transfering credit history to USA

[Flames9_RN 358]

Except they aren't reeally connected to the Cdn version, are they?

To the OP - you'll find opinions on both sides....my personal experience is that Chase could not really use my Cdn credit history (barely attempted to even get it) when we went to buy the house and therefore my husnband's name is on the mortgage and 6 months afterwards,we added my name to the house deed. Someday, if we refinance, we'll add my name on the mortgage as well.

Establishing credit can be frustrating here...I was a well established person with good credit in Canada and after coming here...I currently have a measley credit card under my own name to start re-establishing with a $750...if I sound bitter, I am because it feels like I'm 18 again and have nothing to show for all my hardwork.

Don't know, but they may be,as the RBC ones appear to be connected

[OBX 51]

Don't know, but they may be,as the RBC ones appear to be connected

I don't believe that the TD banks in the Northeast are connected as of yet, although I have heard that they are moving in that direction.

[redmen99 1]

I don't believe that the TD banks in the Northeast are connected as of yet, although I have heard that they are moving in that direction.

TD Banks are not connected yet. And with all the fees they charge Canadians and will probably try to charge their US Customers that could be a good thing....

[Hugglebuggles 60]

The mortgage broker that you talked to pretty much told you the same thing I was told by a couple of U.S. banks. They want to see at least 2 "credit streams" (credit cards) and they want to see 2 years worth of credit history.

Just wanted to add that this is exactly what I was told as well. I have 3 credit cards, but unfortunately my credit history only goes back to August. Our broker said they can and would consider my short credit history if I wanted, but that when a couple is involved they will take the lowest credit score of the two. She also said that when your credit history is new (like mine) it simply won't be very strong. It never even occurred to me that they may be able to check my Canadian credit, since she never presented it like it was an option.

I definitely feel for individuals who move to the US and have a long, reparable credit history in Canada. Its so hard starting new. When I left Canada I left behind a credit history that was barely 3 years old and being a college student, certainly wasn't anything to brag about. For me, I look forward to starting new.

[Tina&Roland 4]

Hi all,

and thanks for everyone's help to get me down here. we are now settling into our rented house in Canby, Oregon. I am overwhelmed by all the logistical details that go with starting over here and getting a new business started...not for the faint of heart. I'm taking it one day at a time.

One big matter has to do with establishing US credit history so we can buy a house. A helpful representative at Chase bank told us we should be able to have credit history transferred and gave us numbers to call the 3 main branches that deal with credit ratings: Experian, Equifax, and Trans Union. He said they deal with international issues all the time.

the mortgage broker we initially talked to said we would need to establish a year or two of US credit history before they would consider us.

so, does anyone have experience with transferring credit history to the US and can confirm it is in fact possible?

thanks

We recently bought a house and our loan officer told wanted us to show not just 2 years of credit history, but also 3 credit lines (e.g. 3 credit cards). My hubby only had 2 credit cards over the years and the year that he had a credit card in Canada didn't count (they also discounted my credit in Canada). There was some issue with the Fanny-Mae guidelines that if our mortgage company was to sell to the secondary market then this was the rule. Well, we fought hard and eventually our lender found this little credit union in Michigan that would not sell to a secondary market. So we were good. In the end, we found out that what would have been acceptable was to show our lease, telephone bills, etc. to show that we had good credit.

It was a mess, but it finally worked out and we bought a nice little house. Closing and move-in is in 2 days!

[Rod James 0]

It's nice to know you got through the system Tina&Roland. Do you care to share the name of that credit union in case it's something we could look into?

I was told by Equifax in Canada that I could request my credit history be sent to (or transferred) Equifax USA but Trans Union said this was not possible and Experian is no longer in Canada. So one out of 3 may be better than nothing and we'll see what that leads to.

[NBtoPitt 2]

Since it was mentioned, I wanted to add something to the TD/RBC thing on here. TD *does* have a lot of banks in the US, but as it was mentioned, the Canadian TD and the US TD do not inter-mix at all. Having a TD account in Canada and a TD account in the US will be no better than having a Canadian account at CIBC and an American account at Wachovia.

My husband and I opened up a Canadian RBC account and an American RBC account though, because as of right now they are the only bank that has gotten around all the red tape to connect the Canadian and US branches. Basically, they are separate banks - you'll need to open an account in each country (for us, we opened our Canadian one here in Fredericton and then they set us up with a branch in Virginia to open our US one) and then, once you have set up online or phone banking you can transfer money easily between the two. It's actually really great. The only catch is that if you don't live in one of a very few select states, chances are there won't be a local branch of RBC USA to visit. I am moving to Pittsburgh with my husband, but our branch is in Newport News, Virginia. This is fine for us, because once we transfer our Canadian money into the RBC US bank, we can easily get it from that US account into any other US account online and would practically never need to go to the branch anyway.

Also, there are no fees regarding these transfers on our account, which is nice

[Revenesque 2]

I was told by Equifax in Canada that I could request my credit history be sent to (or transferred) Equifax USA but Trans Union said this was not possible and Experian is no longer in Canada. So one out of 3 may be better than nothing and we'll see what that leads to.

Rod, I'm curious if you are successful with Equifax. Do update us on this effort!

[Wyatt's Torch 45]

My husband and I opened up a Canadian RBC account and an American RBC account though, because as of right now they are the only bank that has gotten around all the red tape to connect the Canadian and US branches. Basically, they are separate banks - you'll need to open an account in each country (for us, we opened our Canadian one here in Fredericton and then they set us up with a branch in Virginia to open our US one) and then, once you have set up online or phone banking you can transfer money easily between the two. It's actually really great. The only catch is that if you don't live in one of a very few select states, chances are there won't be a local branch of RBC USA to visit. I am moving to Pittsburgh with my husband, but our branch is in Newport News, Virginia. This is fine for us, because once we transfer our Canadian money into the RBC US bank, we can easily get it from that US account into any other US account online and would practically never need to go to the branch anyway.

I just got my online activation code in the mail today...so have just been connecting the two banks. Success! I've transferred $100 from the Canadian one into the American and all looks fine. It was a 1.06 exchange rate, which is right about the actual rate lately...so that's pretty darn good.

It DOES look like I'll have to talk to them on the phone to order checks though. There is a re-order site that RBC redirects you to, but not a place where you can put in your initial check order. That's probably not a bad thing though, because I'm still living in Canada and would want to have my U.S. address on the checks etc.

[NBtoPitt 2]

I just got my online activation code in the mail today...so have just been connecting the two banks. Success! I've transferred $100 from the Canadian one into the American and all looks fine. It was a 1.06 exchange rate, which is right about the actual rate lately...so that's pretty darn good.

It DOES look like I'll have to talk to them on the phone to order checks though. There is a re-order site that RBC redirects you to, but not a place where you can put in your initial check order. That's probably not a bad thing though, because I'm still living in Canada and would want to have my U.S. address on the checks etc.

Where did you open the accounts? If you opened both at a Canadian branch (as in, your Canadian branch opened your US account for you) then you can get them to order the checks for you. We actually just received ours in the mail. I find going through the same person at our branch here in New Brunswick much easier than calling the US line.

[Wyatt's Torch 45]

Where did you open the accounts? If you opened both at a Canadian branch (as in, your Canadian branch opened your US account for you) then you can get them to order the checks for you. We actually just received ours in the mail. I find going through the same person at our branch here in New Brunswick much easier than calling the US line.

Hmm! Good to know. The account specialist I set everything up with suggested that I keep my Canadian address until I've actually moved to the U.S. though. I didn't protest too much, but I probably should have. Chances are that I will have very little time between my interview (if it's approved) and my actual departure to the U.S., but I'll see what I can do.

[NBtoPitt 2]

UPDATE: We were contacted by our RBC USA branch the other night, just checking in, seeing what we have, and asking if we wanted them to put me on my husband's RBC visa. This, of course, had been the plan all along to start building my US credit history right away, but they also pointed out another benefit that we're going to look into when we have more time (they called on a Friday night - being unaware of our later timezone). They said that when they consider me for the card they will "pull" from my Canadian credit history because they do business in both countries. The way it sounded though was as if they would transfer my Canadian credit history in some way. I don't know if this is the case, but I'm definitely going to look into it! I only have four years of credit history so far, but it's four years of having three separate bills, overdrafts, credit cards in my name which have all been paid on time always.

[Tina&Roland 4]

It's nice to know you got through the system Tina&Roland. Do you care to share the name of that credit union in case it's something we could look into?

I was told by Equifax in Canada that I could request my credit history be sent to (or transferred) Equifax USA but Trans Union said this was not possible and Experian is no longer in Canada. So one out of 3 may be better than nothing and we'll see what that leads to.

Hi Rod James,

Sorry for the late reply. Our credit union is called the Lake Michigan Credit Union. Perhaps you can try them.

Good luck!

Tina

[Wyatt's Torch 45]

UPDATE: We were contacted by our RBC USA branch the other night, just checking in, seeing what we have, and asking if we wanted them to put me on my husband's RBC visa. This, of course, had been the plan all along to start building my US credit history right away, but they also pointed out another benefit that we're going to look into when we have more time (they called on a Friday night - being unaware of our later timezone). They said that when they consider me for the card they will "pull" from my Canadian credit history because they do business in both countries. The way it sounded though was as if they would transfer my Canadian credit history in some way. I don't know if this is the case, but I'm definitely going to look into it! I only have four years of credit history so far, but it's four years of having three separate bills, overdrafts, credit cards in my name which have all been paid on time always.

Yep! I'm in the exact same boat, at almost the exact same time! I was just approved for a credit card in the U.S. through RBC down there. Pretty awesome. They needed my SIN, but it looks like my credit history is transferable given the high credit limit on the card. I'm just waiting on the emailed documents that I'll have to sign, scan and send back.

[Malrothien 6]

That's a good thing to know. I might have hubby go open an RBC account, since there is a branch 5 minutes from the house here in FL.