Getting Loans in the US with Canadian Credit

[The Mean Lady 604]

I was giving advice to someone on rbc and came across something that I haven't seen mentioned here.

As many of you DO know, RBC offers a US and Canada account that can transfer between.

But I'm not sure how many of you knew this:

RBC Royal Bank Clients: Simplify your banking on both sides of the border.

Choose RBC Access USA®! It’s a simple banking package that gives you seamless access to manage your Canadian and U.S. accounts and lets you use your Canadian credit history to qualify for loans here in the U.S.

http://www.rbcbank.com/banking-with-us/cid-296621.html

[soon2batexan 3]

It should be doable so long as you can prove you're earning income (same as is required in Canada). The tricky part is finding a bank that will/can pull a Canadian credit bureau. In my experience, most give you an outright "no" (they either can't do it or don't want to be bothered trying). BUT, I recommend you try Bank of America. I kept getting "no" before finally going into BoA to apply for a secured credit card, since they're one of the few that offer one and that seemed like the only option for establishing credit here. My local branch has a terrific Sr. Personal Banker, and she took one look at it and said "Wait a minute, I'm pretty sure we can pull a Canadian credit history. Let me make a phone call". She gave me a number to call, and once they collected my Cdn details I was on my way. I can't speak to loans of course, but I would imagine that if they can pull it for a credit card they should be able to use that same history for a loan.

[The Mean Lady 604]

It should be doable so long as you can prove you're earning income (same as is required in Canada). The tricky part is finding a bank that will/can pull a Canadian credit bureau. In my experience, most give you an outright "no" (they either can't do it or don't want to be bothered trying). BUT, I recommend you try Bank of America. I kept getting "no" before finally going into BoA to apply for a secured credit card, since they're one of the few that offer one and that seemed like the only option for establishing credit here. My local branch has a terrific Sr. Personal Banker, and she took one look at it and said "Wait a minute, I'm pretty sure we can pull a Canadian credit history. Let me make a phone call". She gave me a number to call, and once they collected my Cdn details I was on my way. I can't speak to loans of course, but I would imagine that if they can pull it for a credit card they should be able to use that same history for a loan.

I think you're confused about what I'm presenting here.

I'm telling everyone that's been asking that if they have an RBC US account and an RBC canadian account (though not sure if they NEED the canadian account) that RBC can pull canadian credit info to give loans in the US.

I was presenting a solution, not a question.

[Ms Hogan 295]

Yuck. I actually WANT the opposite! I want to leave my ####### credit behind!

I do already have RBC accounts in both countries!

Thanks for posting this though. Definitely good news for most!

[The Mean Lady 604]

Yuck. I actually WANT the opposite! I want to leave my ####### credit behind!

I do already have RBC accounts in both countries!

Thanks for posting this though. Definitely good news for most!

I think it's something you have to specifically request, and you would have to get the loan through RBC, but I know what you mean.

I want my hubby to leave his credit behind so we can use his fresh new credit in the US and ignore mine as much as possible =X

[sweety-sweet 1]

May I request you all to help me this...

I am PR of Canada and have a good credit score here, like 750. I used to have a big amount owing in credit cards for my personal reasons but I paid almost all now. Only around 2000 left out of 16 000 within 3 years. I have 7 or 8 credit cards in my hands but most of them are paid off. May be a few outstandings for my grocery or my shopping within last month. My primary bank is TD and I have USD account there.

My husband who is US citizen and lives there for 12 years never has credit card. He doesnt like to use any of those and he uses his debit or cash. He rents, bought the car with cash and always has a suitable job for his bill.

When I moved to States, can I bring that credit score from Canada (I dont know how) to States and apply the credit cards again and build my credit in States? Or should I bring one of my Canadian credit cards to States in case if I need to use.

We thought of buying the house there and have mortgage. He has some savings to pay the downpayment. I will bring whatever amount that I can save from here to States also.

My concern is when the bank check the credit of him for the house, what will happen? No credit history? Then, if the bank check my credit, I moved from Canada and my credit score here will be applicable?

Please suggest me others that I should concern.

Thank you in advance.

[The Mean Lady 604]

May I request you all to help me this...

I am PR of Canada and have a good credit score here, like 750. I used to have a big amount owing in credit cards for my personal reasons but I paid almost all now. Only around 2000 left out of 16 000 within 3 years. I have 7 or 8 credit cards in my hands but most of them are paid off. May be a few outstandings for my grocery or my shopping within last month. My primary bank is TD and I have USD account there.

My husband who is US citizen and lives there for 12 years never has credit card. He doesnt like to use any of those and he uses his debit or cash. He rents, bought the car with cash and always has a suitable job for his bill.

When I moved to States, can I bring that credit score from Canada (I dont know how) to States and apply the credit cards again and build my credit in States? Or should I bring one of my Canadian credit cards to States in case if I need to use.

We thought of buying the house there and have mortgage. He has some savings to pay the downpayment. I will bring whatever amount that I can save from here to States also.

My concern is when the bank check the credit of him for the house, what will happen? No credit history? Then, if the bank check my credit, I moved from Canada and my credit score here will be applicable?

Please suggest me others that I should concern.

Thank you in advance.

This thread is to show that you can get a loan through RBC and rbc can pull your canadian credit to give you a loan.

So if you go through RBC for your home loan, then I presume you could pull your canadian credit.

If your husband has never leased or credited anything, then he probably has virtually no score, which is unfortunately unwise.

While he probably thinks he's been awesome for always using cash, he's earned no credit to get a house now.

He should run his free credit report to find out if he has any.

Has your husband ever had a cell phone?

Cell phone companies report to credit agencies if they are monthly plans.

Edited January 25, 2013 by KDH

[sweety-sweet 1]

This thread is to show that you can get a loan through RBC and rbc can pull your canadian credit to give you a loan.

So if you go through RBC for your home loan, then I presume you could pull your canadian credit.

If your husband has never leased or credited anything, then he probably has virtually no score, which is unfortunately unwise.

While he probably thinks he's been awesome for always using cash, he's earned no credit to get a house now.

He should run his free credit report to find out if he has any.

Has your husband ever had a cell phone?

Cell phone companies report to credit agencies if they are monthly plans.

Yes, KDH. That is what we always argue. He has a cell phone but that is pre-paid like we load every month. He got this from Walmart, not the one with plan like me.

If TD has the same policy like RBC in States will be great.

Anyway, if he applies the credit card from his primary bank and build the score, how is that? Can it be help in next one or two years? I will need atleast 6-7 more months to go there. Or may be longer than that. We plan to live in the same place that he is living now for a while till I receive the green card, look for the job and a bit stable.

Thank you so much.

[Ms Hogan 295]

I have an RBC account on both sides of the border and will keep both of them. My husband will add me to a joint account on his US account and then from there I will open my own. They will give me a small credit card and I will start building credit that way. Fortunately we already bought a house and cars are paid for so for now I don't need anything more than what we already have.

[The Mean Lady 604]

Yes, KDH. That is what we always argue. He has a cell phone but that is pre-paid like we load every month. He got this from Walmart, not the one with plan like me.

If TD has the same policy like RBC in States will be great.

Anyway, if he applies the credit card from his primary bank and build the score, how is that? Can it be help in next one or two years? I will need atleast 6-7 more months to go there. Or may be longer than that. We plan to live in the same place that he is living now for a while till I receive the green card, look for the job and a bit stable.

Thank you so much.

If he applies for a credit card from his bank, and gets it, then he can begin to build credit.

Even if it's something silly like charging a 10 dollar meal each month and paying it off.

He should still run the free report to see where he's at.

I should do that too...

[hikergirl 277]

Yes, KDH. That is what we always argue. He has a cell phone but that is pre-paid like we load every month. He got this from Walmart, not the one with plan like me.

If TD has the same policy like RBC in States will be great.

Anyway, if he applies the credit card from his primary bank and build the score, how is that? Can it be help in next one or two years? I will need atleast 6-7 more months to go there. Or may be longer than that. We plan to live in the same place that he is living now for a while till I receive the green card, look for the job and a bit stable.

Thank you so much.

You can start by getting a US TD Bank Account from Canada: http://www.tdcanadatrust.com/products-services/banking/north-american-banking-services/index.jsp

This is different than a TD CanadaTrust US dollar account. It’s a US based bank account. They pull your Canadian Credit when they start the account up. I haven’t looked at getting a credit card with them yet because I’m still up in Canada.

Amex also has a program to transfer you to a US Amex card if I’m not mistaken.

Good luck.

Edited January 25, 2013 by hikergirl

[The Mean Lady 604]

Her husband is the USC with no Credit.

Pulling credit from Canada won't help him.

Edited January 25, 2013 by KDH

[hikergirl 277]

No, but it would help her get started with less hassle.

If he does his part and she does hers it will get them both on a good footing.

[Kimbear 53]

You can start by getting a US TD Bank Account from Canada: http://www.tdcanadat...vices/index.jsp

This is different than a TD CanadaTrust US dollar account. It’s a US based bank account. They pull your Canadian Credit when they start the account up. I haven’t looked at getting a credit card with them yet because I’m still up in Canada.

Amex also has a program to transfer you to a US Amex card if I’m not mistaken.

Good luck.

Where the hell was this when i moved here LOL. I had a td account and credit card etc. I had to close them since there was no way i could use them here with the extra fees. and they wouldn't let me pay my cc with my BofA account. to this day i'm still sending monthly snail mail checks to TD and its taking so long that half the time my payments were late I"m going to call them tomorrow and see if they can help me out with this now.

[Hugglebuggles 60]

Yuck. I actually WANT the opposite! I want to leave my ####### credit behind!

I do already have RBC accounts in both countries!

Thanks for posting this though. Definitely good news for most!

I'm glad I wasn't the only one that said that! When I found out I would get to start fresh I was pretty excited about it

Good find KDH!