NEW CANADIANS TO US & US CREDIT

[♥Stiggy♥ 0]

I'd just like to clarify something for TD Canada Trust customers (cause I'm one of them and went through the same thing):

I recently opened a Borderless Plan, which is a US Dollar Account. All monthly fees are waived if you keep a monthly balance over $3,000 USD. The reason I did this was to provide a stopgap measure before I can open a bank account in the US. You get a slightly better rate on money conversion, which makes a big difference when exchanging several thousand dollars at a time. I was with a financial rep at the time and she advised me NOT to open a US Dollar Visa card, because it won't help build any credit in the US. So all I have is access to my money in American dollars. It's easy to convert money from my CDN chequing/savings accounts via EasyWeb.

Some people in this thread have said that the money is hard to access, but that is dependent on your final destination. Right on their Branch Locator page, there is this note:

Please Note: TD Canada Trust customers have FEE FREE access to more than 2,500 TD Canada Trust ABMs, and PLUS Network FEE FREE access at 750 TD Banknorth ABMs, 750 Commerce ABMs and 975 Presto! ABMs located at Publix Super Markets.

So it is certainly possible to get fee-free access to your accounts from those locations (e.g., New England, New York, and most of the northeast). Assuming you withdraw money from a Borderless Plan, there won't be any fees at all because you get unlimited no-fee withdrawals.

I bank with Scotiabank, and I get the same thing but its fee-free Bank of America Bank machines. It helps big time not paying the fee in Canada or the US!

I also have a RBC Centura account started for next year too. Im hoping it will be an easy way to 'merge' our money for now with my fiance so he can just go into the branches and deposit, and I can do the same from here

[♥Stiggy♥ 0]

I got a question regarding this Amex thing. If I transfer it over from here, it will show up on my US credit rating later, and my good payment history, etc, right?

Will it also make my entire credit history transfer over too?

5 years ago I made a stupid mistake and stopped paying a visa card (and 2 years ago I was going to start repaying it and was told not to so it wouldnt 'reset the clock' since I only have less than 2 years left of it being on my credit report. It was all over me being a 21 years old having a grudge on the rude CSR on the phone and me saying 'fine, i wont deal with you guys anymore'. I regreted that later on down the road, lol.

So Im worried if I transfer any of my good credit cards, if that one darn CIBC visa card bad history would transfer too?

[JillA 2]

Poprocks just so you know, RBC is only in some southern states, VA, FL, they are not in PA. I have an RBC account in Canada and when I talked to them about opening one down here they said no point, there are no branches in PA. Which kinda sucked but oh well.

[July09Bride 1]

I got a question regarding this Amex thing. If I transfer it over from here, it will show up on my US credit rating later, and my good payment history, etc, right?

Will it also make my entire credit history transfer over too?

Good question...........

[MapleLeafBaby 1]

Poprocks just so you know, RBC is only in some southern states, VA, FL, they are not in PA. I have an RBC account in Canada and when I talked to them about opening one down here they said no point, there are no branches in PA. Which kinda sucked but oh well.

Jill... do you have any experience with TD is PA? Just wondering if they're connected?

[trailmix 77]

I got a question regarding this Amex thing. If I transfer it over from here, it will show up on my US credit rating later, and my good payment history, etc, right?

Will it also make my entire credit history transfer over too?

No it won't - to both questions. Your good Canadian credit with your American express Canada card will not transfer and none of your Canadian history will transfer.

Basically what happens is that they ask you to choose a U.S. American Express card and they give you that - you start fresh in the U.S.

I do not think it is 'automatic' though - I mean just because someone has a Canadian Am Exp card does not mean they will automatically allow the 'global transfer' and give you a U.S. one - they prob still want to see good Canadian credit history before inviting you to have a new U.S. card.

Edited March 14, 2009 by trailmix

[JillA 2]

Poprocks just so you know, RBC is only in some southern states, VA, FL, they are not in PA. I have an RBC account in Canada and when I talked to them about opening one down here they said no point, there are no branches in PA. Which kinda sucked but oh well.

Jill... do you have any experience with TD is PA? Just wondering if they're connected?

No, I kinda wish I had a TD account in Canada because there are TDs everywhere around here!

[MapleLeafBaby 1]

Poprocks just so you know, RBC is only in some southern states, VA, FL, they are not in PA. I have an RBC account in Canada and when I talked to them about opening one down here they said no point, there are no branches in PA. Which kinda sucked but oh well.

Jill... do you have any experience with TD is PA? Just wondering if they're connected?

No, I kinda wish I had a TD account in Canada because there are TDs everywhere around here!

I've banked with them for 20 years, i'm hoping I can go in and see what they say It's so weird how the same company is sometimes not connected CAN vs US....

[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.

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.

I applied when I was visiting the U.S. and was in a Target store. I'm not sure if you can do it from Canada. I just looked on-line and while they do accept applications on-line it doesn't look like they accept Canadian info. It was pretty easy through the store. I got instant approval, so it would make sense that they could do that on the phone as well. It's worth a try if you don't expect to be in a Target while in the U.S.

[MapleLeafBaby 1]

I am headed down for a visit tmrw.... going to Target to apply!

Hope I have no entry issues? my lawyer said at this stage sometimes it is difficult to cross over lol! I hope not, I wanna see my baby!!!!!

[JillA 2]

I am headed down for a visit tmrw.... going to Target to apply!

Hope I have no entry issues? my lawyer said at this stage sometimes it is difficult to cross over lol! I hope not, I wanna see my baby!!!!!

Are you bringing proof of times to home? Every time I crossed after applying I brought a letter from my employer stating the date I am to return, my lease, bills, etc. That really helps in case you get asked, although I never was. But, I bet if I didn't have the proof I would have been asked, murphy's law!