New Banking Option for Canadian cross-border banking

[Krikit 1,164]

I also took my passport (former name) to the American branch and asked them to record the information so that I don't run into any hassles when I cash cheques in former name.

[jazzly 3]

UPDATE: Not so encouraging news. TD said that with the faxing option for Crossborder CC, it takes about a month to have that process complete. There is no option to escalate it. May be if someone is moving to US East Coast and appear in person at a TD branch, it will be different. My case is different so will have to wait.

Called RBC out of desperation. Told them my need, they asked me to open a Canadian RBC account (not a big deal) and then they will get the US credit card in 72 hours. But this will still be just a help to have a credit card in US with US SSN on it to build US credit history. ITS NOT A CREDIT HISTORY TRANSFER.

As per them the credit history remains in the country you are resident in and never crosses border. The most these banks can do is to check your credit history in Canada and then give you services in US to help build local credit history.

IS THIS STATEMENT ENTIRELY OR PARTIALLY TRUE?

[jazzly 3]

Has anyone ordered Equifax Credit Report and Score from Canada and taken it to US banks to use it?

[Krikit 1,164]

A number of us have had our Canadian credit pulled, Jazzly. They will do it if they're motivated to.

If you live close to the border the American retailers are quite happy to give a Canadian credit. That will give you a jump start.

[jazzly 3]

I am in touch with a very motivated banker personal at TD bank Miami location. She is pushing with TD US to have my account release (officially available for business) and since I was exchanging email with her, I mentioned Credit Card application that is in pending. She is going to trace that to the TD cross border folks to see how can she expedite it.

Some people are made to help others. And some are born for a smoke break and missing mandatory employee training.

[JensJrny2Ray 367]

UPDATE: Not so encouraging news. TD said that with the faxing option for Crossborder CC, it takes about a month to have that process complete. There is no option to escalate it. May be if someone is moving to US East Coast and appear in person at a TD branch, it will be different. My case is different so will have to wait.

Called RBC out of desperation. Told them my need, they asked me to open a Canadian RBC account (not a big deal) and then they will get the US credit card in 72 hours. But this will still be just a help to have a credit card in US with US SSN on it to build US credit history. ITS NOT A CREDIT HISTORY TRANSFER.

As per them the credit history remains in the country you are resident in and never crosses border. The most these banks can do is to check your credit history in Canada and then give you services in US to help build local credit history.

IS THIS STATEMENT ENTIRELY OR PARTIALLY TRUE?

As far as I know if you have a Canadian RBC account they can put in an application to get you a US account with their US branch. It is an online/phone only bank now in the USA but they told me that the US branches all have access to the info with your Canadian account.

[jazzly 3]

This is true. But they said the credit card they will issue will only help us build our credit history to the US SSN. It does not mean that you have trasffered your credit history from Canada to US.

Its just that RBC knows your credit history in Canada and that you're not a fraud and safe to have a credit card in US with a decent limit. Unlike the $500-$1000 that US banks normally offer if they are satisfied with your assets etc.

[jazzly 3]

My TD US account is open and active.

But my TD Cross Border Credit Card application is still under consideration (almost 3 weeks). I had been transfered to the credit department and the lady said that even if the CC is issued it will help building the credit history on my US SSN. There is no transfer of credit score/history from Canada to US.

I don't know how people managed to get their credit history transferred. Any help ?

[NikLR 13,227]

I've never heard of anyone having their credit history transferred and didn't think it was possible.

[Krikit 1,164]

I don't know how people managed to get their credit history transferred. Any help ?

Mine was pulled, and so was someone else's when they were mortgage hunting. It might have been Kimbear. Can't recall right now. As I mentioned before, if the lender is motivated, they'll find a way to pull it.

[jazzly 3]

Pulling is one thing, Carson store chain did pull my Canadian history few months ago when I was not even a PR. The thing is to associate Canadian credit history/score to US SSN is something that I was looking for. Perhaps, I was mislead before.

[Krikit 1,164]

You can't have Canadian credit history tied to US credit history. You can have Canadian credit history influence US credit availability, though. Once you get that started you start building the US history.

[NikLR 13,227]

You can't have Canadian credit history tied to US credit history. You can have Canadian credit history influence US credit availability, though. Once you get that started you start building the US history.

This is what I meant. I didn't think you could have them tied together. I know a place could pull the Canadian history if they choose to, but they aren't tied together as in your Canadian history carries over to the American one unless a place chooses to look at it and take it into consideration.

[Kimbear 53]

Mine was pulled, and so was someone else's when they were mortgage hunting. It might have been Kimbear. Can't recall right now. As I mentioned before, if the lender is motivated, they'll find a way to pull it.

Correct, it was through Bank of America, however we never ended up doing that since we never got a mortgage with them. It just depends on how badly they want your business i guess.