Posted on: 25-03-05 17:33:04
I have been in the US for over 13 (7 of those as a student) years but do not have US Green Card. I have not bought a house here yet for the same reason. I have upwards of 100 K US $ in savings (about 25% in cash and 75 % in my company's 401K Plan). I also have excellent credit to buy a house if I need to.
I will be landing in Canada as a PR next month, but plan to go back to the US in a final attempt to get green card. I plan on returning back to Canada in 2 yrs if my US GC doesnt come through. My company is willing to relocate me to their office in Toronto.
My question is what do I need to do now so as to establish credit worthiness in Canada ? I have been advised to start with an unsecured credit card from TD or Royal Bank and then use that to build up my credit.
Is that the best method to build credit so that when I move to Canada in 2 yrs I can get a reasonable rate of mortgage ? are there any other avenues ?
Please advice.
Thanks
Quote:Similar to what you are used to in the US - with the exception that I believe mortgage is not reported in credit reports, unlike the US.
Orginally posted by texancanadian
My question is what do I need to do now so as to establish credit worthiness in Canada ?
But most of the same rules apply in general.
Quote:Sounds fair enough to me.
I have been advised to start with an unsecured credit card from TD or Royal Bank and then use that to build up my credit.
Is that the best method to build credit so that when I move to Canada in 2 yrs I can get a reasonable rate of mortgage ?
Unsecured credit card is one of the best ways.
Quote:Store Cards are also an option.
are there any other avenues ?
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"Mah deah, there is much more money to be made in the destruction of civilization than in building it up."
-- Rhett Butler in "Gone with the Wind"
I've heard that a "Secured Credit Card" from TD Bank is also useful. Maybe one of the members can confirm.
DT
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Microsoft - Which end of the stick do you want today?
Yes, TD has a secured credit card. You place some deposit with them and they will issue you the card. That is what I did to build my credit,when I landed here. Now I have good credit and have unscured credit card. After few months (minimum six) you can apply for PC financial. They give good services.
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sukhdeep
All bank cards are good and initially you'll have to get secured cr cards....just make sure that no bank chg you any fees for registering a collateral lien on your GIC as security...I have heard from few of the new immigrants that TD bank chgd then $35 each for each registration of collateral for secured cr card.
all the best
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