Credit options for us Canadians

[Angie'nMark 0]

Here is a question not related to visas, well only to the credit card kind. I am thinking ahead to when I finally am able to move to the US to be with my husband. Of course we have a US joint account for which I have a VISA debit card. However, I am under the impression that my credit rating will mean nothing when I am in the US.

I want to start getting a credit history in the US, so I will be able to get a car loan or mortgage when I get there. I don't want to use my husbands credit rating (eeek) and I have a solid credit history here in Canada. Does anyone know if there is any smart way to deal with this issue. Any insights?? SO appreciated if you do.

[Dan and Ali 3]

Here is a question not related to visas, well only to the credit card kind. I am thinking ahead to when I finally am able to move to the US to be with my husband. Of course we have a US joint account for which I have a VISA debit card. However, I am under the impression that my credit rating will mean nothing when I am in the US.

I want to start getting a credit history in the US, so I will be able to get a car loan or mortgage when I get there. I don't want to use my husbands credit rating (eeek) and I have a solid credit history here in Canada. Does anyone know if there is any smart way to deal with this issue. Any insights?? SO appreciated if you do.

American Express in Canada somehow translates into somewhat of a US credit rating -- I'm not exactly sure how it works, but I know there is a thread devoted to it here somewhere. Let me see if I can find it for you!

Here are a couple of threads for you to read over:

http://www.visajourney.com/forums/index.ph...merican+Express

http://www.visajourney.com/forums/index.ph...merican+Express

http://www.visajourney.com/forums/index.ph...merican+Express

http://www.visajourney.com/forums/index.ph...merican+Express

I opened up an American Express card myself a few months ago and I was told by the customer service rep that I spoke to that I would have no problem switching it over to an American card when I do move. He told me I'd have to find a comparable points program (as I have an American Express Aerogold card, which doesn't mean much in the US), but it really wouldn't be too much of an issue.

Edited January 20, 2010 by Dan and Ali

[SapphireDreams 71]

I applied for a Capitol One visa a couple months after I move. I was denied at first for not having an existing credit file. My husband added me to all of his credit cards and that must've sparked something because soon after then they sent me a letter telling me to apply again, and I did and was approved for $500.

I was also offered a visa from Chase a few months later for a much larger amount, which I was pretty surprised about.

I haven't checked my score yet, but I've only lived here now 7 months and I think that I probably have an average score.

[Sam and Ben 2]

The problem with American Express is that they have stipulations for switching over the card after you move (which I just encountered when attempted):

- You still need to match their employment bracket, which is $15k+/yr... obviously not an option as a K1, right off the bat.

- You need to have had the card for over a year.

I, too, was hoping my impeccable rating in Canada would translate over, but it didn't seem to. Luckily, hubby has a very good rating here, so relying on him isn't too bad.

[Wyatt's Torch 45]

I just want to say...I share your pain. I've got impeccable credit in Canada, and knowing I'm likely going to have to start from scratch in the U.S. is VERY disheartening.

[lgg 2]

Yep, I hear you...

My credit rating in Canada is perfect.... oh well. I wonder why? I mean, I guess I know but you'd think they'd at least Equifax it just to see....

I just want to say...I share your pain. I've got impeccable credit in Canada, and knowing I'm likely going to have to start from scratch in the U.S. is VERY disheartening.

[TimandJoyce 1]

sharing your pain about the credit rating... At least I have a visa, even though it's connected to Tim's account. Once I start working then maybe things will slowly change.

I did apply for a Belk card, but that's only because the lady said I'd get a discount on my purchase for just applying!! I was turned down for the card, but saved another 15%

[Hugglebuggles 60]

I had no problems leaving my Canadian credit rating behind...

Like Sapphire I had my husband add me to his credit card accounts after we married so I had a credit file and some kind of credit history. I never tried to apply for any kind of credit or charge cards until recently, when I applied for a card at Victoria's Secret after making a pretty big purchase and they approved me on the spot. So, I would guess that piggybacking off your husbands credit can help at least a little, even if its not great.

[antda 13]

Hi Everyone,

From my experience, here is how I established "credit" and financial history here in the USA:

-I had no credit/credit cards while I was in Canada, as I didn't need any nor did I want any. I did though have a chequing/checking account.

But also because of the USCIS requiring "joint financial documents"....(frankly, I don't see how this ultimately proves a "genuine relationship", as there is more to marriage than the finances.....but that's another story...lol....)

-I was added to my husband's chequing/checking bank account, and it's a "joint account"

-I "piggybacked" on my husband's credit card, as a "joint cardholder"

-We used our card "for emergencies only", with very little balance left on it

-My husband made payments on the credit card every month, paying more than the minimum required

-Our credit limit kept on increasing and we never went over our limit

-Lol...then I kept on getting many more credit card offers, but I didn't want another card and I don't like credit cards anyways.

-I have no employment history at all in the USA

-Ironically, having good credit helps, as we recently purchased a house, and we found out:

-After about 2 years of being "joint": My credit rating was 750+, My husband's credit rating was 800+.

-Needless to say, our high credit rating helped us with the "approval" of the "joint mortgage" for our new house.

Hope this helps. And yes, you too can establish credit in the USA! (even though you might hate credit, but still need it anyways...)

Ant (Credit-hating, but high in credit....)

Edited January 20, 2010 by Ant+D+BabyA

[Dan and Ali 3]

The problem with American Express is that they have stipulations for switching over the card after you move (which I just encountered when attempted):

- You still need to match their employment bracket, which is $15k+/yr... obviously not an option as a K1, right off the bat.

- You need to have had the card for over a year.

I, too, was hoping my impeccable rating in Canada would translate over, but it didn't seem to. Luckily, hubby has a very good rating here, so relying on him isn't too bad.

That is good to know -- I will definitely hold off on switching it over until I have a job. I'm not too worried as they give very competitive exchange rates and I like collecting Aeroplan miles anyway ... free flights ftw!

[trailmix 77]

That's interesting about American Express, they didn't ask me about income - probably the most important thing is that you must have had your card for a year or more - then maybe it's not an issue.

[biglos 0]

Hey Guys,

I actually was able to open an account at Wells Fargo without a SSN, just brought my Canadian License and Passport for identification and using my wifes address here in washington, I was open with my information about my visa paper work etc etc and it was no problem. Also, I had asked about credit. Yes, you will have to re-establish your credit in the US unless you have a Canadian bank (Royal Bank I believe does this) and a US bank that will transfer your credit history to the US.

My advise, as well as from the bankers, is to get a secured credit card (usually $500 - $1000), use it and pay it off, its the fastest way to create an impeccable credit score in the US, as well as repairing credit history.

Hope this helps!

[Sam and Ben 2]

That's interesting about American Express, they didn't ask me about income - probably the most important thing is that you must have had your card for a year or more - then maybe it's not an issue.

They wanted employment details, just as when I first signed up with the card. She said that because I was no longer employed (despite explaining the stipulations of my move to her) and was no longer making the minimum amount, that I would not be able to sign up for a global transfer. I could, however, continue to use this card until I met my one-year date and hopefully would meet their requirements at that time.

As I don't plan on eating exchange for no reason, the card's sitting idle.

[lgg 2]

Hey Trailmix...

I think I read awhile back that you belong to CIBC? My main account is with CIBC and I want to keep it as it has all the nitty gritty attached to it that I want -- I don't recall so excuse my asking again, but were you able to easily give them an American address for your accounts? Was it all okay? I'm going to have to shut down my PResident's Choice account which is too bad, it's a great system but oh well....

Thanks for the info you can PM me if you prefer..

Best,

LGG

That's interesting about American Express, they didn't ask me about income - probably the most important thing is that you must have had your card for a year or more - then maybe it's not an issue.

[trailmix 77]

Hey Trailmix...

I think I read awhile back that you belong to CIBC? My main account is with CIBC and I want to keep it as it has all the nitty gritty attached to it that I want -- I don't recall so excuse my asking again, but were you able to easily give them an American address for your accounts? Was it all okay? I'm going to have to shut down my PResident's Choice account which is too bad, it's a great system but oh well....

Thanks for the info you can PM me if you prefer..

Best,

LGG

Hey there,

We just have our Visa cards with them, no bank account, but I called visa and gave them my Sister's address in Nebbie and they had no problem with that.