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amarceau

Establishing Credit in US

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I'm trying to find out how hard/easy it is to establish your credit history in the US? I have excellent credit in Canada & I'm wondering if US banks will pull my Canadian credit bureau to establish a credit score on me? My husband & I are hoping to buy a house within 2 months of me getting there along with a car..... Anyone having any trouble doing this ?

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Trying to get them to check your Canadian credit is like pulling teeth. A very few will go to the trouble to check with Equifax Canada but the majority won't bother and have no interest in trying. You may want to obtain a copy of your Canadian credit history and bring it with you, although there is no guarantee it will hold any weight with whomever you deal in the US. The best way to gain a credit record in the US is to be added to your husband's credit cards, and to take out a loan of some type. We also took out a car loan with both of our names on it just so I would be able to establish a US credit rating (and for me to have a car, of course:-) ). It is unlikely you will be able to get a loan on your own. Sorry for the news but you will most likely be starting over in the US, credit wise.

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Although this WILL NOT help you establish history (for US credit), it may be a good idea to apply for a US$ credit card from a Canadian issuer (such as Citi Canada). While one CAN use "regular" Canadian credit cards in US, the Canada-US exchange rate ALWAYS clobbers you (where with the US$ card, you simply pay the amount in US$).

Basically helpful for getting petrol, etc. The first card I used in US was this type (took me a year of renting apartment and leasing car to get a history which was noticeable).

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yep, what they said!

There are dozens upon dozens of threads around here with tips on how to establish credit in the US. Have a search.

If you have an AMEX or MBNA credit card, you *may* be able to get them to give you a US $ card, IF you've got a job and an SSN when you apply. If not, keep your Canadian $ cards until you do have a job and SSN, then get a US$ account.

I got a MBNA US$ account by filling out one of their applications and sent along a copy of my MBNA Canada account statement. They confirmed my account in Canada, and sent me a US card. And have since even raised my credit limit. Again :whistle:

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Kathryn41 is right. you'll basically be starting from scratch. Do you have an american express card in Canada? If so, they can do something called 'global transfer' for you. I was in the same situation. But if you have an Amex, then can do that for u.. so you'll at least have 1 credit card.

I did not have any credit when i went to the states and equifax and 2 other credit bureaus will not cross check the canadian side of my credit (even though all 3 bureaus have operations in Canada. I was told the computer systems do not 'talk' to each other)

Have your spouse get you a credit card and go from there... you'll have 'credit' probably after a year... good luck!

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I was just at my bank today and another suggestion I was given for establishing credit is to put some cash in a Certificate of Deposit and then borrow against it..........kinda like a secured credit card to a degree.

And like everything else ..........gotta have that good ole SSN

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If you want to buy a house that fast Id get letters of credit from all of the people you deal with in Canada like your bank, Utility companies, credit card companies etc. These letters of credit can be used to establish credit for a mortgage. Many mortgage brokers are used to International clients and dealing with foreign credit. You just have to find the right people. A real estate firm can be a great help.

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I was just at my bank today and another suggestion I was given for establishing credit is to put some cash in a Certificate of Deposit and then borrow against it..........kinda like a secured credit card to a degree.

And like everything else ..........gotta have that good ole SSN

I've just opened a US bank account and put some money into a CD... haven't attempt applying for a US credit card yet :-P How do you borrow against a CD...?

Edited by echomyst

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I was just at my bank today and another suggestion I was given for establishing credit is to put some cash in a Certificate of Deposit and then borrow against it..........kinda like a secured credit card to a degree.

And like everything else ..........gotta have that good ole SSN

I've just opened a US bank account and put some money into a CD... haven't attempt applying for a US credit card yet :-P How do you borrow against a CD...?

To be perfectly honest .........not a clue! Im just going by what the loan officer at the bank told me. Im not even really sure how to balance my checkbook

Edited by CutienPurg

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To be perfectly honest .........not a clue! Im just going by what the loan officer at the bank told me. Im not even really sure how to balance my checkbook

LOL! I'm glad I'm not the only clueless one. Ah well, for now I'm just sucking up the exchange rates and using my Canadian credit cards.

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I just went through this here in Texas. If you get a card on your spouse's account it does not help to properly gather credit...some card companies won't use that as your credit it at all....you would simply have signing authority on the card but it does not help with your credit.

At Wells Fargo they added me to my wife's account and then they offer a "secured credit card". Basically you pay between 300-5000 dollars depending on what you want the card limit to be and they give you that card and you use it and it helps to build up quick credit. Once you have used it and built up credit for a year they give you the money back you put in to begin with and then convert the card to a regular credit card and increase the limit from there.

Just another suggestion in a confusing situation!

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Try an RBC branch in the US. I think they're in most states now, and apparently they're well hooked up with Canadian credit bureaus so they'll be able to check yours and approve you right there.

This tip is from someone who works for RBC in Raleigh, who is a member of CanSouth.

Of course, regular rules apply. If you have no job or income, getting a loan is next to immpossible. But RBC will have access to your Canadian credit history.

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