Establishing Credit in the US from Canada

[Faust942 4]

I'm looking for the best way to establish credit once I've moved to the USA. I currently have average credit (600-700 last time I checked). I have a TD credit card currently.

I read a few options are available:

• Get an Amex/MBNA credit card and switch it to a US account when I move.
• My fiance (who has excellent credit) and I would open a joint credit card (I've been told this would lower her credit?).
• RBC/TD bank can help me establish my US credit?

Hope I can get some clarification on this.

Thanks!

[Rob L 3,811]

My Wife will be in your shoes when she moves, and I have similar questions. I would love to share notes.

• Get an Amex/MBNA credit card and switch it to a US account when I move.

I did not hear about MBNA, I would like to know more about that option. The AMEX solution appears to be for real.

• My fiance (who has excellent credit) and I would open a joint credit card (I've been told this would lower her credit?).

It might ( in the short term) slightly lower her FICO score which is used to establish what interest rate you will pay for large ticket items like a Car Loan or Mortgage it should not lower her credit worthiness score.

• RBC/TD bank can help me establish my US credit?

We are looking into this as well, I understand that TD can issue a US based credit card which would give the holder some history that the US agencies will track. You will want to get the Social Security number attached to that account when available so it can be pulled up readily.I will report back here if I learn anything worthy

Edited June 30, 2014 by Rob L

[ricnally 258]

I have linked US and Canadian bank accounts with RBC. I just got a US credit card through them and am hoping to have some kind of credit rating within 3-6 months.

[Faust942 4]

Just realized that I put the topic in wrongly.

Edited July 1, 2014 by Faust942

[Crumulent 7]

I thought a TD card would help as well, and was given a lot of wrong and misleading information by various people at TD before finding out it can't. I've since learned that;

A TD Cross-border credit card has ZERO impact on a US Credit rating. It's just another Canadian card that processes transactions in USD.

I don't qualify for a US TD Bank card because I don't have a credit rating in the USA. Apparently they cannot even consider a CDN credit rating for a US product.

It's too late for me to get a CDN Amex card, I wish I had done that. So the only options that I can see for myself are being added onto my wifes cards, and getting a secured credit card (Where you put a deposit down for the amount of 'credit' you want.) From what I can see, the better options there are the ones offered by Capital One, and Wells Fargo, because they have the option to change into an unsecured card once you've proven yourself (which is better for your credit than replacing it with a different card down the line). They also report to the credit bureaus (Many, but not all secured cards do that).

[NikLR 13,227]

I have a US credit card through RBC that I got in the USA, but they checked my Canadian credit to do so which is a feature they offer if you have a US and Canadian bank account with them. I double checked and they report to all 3 US credit bureaus. But Trans Union has me frozen for some reason that I can't figure out. But I'll be calling next week to find out.

Edited July 4, 2014 by NLR

[Rob L 3,811]

Very interesting posts..I am interested in what everyone learns. My wife has an Amex in Canada so that should help

[Kathryn41 3,205]

Just realized that I put the topic in wrongly.

I've edited it for you to be more accurate .

-VJ Moderation

[Weston3220 4]

from my searches if you dont have a SSN its hard to get US credit so if the bank is willing to over look that and accept canadian credit then good but US Credit is based on SSN

[Crumulent 7]

I have a US credit card through RBC that I got in the USA, but they checked my Canadian credit to do so which is a feature they offer if you have a US and Canadian bank account with them. I double checked and they report to all 3 US credit bureaus. But Trans Union has me frozen for some reason that I can't figure out. But I'll be calling next week to find out.

Interesting, it appears my mistake was in choosing TD. I'll have to call them and see if I still qualify now that I'm living in the USA.

[NikLR 13,227]

from my searches if you dont have a SSN its hard to get US credit so if the bank is willing to over look that and accept canadian credit then good but US Credit is based on SSN

I started both accounts in Canada using a w8-ben form. After I got to the USA, I got an SSN. I then sent that to both of my US banks (I have a joint account with hubs too) with a W9 form and that started my US credit rolling.

[Crumulent 7]

Interesting, it appears my mistake was in choosing TD. I'll have to call them and see if I still qualify now that I'm living in the USA.

Update, after initially declining me for a credit card because I didn't have a US credit rating, TD contacted me again and said they could get me a US credit card based off of my Cdn Credit Rating. The woman I spoke with made it sound like they're rolling out a program like RBC has and I was accepted as an early testee type thing. Or maybe it was because I told them I was leaving TD.

Either way, I now have a US TD Visa with a significant credit limit, that reports to US credit bureaus.

I didn't go with RBC in the end, because I didn't have an active account with them. They said they could approve me for a card, but unless I went to an RBC branch in the next 3 months (in Canada) to finalize it, it would then be closed.

Edited August 20, 2014 by Crumulent

[NikLR 13,227]

Update, after initially declining me for a credit card because I didn't have a US credit rating, TD contacted me again and said they could get me a US credit card based off of my Cdn Credit Rating. The woman I spoke with made it sound like they're rolling out a program like RBC has and I was accepted as an early testee type thing. Or maybe it was because I told them I was leaving TD.

Either way, I now have a US TD Visa with a significant credit limit, that reports to US credit bureaus.

I didn't go with RBC in the end, because I didn't have an active account with them. They said they could approve me for a card, but unless I went to an RBC branch in the next 3 months (in Canada) to finalize it, it would then be closed.

YAY glad you could get what you needed.

[keysjangle 145]

So, the only credit card I have in the US right now is linked to my husband's, so afaik, it shouldn't impact my American credit score.

I don't have a car loan here, nothing. At all.

We had credit checks done during the applications for our place, and we got approved on the spot. My score is apparently north of 780 and I have NO idea how. I told the property manager ahead of time that I wouldn't have much to my name, but apparently not. I don't know what system he used to look me up, but damn.

So hey, maybe we all have awesome American credit and don't even know it!

The only thing my husband and I could come up with was that since we were run as a couple, his score (which is very good) rubbed off on me. Doesn't seem like a very thorough system, but it worked out for us.

Edited August 23, 2014 by Gervl

[kc247 22]

I have a joint bank account & credit card with my husband. I have recently received mail from banks wanting me to get credit cards recently....not sure if I would get those if I didn't have credit?

Though when we went to apply for an auto loan they said I have no credit yet, luckily my husband has quite good credit, once we have the auto loan hopefully mine will go up! It's not fun going from having good credit in Canada to NO credit here!