NEW CANADIANS TO US & US CREDIT

[BermyCat 1]

We're hoping that USAA will allow me to be added to Phil's existing credit card or allow us to get a new joint card. We have our car and renters insurance with USAA and have had nothing but great service with them so I'm hoping that they'll be the answer to me obtaining credit as well.

~ Catherine

[MapleLeafBaby 1]

GRRRRRRRRRR!!!!

Did I mention that I am going to sue the dealership that just sold me my car!!!!! I have no choice

Now my fiance will have to carry it all, car loans, mortgage etc... he will be over extended....

This is so frustrating!

[Udella&Wiz 325]

Welcome to the 'people who have un intentionally overextended their fiancés/ husbands club'

we hate it too

[Saddle Bronc 124]

First thing I did was buy a car and was put on the "High Risk Loan", after a few months I was able to renegotiate with my bank for a much lower rate. So it sucked, but it worked...

I made the mistake of going to a Ford dealership and signing a lease on a Taurus; next to impossible to get out of the lease (though the dealership said, "well we can put you into a Contour or an Escort"--thanksalot-for-nothing), I eventually did with a payment of $1,500 extra (over trade-in) to a VW dealership which put me in a Jetta (the one that lasted me 8 years and 2.25 lakh miles).

Ironically, that (along with a little under a year of renting) put me into OK status, so when I applied (using Canuck form at Calgary Airport) for an Amex it got approved (the app got transfered to The Salt, and they called me to ask my SSN).

In hindsight, I maybe should have "bullet-bitten" and driven my old (1986) Pony from Calgary to Atlanta with 2 sandbags in the boot.

[Gypsyangel 11]

- Before you leave Canada do two things at least (like now) - apply for a Canadian American Express Card and apply for a JCPenney card - the Penney's card is easy to get. Neither of these will help your U.S. credit rating yet - however as soon as you move you can change your Penney's card over to your SSN from you SIN and that's a good start. With American Express you will be able to do the global transfer and get a U.S. card as soon as you move or just before (remember to call them with your SSN when you get it).

I would also recommend getting a Target Visa card using your Canadian SIN before you move and then transferring it to your US SSN. It's a Visa card you can use anywhere, rather than just a department store card. At least when you're in the U.S. you'll have a US dollar credit card.

[trailmix 77]

- Before you leave Canada do two things at least (like now) - apply for a Canadian American Express Card and apply for a JCPenney card - the Penney's card is easy to get. Neither of these will help your U.S. credit rating yet - however as soon as you move you can change your Penney's card over to your SSN from you SIN and that's a good start. With American Express you will be able to do the global transfer and get a U.S. card as soon as you move or just before (remember to call them with your SSN when you get it).

I would also recommend getting a Target Visa card using your Canadian SIN before you move and then transferring it to your US SSN. It's a Visa card you can use anywhere, rather than just a department store card. At least when you're in the U.S. you'll have a US dollar credit card.

Can you apply for that while you are still in Canada Gypsy - that would be great - if you didn't actually have to appear in person in the store I mean.

[neiks 19]

We recently did up a mortgage application and the bank ran a credit check on both my husband and I separately. When I got my copy I was quite surprised how good my US credit score was already. We opened a joint bank account together when I got my residency down here. Have a joint credit card. Think I have a JC Penny card in my name. And in Nov 08 we got a vehicle loan in both our names. My credit score as of this year is over 700. So don't have alot of credit history in the US yet. Other than my Canadian income, I didn't list any of my Canadian assests or liabilities. Doesn't seem to take much to get a good credit score established other than maybe some time?

[JillA 2]

We recently did up a mortgage application and the bank ran a credit check on both my husband and I separately. When I got my copy I was quite surprised how good my US credit score was already. We opened a joint bank account together when I got my residency down here. Have a joint credit card. Think I have a JC Penny card in my name. And in Nov 08 we got a vehicle loan in both our names. My credit score as of this year is over 700. So don't have alot of credit history in the US yet. Other than my Canadian income, I didn't list any of my Canadian assests or liabilities. Doesn't seem to take much to get a good credit score established other than maybe some time?

Good to know! Right now, all I have is a joint bank acc and CC. Once I get a job, I'll start small with a Target CC or something....

[trailmix 77]

We recently did up a mortgage application and the bank ran a credit check on both my husband and I separately. When I got my copy I was quite surprised how good my US credit score was already. We opened a joint bank account together when I got my residency down here. Have a joint credit card. Think I have a JC Penny card in my name. And in Nov 08 we got a vehicle loan in both our names. My credit score as of this year is over 700. So don't have alot of credit history in the US yet. Other than my Canadian income, I didn't list any of my Canadian assests or liabilities. Doesn't seem to take much to get a good credit score established other than maybe some time?

ditto neiks, even though we have only had credit here in the U.S. since last year

Edited March 13, 2009 by trailmix

[July09Bride 1]

GRRRRRRRRRR!!!!

Did I mention that I am going to sue the dealership that just sold me my car!!!!! I have no choice

Now my fiance will have to carry it all, car loans, mortgage etc... he will be over extended....

This is so frustrating!

That's horrible that the dealership won't work with you!!!

[suzukiwookie 1]

I opened up an RBC account here in Toronto and then used that to open an account down at the RBC in Florida. They used my Canadian credit history and now I have a US visa card, US line of credit, us chequing account, US joint account with my fiancee and overdraft. I also use the RBC accounts to easily transfer money back and forth from canadian accounts to us accounts. And the actual branch is only 5 minutes from our house in florida.

4 more days in Canada and I'm outta here!!!

[MapleLeafBaby 1]

Here is what I have found out so far.

As far as the TD Canada goes - and their American funds account - it is really just for Canadians who want to have American dollars in the bank for whatever reason. You can't even get a debit card with it - so basically if you are in the U.S. and want access to that money - that's just too bad. Now as you mentioned, having a TD U.S. dollar Visa card might help - you could just pay that with the funds (I know this because I had that account and when we went to move I discovered we would have like no access - not helpful). As far as the relationship with TD in the U.S - I did talk to their mortgage department about 2 months ago and they told me that yes, they would check our Canadian credit history if need be.

Here is what I would recommend as far as establishing credit:

- Before you leave Canada do two things at least (like now) - apply for a Canadian American Express Card and apply for a JCPenney card - the Penney's card is easy to get. Neither of these will help your U.S. credit rating yet - however as soon as you move you can change your Penney's card over to your SSN from you SIN and that's a good start. With American Express you will be able to do the global transfer and get a U.S. card as soon as you move or just before (remember to call them with your SSN when you get it).

- If you are serious about needing a mortgage or other large-ish loan when you get to the States - you may want to look at the RBC Centura account - I have written about that in other threads. We just got preapproved for a mortgage with them - we were not approved by ING Direct because we did not have 2 years of credit history in the U.S. (we don't have quite 1 year yet). As treble mentioned - getting credit now is tough - this is not two years ago when they were handing money out.

If you are not working when you apply for a loan it is doubtful that they will even want to see your credit - they just won't care - no work - not interested.

For the RBC - to apply for a mortgage (may be different for other types of loans) you must have 1 month of pay stubs to show them.

OMG, I love you all... this is a wealth of info!!!!

I am going to try for the Target card and maybe JCPenny? Don't want them to see me going crazy lol!

What Canadian banks are connected to US? Is it just RBC? Or can I try to trans one of my TD accounts in the US? I see TD all over Jersey and PA?

I wonder if I can apply on line? I'll check JCP and Target tmrw.

ps. the dealership basically screwed me and are washing their hands of the whole deal... the finance co is even lying to me telling me it's a US rule blah blah blah... and I explained to her that she was talking outta her *** as some States will register your car and just send them a notification... it is the Canadian Finance Co that won't do it cause they worry that they will have no recourse for repossession outside of their jurisdiction.... I hate when call centre people make **** up.... lol!

Oh, I am so officially part of the 'oops, sorry babe, I over extended your credit and I promise to buy no more shoes for a year!' club lol!

[MapleLeafBaby 1]

I opened up an RBC account here in Toronto and then used that to open an account down at the RBC in Florida. They used my Canadian credit history and now I have a US visa card, US line of credit, us chequing account, US joint account with my fiancee and overdraft. I also use the RBC accounts to easily transfer money back and forth from canadian accounts to us accounts. And the actual branch is only 5 minutes from our house in florida.

4 more days in Canada and I'm outta here!!!

WOOOHOO! LUCKY!!!! Good luck! And if you happen to find a lender on some corner giving out free mortgages.... give us a holler!!!!

[MapleLeafBaby 1]

I opened up an RBC account here in Toronto and then used that to open an account down at the RBC in Florida. They used my Canadian credit history and now I have a US visa card, US line of credit, us chequing account, US joint account with my fiancee and overdraft. I also use the RBC accounts to easily transfer money back and forth from canadian accounts to us accounts. And the actual branch is only 5 minutes from our house in florida.

4 more days in Canada and I'm outta here!!!

WOOOHOO! LUCKY!!!! Good luck! And if you happen to find a lender on some corner giving out free mortgages.... give us a holler!!!!

[July09Bride 1]

Here is what I have found out so far.

As far as the TD Canada goes - and their American funds account - it is really just for Canadians who want to have American dollars in the bank for whatever reason. You can't even get a debit card with it - so basically if you are in the U.S. and want access to that money - that's just too bad. Now as you mentioned, having a TD U.S. dollar Visa card might help - you could just pay that with the funds (I know this because I had that account and when we went to move I discovered we would have like no access - not helpful). As far as the relationship with TD in the U.S - I did talk to their mortgage department about 2 months ago and they told me that yes, they would check our Canadian credit history if need be.

Here is what I would recommend as far as establishing credit:

- Before you leave Canada do two things at least (like now) - apply for a Canadian American Express Card and apply for a JCPenney card - the Penney's card is easy to get. Neither of these will help your U.S. credit rating yet - however as soon as you move you can change your Penney's card over to your SSN from you SIN and that's a good start. With American Express you will be able to do the global transfer and get a U.S. card as soon as you move or just before (remember to call them with your SSN when you get it).

- If you are serious about needing a mortgage or other large-ish loan when you get to the States - you may want to look at the RBC Centura account - I have written about that in other threads. We just got preapproved for a mortgage with them - we were not approved by ING Direct because we did not have 2 years of credit history in the U.S. (we don't have quite 1 year yet). As treble mentioned - getting credit now is tough - this is not two years ago when they were handing money out.

If you are not working when you apply for a loan it is doubtful that they will even want to see your credit - they just won't care - no work - not interested.

For the RBC - to apply for a mortgage (may be different for other types of loans) you must have 1 month of pay stubs to show them.

OMG, I love you all... this is a wealth of info!!!!

I am going to try for the Target card and maybe JCPenny? Don't want them to see me going crazy lol!

What Canadian banks are connected to US? Is it just RBC? Or can I try to trans one of my TD accounts in the US? I see TD all over Jersey and PA?

I wonder if I can apply on line? I'll check JCP and Target tmrw.

ps. the dealership basically screwed me and are washing their hands of the whole deal... the finance co is even lying to me telling me it's a US rule blah blah blah... and I explained to her that she was talking outta her *** as some States will register your car and just send them a notification... it is the Canadian Finance Co that won't do it cause they worry that they will have no recourse for repossession outside of their jurisdiction.... I hate when call centre people make **** up.... lol!

Oh, I am so officially part of the 'oops, sorry babe, I over extended your credit and I promise to buy no more shoes for a year!' club lol!

Great ideas! I'll have my fiance get cracking on those, too! I'm just CERTAIN he'll want a Target card and a Penney's card. LOL But, the AmEx card, now that is a different story!

Gotta LOVE VJ for the people and their experiences!!! Thanks so much!