American Credit VS Canadian Credit

[NikLR 13,227]

RBC allowed me to open a US based credit card using my Canadian credit score.  Out of RBC and TD I always recommend RBC because I have not had any issues with moving money, getting a credit card, etc.  

[Moe428 129]

I didn't have the option of using my Canadian credit history with TD because they are not in the state that I live in.  I decided to go with a secured credit card with Discover.  It was the only secured card that gave cash back.  8 months after opening that card, I had a decent enough credit score that I was able to get other credit cards.  They also gave back my deposit.  I also financed a car straightaway after moving to the US, and they didn't give me any trouble for not having a credit history.  Having that car loan boosted my credit score as well. i got a great interest rate too.

Edited January 19, 2020 by Moe428

[NikLR 13,227]

So RBC only has branches in Georgia and I live in Colorado.  They had no issues with getting me a US credit card.  They used my SIN and I changed it to my SSN after. 

[Lemonslice 4,850]

Amex has a global transfer service.

[ledingham 68]

On 1/18/2020 at 3:37 PM, NikLR said:

RBC allowed me to open a US based credit card using my Canadian credit score.  Out of RBC and TD I always recommend RBC because I have not had any issues with moving money, getting a credit card, etc.  

I was considering RBC but I was told that it was quite expensive to open US accounts with them, Is this true? (if you don't mind me asking)

On 1/19/2020 at 6:10 AM, Moe428 said:

I didn't have the option of using my Canadian credit history with TD because they are not in the state that I live in.  I decided to go with a secured credit card with Discover.  It was the only secured card that gave cash back.  8 months after opening that card, I had a decent enough credit score that I was able to get other credit cards.  They also gave back my deposit.  I also financed a car straightaway after moving to the US, and they didn't give me any trouble for not having a credit history.  Having that car loan boosted my credit score as well. i got a great interest rate too.

But if they have a branch in the state that you live in would you have been able to use your Canadian credit history?

[NikLR 13,227]

8 hours ago, dledingham said:

I was considering RBC but I was told that it was quite expensive to open US accounts with them, Is this true? (if you don't mind me asking)

But if they have a branch in the state that you live in would you have been able to use your Canadian credit history?

3.95 a month.  

Canadian account is free but can get a lot of fees when I visit so I just take out cash. 

[Moe428 129]

9 hours ago, dledingham said:

But if they have a branch in the state that you live in would you have been able to use your Canadian credit history?

Apparently, yes, according to their website.

[ledingham 68]

18 hours ago, Moe428 said:

Apparently, yes, according to their website.

Do you know if they have any in Minnesota? That's where Im headed

[Moe428 129]

8 hours ago, dledingham said:

Do you know if they have any in Minnesota? That's where Im headed

Based on this list, it doesn't appear to be so.

 

https://www.tdbank.com/net/selectstate.aspx

 

They're basically present across the entire east coast of the US, and nothing outside of that.

[ledingham 68]

11 hours ago, Moe428 said:

Based on this list, it doesn't appear to be so.

 

https://www.tdbank.com/net/selectstate.aspx

 

They're basically present across the entire east coast of the US, and nothing outside of that.

Maybe I should go there and open a branch hahahaa

[Lemonslice 4,850]

5 minutes ago, dledingham said:

Maybe I should go there and open a branch hahahaa

Unless you absolutely want to transfer your credit score through a Canadian bank, I've found American financial institutions with much better rates and no fee.  I was used to pay basic little something every month in Canada, and I've been making a few hundred a year in the US, one year it was close to two thousands.  I was pleasantly surprised.  

 

 

[ledingham 68]

Just now, Lemonslice said:

Unless you absolutely want to transfer your credit score through a Canadian bank, I've found American financial institutions with much better rates and no fee.  I was used to pay basic little something every month in Canada, and I've been making a few hundred a year in the US, one year it was close to two thousands.  I was pleasantly surprised.  

 

 

Yeah I don't actually plan to, it was more of a joke than anything. If I'm going to open a business in MN its going to be a 7/11. There are ZERO in MN and me coming from the slurpee capital of the world, that's simply unacceptable!

[Lemonslice 4,850]

1 hour ago, dledingham said:

Yeah I don't actually plan to, it was more of a joke than anything. If I'm going to open a business in MN its going to be a 7/11. There are ZERO in MN and me coming from the slurpee capital of the world, that's simply unacceptable!

You are right, this is unacceptable! 

 

[Moe428 129]

9 hours ago, Lemonslice said:

Unless you absolutely want to transfer your credit score through a Canadian bank, I've found American financial institutions with much better rates and no fee.  I was used to pay basic little something every month in Canada, and I've been making a few hundred a year in the US, one year it was close to two thousands.  I was pleasantly surprised.  

 

 

 

I agree.  I think the short term pain (6 - 8 months) of having no credit was not a huge problem for me.  I guess it could be a problem if you want to immediately buy a house in the US (i.e. within 18 months of moving there) and want the best rates, but outside of that you should have no problems getting car loans with no credit, and getting secured credit cards.  The better credit cards that are unsecured will be easier to get after 6-8 months.

[Crazy Cat 41,886]

9 hours ago, dledingham said:

There are ZERO in MN

Are you serious?