transfering credit history to USA

[Rod James 0]

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

[Flames9_RN 358]

Probably all depends on the institution! I'm sure if they truly want to get ur Cdn history they could, but many wont!

Keep in mind that you do NOT have to be included on the mortgage. I wasn't when we bought our Condo, BUT I was on the deed

[trailmix 77]

I have never heard of anyone having their credit history 'transferred' to the 3 main credit bureaus. This is not to say that it can't be done, just that I have never heard of it.

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.

Some banks will take your Canadian credit history in to consideration. One of these is RBC and in fact they have a mortgage person who deals strictly with Canadian people who have moved to the U.S.

[Revenesque 2]

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.

My understanding was that it's not possible to transfer since Experian, Equifax and Trans Union (even though they operate in Canada and the US) are governed under different financial jurisdiction that is specific to each country. The bottom line is that they don't talk to each other. There is some financial institutions that will accept your Canadian credit history (e.g. Royal Bank, which has a American subsidiary) but make sure you find an experience Royal Bank banker who is familiar with the process.

One way I know to get credit "transfer" is via Amex, as they have their own credit dept that will transfer your canadian credit history with Amex to your American one. However, they will "qualify" you again by asking for your US address and employment.

Other than than, you have to start all over again and build your credit up.

[Rod James 0]

thanks for your responses. there are a couple interesting leads here to follow. We do have a Canadian Amex card and RBC accounts.

Trailmix, do you know if proximity to an RBC US branch is required. I set up an account with a US RBC bank but all their branches are east coast and I'm on the west coast. I only did it for ease of transferring funds cross-border. I wonder if they would consider a mortgage for a client so far from their branches of operation?

you all are helping stirr up some options here. It would be great to buy now as there are some great deals to be had if we can pull it together. Given that i am the main income earner I don't think my US citizen wife's credit history will count much but we will continue to look at that also. perhaps I can set her up with myself as a partnership (we did in Canada) and thereby qualify through her still somehow.

[trailmix 77]

I'm not sure about RBC - as we were in Florida, but I don't see why not.

As for your American Express, you can do a global transfer, however, although we have had our Canadian card for quite some time, it was still considered new credit to the U.S. reporting agencies.

They did not ask us for any further info - jobs in the U.S. etc, not sure if this is because we had our card for so long or because it is a new requirement.

[darkchilde794 5]

This doesnt answer your question on transferring credit history, but maybe will give some idea about other ways to procure property as a non-citizen/without credit. We bought a house before I came down to the US to get married and ran in the same problem and ended up just having my husband on the mortgage but both our names on the deed.

Several options you may have include:

1. Buying the house with the mortgage solely under your spouse's name, but have your name on the deed.

2. Buying as a foreigner -- you can buy property, you just have to pay PMI or something else -- we decided against this because you lose money and because I dont know what happens when you change status. Also, Im not certain if the reason they offered this option to us is because I also had previous credit history or because its possible...

3. Getting a co-signature on the loan, if you have concerns over your spouse's credit history, and getting your name on the deed

4. I dont know if this applies to the US, but in Canada, if you can produce 35% of the down payment to the house, you can buy property without credit history

Gooodluck!!!!

Edited February 17, 2010 by darkchilde794

[Wyatt's Torch 45]

thanks for your responses. there are a couple interesting leads here to follow. We do have a Canadian Amex card and RBC accounts.

Trailmix, do you know if proximity to an RBC US branch is required. I set up an account with a US RBC bank but all their branches are east coast and I'm on the west coast. I only did it for ease of transferring funds cross-border. I wonder if they would consider a mortgage for a client so far from their branches of operation?

I'm not Trailmix, but I'm an RBC customer and just recently opened up the RBC Access account, which allows me to transfer funds from my Canadian RBC account into my new American RBC account without penalty or delay. When I met with the account manager, I asked her about the credit situation, and she indicated that they WOULD take my prior credit history with my RBC Visa in Canada into consideration. In other words, it will likely kick-start my credit in the U.S. She figured that I may have to have a consultation with them, but wasn't totally sure. I'll be living less than three hours away from a branch, so a one-time consultation isn't too big of a deal for me. They may very well be able to do something like this without consultation for you though. Just make sure you've got the RBC Access account.

[Flames9_RN 358]

where abouts are u moving to? TD bank has banks in the USA as well, Piles of them in the DC area

[Wyatt's Torch 45]

where abouts are u moving to? TD bank has banks in the USA as well, Piles of them in the DC area

He mentioned he's on the West Coast, but I'm pretty sure there are TDs in California, at least.

[coraliesolms 47]

Okay, so in this line of questioning, I have a terrible credit history (ex racked up my credit cards and I ended up missing payments and such), Does that mean my bad credit goes away and I get to start fresh when I get to the states??

[dawnlinnet 0]

We deal with the RBC in Florida, and they will use your credit history in Canada for a mortgage. In fact we bought property there 2 years ago, and are still living in Canada. It was quite easy to get our mortgage through them. So, proximity shouldn't matter. I can give you a contact name there if you like to get some information from them, just send me a private message.

thanks for your responses. there are a couple interesting leads here to follow. We do have a Canadian Amex card and RBC accounts.

Trailmix, do you know if proximity to an RBC US branch is required. I set up an account with a US RBC bank but all their branches are east coast and I'm on the west coast. I only did it for ease of transferring funds cross-border. I wonder if they would consider a mortgage for a client so far from their branches of operation?

you all are helping stirr up some options here. It would be great to buy now as there are some great deals to be had if we can pull it together. Given that i am the main income earner I don't think my US citizen wife's credit history will count much but we will continue to look at that also. perhaps I can set her up with myself as a partnership (we did in Canada) and thereby qualify through her still somehow.

[CdnMN 0]

I had a problem with credit when I first moved here. We rented an apartment for the first year because we didn't know exactly where in MN we wanted to live. We were lucky to get a mortgage in the second year based on my wife's credit and the 2 bills that were in my name and were always current from the utility companies. I'm guessing it would be a different matter today.

Our mortgage broker back than said there was no way for me to have my credit rating from Canada transferred or applied to anything here. Why? I'm still not certain. I was told I really needed to establish a minimum of 2 years credit to be taken seriously. Even getting a credit card at a reasonable rate was a pain at the time.

Cdnmn

[Udella&Wiz 325]

where abouts are u moving to? TD bank has banks in the USA as well, Piles of them in the DC area

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.

[warlord 72]

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.

When I moved I had issue too. Luckily my car blew up in the desert shortly after moving and I bought a new car. I had horrible interest for the first year, but was able to refinance. Getting the new car at least gave me a start and that was pretty much all it took for me to get on the credit list. Still had to pay a lot of interest for the first year though which sucked as I was in the highest bracket (High Risk) catagory...