Getting Loans in the US with Canadian Credit

[Rayoflight 10]

I didn't have time to read all of the replies but I will put my two cents worth in :-) Before leaving Canada (or my job there) I read on Visa Journey about the RBC USA bank accounts. I went to RBC and opened up a Canadian account along with an American checking account & a USA credit card. Once I moved down here and received my SSN I put that information on the accounts. I've been building credit because of this right from the day I received my SSN. I've only been here for a little over a year and my credit is already in good standing. I just received another credit card with USAA to help build my credit even more. Had no issues being approved for a $6,000 limit without my husbands credit.

[KirraN 0]

Can I qualify for a payday loan if I am a Canadian. When it comes to borrowing in Canada, I always use these 1 hour loans in Alberta Province. But I look forward to travelling to Chicago. What if I am short on cash? Can I borrow some in the US and if so, am I supposed to open this account with RBC? Thank you for your replies. I am simply trying to protect myself from financial disasters while I am on my vacation

[Udella&Wiz 325]

Can I qualify for a payday loan if I am a Canadian. When it comes to borrowing in Canada, I always use these 1 hour loans in Alberta Province. But I look forward to travelling to Chicago. What if I am short on cash? Can I borrow some in the US and if so, am I supposed to open this account with RBC? Thank you for your replies. I am simply trying to protect myself from financial disasters while I am on my vacation

You will not be able to borrow money in the US (from a payday loan type place) when you're visiting for a short time. Be prepared with cash when you go on the trip or money in your bank that you can access with your Cdn bank card at a US bank machine (keep in mind international bank fees apply).

EDIT you don;t have a US SSN, a paystub from a US company or anything they'd require.

Edited July 22, 2013 by Udella&Wiz

[SarahBear 4]

Great thread with great info! Thanks for posting!

[JustBreathe 22]

I am a bit confused by all this...

I went to RBC and asked about this and they told me that they only have actual RBC locations in Florida right now. I am moving to Louisvile, KY. He told me I could not do this?

If I open a Canada/US RBC account, what bank, or ATM do I actually use in Louisville? For your paychecks, etc?

I am so confused!

[candiizz 5]

TD also offers cross-border banking accounts.. I haven't talked to them yet but that's what I'll be looking into seeing as all my current bills and payments come out of my TD account.

[The Mean Lady 604]

I am a bit confused by all this...

I went to RBC and asked about this and they told me that they only have actual RBC locations in Florida right now. I am moving to Louisvile, KY. He told me I could not do this?

If I open a Canada/US RBC account, what bank, or ATM do I actually use in Louisville? For your paychecks, etc?

I am so confused!

Not sure.

My RBC is located in GA so not sure why they are saying Florida?

I know it used to be florida like WAY back when... but my stuff is right in georgia.

I see them in Alabama, Georgia, North Carolina, South Carolina and Florida.

You can't visit a location if there isn't one by you.

You would be like most americans and direct deposit and buy everything with your debit card.

For physical checks, you can scan them in and deposit them from your computer.

If you need to use an ATM, they refund I think (2) ATM fees a month.

[JustBreathe 22]

Ok thank you!

I think it might be easier if I just open an account in the city I am living, and forget the whole CAN/USA thing.

[joey726 0]

TD Canada Trust and TD Bank (USA) offers a convenient service to cross border customers.

Basically you need to have a USD account with TD Canada Trust and TD Bank (USA) - effectively have one USD account in each country.

They have a cross border banking telephone number that you can call. You'll need your TD Canada Access card number and your TD US account number, transit number and address of the branch. They'll confirm some details for security and you can transfer up to $25,000 USD (per day, i think) with no wire transfer fees on either side. You might get charged with a withdrawal fee depending on how your USD account is set up but you won't get hit with the wire transfer fees.

The same number can be used to get a loan in the US using your Canadian credit (if that's what you want). I'm not sure how this process works yet but I think you go to the TD US branch and ask for a loan. The TD US branch will reach out to TD Canada Trust and get your credit score and approve based on that.

Hope that helps.

[Meg and Danny 25]

My American fiancé does have a cell phone on a monthly plan and it was NOT eer reported to any of the major bureaus. According to a few banks.

So I'm guessing not all cell phone companies actually report.

[Udella&Wiz 325]

My American fiancé does have a cell phone on a monthly plan and it was NOT eer reported to any of the major bureaus. According to a few banks.

So I'm guessing not all cell phone companies actually report.

I would guess very few - since the financial down turn, far fewer things report to or count as 'credit building' than used to...according to our bank dude anyway.

[herestoUS 5]

Amex will usually (and has done for me) flip your Canadian AMEX over to US AMEX credit card, you have to have the Amex in Canada for 1 full year in good standing last I checked. They kept the Canadian card open and gave me an American card/account. On a similar note, when buying a car in the USA, they have always referenced my Canadian credit history as support.

[Udella&Wiz 325]

What I find amazing is that there are as many different credit experiences as there are members of VJ! 5 yrs ago I ranted that after living in the US a yr (and having been added to bills etc...), I was insulted that I was turned down for a regular credit card at our own bank who could see my regular pay and I couldn't be added to our mortgage either without it resulting in a higher rate. I was ticked. I had fabulous credit in Canada which they wouldn't look at and I was hardly a young lady.

I ended up having to get a secured credit card with a piddly $300 limit which insulted me. I charged and paid off each month faithfully. A yr later I was getting other credit card offers in the mail so I took advantage of one which gave me a slightly higher limit. A yr after that I finally got a credit card with a decent limit from our bank.

I'm glad it seems easier for folks now.. 5 yrs ago.our mortgage company looked panicked at the thought of trying to get my Canadian credit records

Edited August 9, 2013 by Udella&Wiz

[Stubby and Rio 4]

Amex will usually (and has done for me) flip your Canadian AMEX over to US AMEX credit card, you have to have the Amex in Canada for 1 full year in good standing last I checked. They kept the Canadian card open and gave me an American card/account. On a similar note, when buying a car in the USA, they have always referenced my Canadian credit history as support.

This is what I was advised about AMEX, I opened a Canadian card and will have it flipped when I am in Texas....I also opened the RBC USA cross border account.

[chunky 2]

I just did all this research, so here's my two cents and the "cheapest" way of building credit when you are outside of US. and to set up US accounts and transferring money.

This is predicated on the fact that you have a SSN.

Background:

Basically, you cannot build credit in the US without a SSN. And US credit reporting does not look at Canadian (in my case) credit at all, no matter how good your credit is, even though Equifax operates credit rating in both countries. I called Equifax US to confirm. As well, even though I have a several Capital One credit cards, US Capital ONe would not recognize my Canadian history

So, here is how I started:

1) Open up a chequing (or checking) account at a US bank. This will require a SSN. In my case, I opened up a Bank of America eBanking account - https://www.bankofamerica.com/deposits/checking/ebanking-online-checking-account.go

This is a free checking account with no monthly fees. One of the main reasons I selected it.

I tried to do this online, but it wouldn't let me through because of my documentation. I ended up having to schedule an appointment and set up a new account in a branch during a visit in the States. At the branch, the rep said that the eBanking account was no longer available, and I had to sign up for a monthly paid account. So I did that in branch. Called the next day and switched it to an eBanking product. No problems at all.

2) Get a secured credit card.

I tried several times to apply online for an unsecured credit card, but none of them went through because I had zero credit/banking history in the US.

In my case, I applied for this (after much research) - the US BAnk Harley Davidson secured credit card:

https://www.usbank.com/cgi_w/cfm/personal/products_and_services/credit_cards/HD_secured.cfm

It's one of hte few cards that has zero annual fee. I did this online and the "security" money was pulled out of my BoA account within a week.

Most banks will convert your secured card to unsecured card within a year (I'm told) if you pay on time.

Make sure that your SSN is tied to any credit card you apply for (in most cases they are). Store credit cards (Macy's, nordstrom, etc) may or may not report to credit agencies, so don't rely on those to build credit.

the most important thing is for your credit card to report regularly to credit agencies. You can ask when you apply.

3) Money transfers:

The easiest and cheapest way to transfer money between CAD and USD accounts is using XE trade. Their exchange rates beat bank rates by 1% point. and there is no fee for exchange.

http://www.xe.com/xetrade/

Account set up is free. And I've wired money from CAD Bank of Montreal account to BoA account. It shows up within 48 hours. You pay it as a bill in your CAD bank account. No fees on either end, especially if you select the "EFT" option (out of wire, EFT or draft options available in the XE trade). You don't have to go to the bank. You don't have to run around. Just click a few buttons and wait 24-48 hours.

Hope that is helpful!

I just did all this research, so here's my two cents and the "cheapest" way of building credit when you are outside of US. and to set up US accounts and transferring money.

This is predicated on the fact that you have a SSN.

Background:

Basically, you cannot build credit in the US without a SSN. And US credit reporting does not look at Canadian (in my case) credit at all, no matter how good your credit is, even though Equifax operates credit rating in both countries. I called Equifax US to confirm. As well, even though I have a several Capital One credit cards, US Capital ONe would not recognize my Canadian history

So, here is how I started:

1) Open up a chequing (or checking) account at a US bank. This will require a SSN. In my case, I opened up a Bank of America eBanking account - https://www.bankofamerica.com/deposits/checking/ebanking-online-checking-account.go

This is a free checking account with no monthly fees. One of the main reasons I selected it.

I tried to do this online, but it wouldn't let me through because of my documentation. I ended up having to schedule an appointment and set up a new account in a branch during a visit in the States. At the branch, the rep said that the eBanking account was no longer available, and I had to sign up for a monthly paid account. So I did that in branch. Called the next day and switched it to an eBanking product. No problems at all.

2) Get a secured credit card.

I tried several times to apply online for an unsecured credit card, but none of them went through because I had zero credit/banking history in the US.

In my case, I applied for this (after much research) - the US BAnk Harley Davidson secured credit card:

https://www.usbank.com/cgi_w/cfm/personal/products_and_services/credit_cards/HD_secured.cfm

It's one of hte few cards that has zero annual fee. I did this online and the "security" money was pulled out of my BoA account within a week.

Most banks will convert your secured card to unsecured card within a year (I'm told) if you pay on time.

Make sure that your SSN is tied to any credit card you apply for (in most cases they are). Store credit cards (Macy's, nordstrom, etc) may or may not report to credit agencies, so don't rely on those to build credit.

the most important thing is for your credit card to report regularly to credit agencies. You can ask when you apply.

3) Money transfers:

The easiest and cheapest way to transfer money between CAD and USD accounts is using XE trade. Their exchange rates beat bank rates by 1% point. and there is no fee for exchange.

http://www.xe.com/xetrade/

Account set up is free. And I've wired money from CAD Bank of Montreal account to BoA account. It shows up within 48 hours. You pay it as a bill in your CAD bank account. No fees on either end, especially if you select the "EFT" option (out of wire, EFT or draft options available in the XE trade). You don't have to go to the bank. You don't have to run around. Just click a few buttons and wait 24-48 hours.

Hope that is helpful!