Building Credit Rating Quickly in Canada
Jul 7th 2013, 4:55 am
#1
Forum Regular
Thread Starter
Joined: Dec 2011
Posts: 255
Building Credit Rating Quickly in Canada
Interested in any thoughts here:
In returning to Canada after about 15 years in The UK my credit union here has helpfully declared me 'no beacon status'; I understood this to mean start again time. Great.
Also, anyone have any luck 'linking' UK credit cards, for example, MasterCard (UK), to MasterCard (Canada)?
In returning to Canada after about 15 years in The UK my credit union here has helpfully declared me 'no beacon status'; I understood this to mean start again time. Great.
Also, anyone have any luck 'linking' UK credit cards, for example, MasterCard (UK), to MasterCard (Canada)?
Jul 7th 2013, 6:50 am
#2
BE Enthusiast
Joined: Jan 2006
Location: 42
Posts: 931
Re: Building Credit Rating Quickly in Canada
If you have enough money to qualify, get a hsbc premier account in the UK.
Not sure exactly how it works, but it gets linked with an account in Canada complete with credit cards if you want.
You may even take your credit rating with you which may or may not be a good thing, but to build up a rating, use the credit card for everything, but pay it off frequently - there's discipline involved, but it's a quick way to build up your credit rating if you can get a card.
Not sure exactly how it works, but it gets linked with an account in Canada complete with credit cards if you want.
You may even take your credit rating with you which may or may not be a good thing, but to build up a rating, use the credit card for everything, but pay it off frequently - there's discipline involved, but it's a quick way to build up your credit rating if you can get a card.
Jul 7th 2013, 2:28 pm
#3
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Joined: Jun 2011
Posts: 1,746
Re: Building Credit Rating Quickly in Canada
We have a Premier account with HSBC and set it up before we left the UK.
Tried to get a credit card from HSBC when we arrived and it got refused twice and we got one after 3 months. Bit of a joke really.
I think it takes time and not sure it can be done "quickly". We just got a mortgage and whilst it was a smooth process there was a ton of paperwork where we had to prove all sorts - esp as we were moving money from the UK to do it.
Tried to get a credit card from HSBC when we arrived and it got refused twice and we got one after 3 months. Bit of a joke really.
I think it takes time and not sure it can be done "quickly". We just got a mortgage and whilst it was a smooth process there was a ton of paperwork where we had to prove all sorts - esp as we were moving money from the UK to do it.
Jul 7th 2013, 4:01 pm
#4
Binned by Muderators
Joined: Jul 2007
Location: White Rock BC
Posts: 11,682
Re: Building Credit Rating Quickly in Canada
UK Visa / MasterCard credit history cannot be transferred to Canada. Amex can - but only for the Amex card. They don't send your info to the Canadian credit bureaus.
The quickest and most effective way to build up a Canadian credit rating is to get a Canadian credit card. Spend half to two thirds of your credit limit each month and pay it off in full. Banks have different policies, and individuals within banks have different authorities, so ask around. You may have to make a security deposit but if you can’t get an unsecured card it is worth doing. However, it should be possible to find someone who will give you an unsecured card.
The quickest and most effective way to build up a Canadian credit rating is to get a Canadian credit card. Spend half to two thirds of your credit limit each month and pay it off in full. Banks have different policies, and individuals within banks have different authorities, so ask around. You may have to make a security deposit but if you can’t get an unsecured card it is worth doing. However, it should be possible to find someone who will give you an unsecured card.
Jul 7th 2013, 6:04 pm
#5
Fancy a Cuppa?
Joined: Nov 2007
Location: Vancouver
Posts: 438
Re: Building Credit Rating Quickly in Canada
Get a main stream bank to give you a secured credit card. Put $1000 down and make sure you pay it off every month. You'll be soon falling over the credit offers through the door!
Jul 7th 2013, 8:57 pm
#6
Nuther day in paradise.ca
Joined: Aug 2008
Location: Ajax, Ontario
Posts: 7,263
Re: Building Credit Rating Quickly in Canada
Buy a house on a bridge loan, then at the end of the month pay off the loan in full. That should secure you a great credit score faster than you can say "double double"
