the requirements and have been approved in principle. I lived in Canada for over three years. I have a wife here in Ontario, and I also own a new car. I have a stable job with a good salary. I always paid all my bills on time, and have held Canadian credit cards in good standing for years. However, it will probably be years before the bureaucracy of the CIC pulls through and I have the actual landed immigrant status. For now, my SIN number starts with a 9.

I have found that Scotiabank and Bank of Montreal would not even consider dealing with me because of my immigration status. However, Royal Bank has been very generous, and so has CIBC -- after I explained my situation in detail to the CIBC credit services. I currently hold unsecured VISA cards from both banks, the Royal Bank card has a limit of $3000 and the CIBC one has $4500. I enjoy the perks -- Esso points and Dividend Dollars, so I use them on a regular basis. I am very responsible, I am never late with any payments, and I also know how to balance the budget and save up.

I would like to know how many banks in Canada discriminate among their clients based solely on their immigration status and unwilling to consider other factors. How does your bank approach this situation? Would it be possible for someone like myself to get a mortgage for a house purchase?

Many thanks,

Alfaris

calv

I was told if you are foreigner, you can buy a property but minimum requirement is 35% downpayment.

New

Come to Toronto: we are landed immigrants from Nov 2002 (less than a
year!). My husband has a permanent position for only 4 months, and it
was only 3 months when we applied for mortgage approval in our bank -
Royal Bank. It was approved without any problems. Rates are
great!(4.21% for 4 years)and there are good flexibility features. We
put only 10% downpayment (although could even less). We have some
savings in the bank, but it's not hundreds of thousands. Did you try
mortgage agents?