# Credit rating



## iceno9 (Jan 29, 2010)

Is there any way i can 'transfer' my UK credit rating? I have build up a great credit rating in the UK and it would be a shame to start from scratch again....furthermore, how do you get a mortgage, credit cards etc if you have zero credit history?!

I was wondering if there was some way to use one of these credit rating companies to officially prove my status so to speak?


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## Auld Yin (Mar 10, 2009)

You will need to begin again. UK credit reports are not valid in Canada. Every immigrant faces the same problem.


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## iceno9 (Jan 29, 2010)

Whats the best way to do that? Does it affect you getting a mortgage....or at least a good rate for example?
Does this make it better to rent for 12 months when first landing and then only look for a property to buy after that?
What kind of thing 'accelerates' a credit rating? I can imagine getting a credit card and paying it back every month is a good start, but is this the best way?


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## Jrge (Mar 22, 2011)

Hi,


iceno9 said:


> Whats the best way to do that? Does it affect you getting a mortgage....or at least a good rate for example?
> Does this make it better to rent for 12 months when first landing and then only look for a property to buy after that?
> What kind of thing 'accelerates' a credit rating? I can imagine getting a credit card and paying it back every month is a good start, but is this the best way?


Banking in Canada is way more secured and has lesser "red tape" than in the UK. All banks have accounts/programs for newcomers (immigrants), and they all offer similar benefits.

For instance, if you officially land in Canada and have secured employment, a bank like RBC will open you a checking account (checking : current) and depending on your offered salary, they will issue a credit card. Often times starting limits are circa $1,000

From there you will manage your credit wisely. Pay balances on time, and try to save money on every pay cheque. Your bank will increase your limit every so often, but in theory you should qualify for a mortgage within 3-6 months. One huge advise I have is to not purchase a house for the sake of not renting. Find first the area y'all might love, and maximize your "first time home buyer incentives".

A mobile phone on a contract also helps to boost your credit rating.

Animo
(Cheers)


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## colchar (Oct 25, 2011)

Jrge said:


> Hi,
> 
> Banking in Canada is way more secured and has lesser "red tape" than in the UK. All banks have accounts/programs for newcomers (immigrants), and they all offer similar benefits.
> 
> For instance, if you officially land in Canada and have secured employment, a bank like RBC will open you a checking account (checking : current) and depending on your offered salary, they will issue a credit card. Often times starting limits are circa $1,000





Technically it is a chequing account. Sorry, but I just hate that American spelling.




> A mobile phone on a contract also helps to boost your credit rating.



Do the telecom companies report that to the credit bureaus? I always assumed they did so if you defaulted, but didn't think they reported a good payment history just like store financing programs don't report a good payment history.


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## Jrge (Mar 22, 2011)

Hi,


colchar said:


> 1) Do the telecom companies report that to the credit bureaus? I always assumed they did so if you defaulted, but didn't think they reported a good payment history just like store financing programs don't report a good payment history.
> 
> 2) technically it is a chequing account. Sorry, but I just hate that American spelling.


1) you stand correct. Only late payments are reported to credit agencies.

2) Cheers mate....let's cherish diversity.

Animo
(Cheers)


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## WestCoastCanadianGirl (Mar 17, 2012)

Re: mobile phone tariffs... they're stupidly expensive compared to what you are used to in the UK.

I'm on a Three.co.uk plan that offers unlimited data (including tethering), 5000 texts and 2000 minutes for £15/mo (CAD 28$/mo).

When I was still in Canada, I was paying > CAD 60$ _*plus tax*_ to Fido for unlimited evenings and weekend minutes, unlimited texts (which was a Godsend, as I lived in Vancouver and my then fiancé/now husband lived in London) and a pittance for data.

My advice would also be to compare and shop around for the best plan (what tariffs are called in Canada)... they vary from carrier to carrier. Not sure if there's a comparison site like Money Supermarket in Canada (there wasn't when I left in '12), but if you Google "cell phone plans in [insert city here]" there should be some discussion on the pros and cons of the different carriers.

Good luck to you and welcome to Canada!


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## WestCoastCanadianGirl (Mar 17, 2012)

colchar said:


> Technically it is a chequing account. Sorry, but I just hate that American spelling.
> 
> 
> Do the telecom companies report that to the credit bureaus? I always assumed they did so if you defaulted, but didn't think they reported a good payment history just like store financing programs don't report a good payment history.



1) I think that we can cut Jrge some slack in this regard... English isn't his first language (nevertheless, his English is v. good - better than some native speakers I've seen) and he doesn't necessarily know all of the subtleties between Canadian and American spelling... that said, he has a good knowledge of life in Canada also quick to point out to the would-be residents that Canada has provinces and not states, so I think the use of US spelling in an (Canadian based but internationally used) message board can be overlooked (besides, his spelling is good, which is easier on the eyes than misspelled words and text speak filled messages). 

2) Both telecom _and_ retail credit card companies report to Trans Union and Equifax. I know this for a fact, as once upon a time (shortly after dinosaurs stopped roaming the earth) I worked in the retail credit industry for almost a decade and have seen plenty of credit bureau reports and the company I worked for reported as did/do the telecom/cellular providers.


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## Jrge (Mar 22, 2011)

Hi,


WestCoastCanadianGirl said:


> 1) I think that we can cut Jrge some slack in this regard... English isn't his first language (nevertheless, his English is v. good - better than some native speakers I've seen) and he doesn't necessarily know all of the subtleties between Canadian and American spelling... that said, he has a good knowledge of life in Canada also quick to point out to the would-be residents that Canada has provinces and not states, so I think the use of US spelling in an (Canadian based but internationally used) message board can be overlooked (besides, his spelling is good, which is easier on the eyes than misspelled words and text speak filled messages).
> 
> 2) Both telecom _and_ retail credit card companies report to Trans Union and Equifax. I know this for a fact, as once upon a time (shortly after dinosaurs stopped roaming the earth) I worked in the retail credit industry for almost a decade and have seen plenty of credit bureau reports and the company I worked for reported as did/do the telecom/cellular providers.


Thanks! English is the fifth language I have learned and whilst it is 99% American, it's the only one I still struggle -geographically- with. The other 6 are almost perfect 

I am a proud American (earned citizenship thru my time in the US Army), and now I'm preparing myself to apply next year for my Canadian Citizenship. Pretty cool, eh?

Now :focus:

Animo
(Cheers)


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## retiredmd (Jan 11, 2015)

*Advice, Please*

2) Both telecom _and_ retail credit card companies report to Trans Union and Equifax. I know this for a fact, as once upon a time (shortly after dinosaurs stopped roaming the earth) I worked in the retail credit industry for almost a decade and have seen plenty of credit bureau reports and the company I worked for reported as did/do the telecom/cellular providers.[/QUOTE]

Greetings,
My wife and I face an untenable situation. My son defaulted on private student loans we cosigned many years ago and fled the US. 
While my retirement income is most satisfactory, it will not support both the present loan repayment costs ($2700 per month) and our reasonable lifestyle. I accepted my responsibility as loan cosigner, however, all attempts to reason with or seek loan modification from the lenders have met with no success. I sought several legal opinions as to our options; all were unanimous: 1. Declare bankruptcy 2. Remain in the US and default on the loans with grave consequences or 3. Default on the loans and flee to Canada.
We are strongly contemplating moving to Canada. My questions relating to this are: Our excellent credit rating will certainly be destroyed. Will this follow us to Canada making it impossible to establish credit and obtain credit cards? I can prove a good income level without question and will open a bank account with significant funds. Given your experience in the retail credit industry, might Bank of America summarily cancel my VISA Preferred card when my credit score plummets and details of the loan default become known?


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## Auld Yin (Mar 10, 2009)

retiredmd said:


> 2) Both telecom _and_ retail credit card companies report to Trans Union and Equifax. I know this for a fact, as once upon a time (shortly after dinosaurs stopped roaming the earth) I worked in the retail credit industry for almost a decade and have seen plenty of credit bureau reports and the company I worked for reported as did/do the telecom/cellular providers.


Greetings,
My wife and I face an untenable situation. My son defaulted on private student loans we cosigned many years ago and fled the US. 
While my retirement income is most satisfactory, it will not support both the present loan repayment costs ($2700 per month) and our reasonable lifestyle. I accepted my responsibility as loan cosigner, however, all attempts to reason with or seek loan modification from the lenders have met with no success. I sought several legal opinions as to our options; all were unanimous: 1. Declare bankruptcy 2. Remain in the US and default on the loans with grave consequences or 3. Default on the loans and flee to Canada.
We are strongly contemplating moving to Canada. My questions relating to this are: Our excellent credit rating will certainly be destroyed. Will this follow us to Canada making it impossible to establish credit and obtain credit cards? I can prove a good income level without question and will open a bank account with significant funds. Given your experience in the retail credit industry, might Bank of America summarily cancel my VISA Preferred card when my credit score plummets and details of the loan default become known?[/QUOTE]

You do know that you cannot just flee to Canada without an appropriate visa. Your US Credit Bureau will follow you here.


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## fresnarus (Apr 18, 2015)

*Amex is helpful for international situations*



Auld Yin said:


> You will need to begin again. UK credit reports are not valid in Canada. Every immigrant faces the same problem.


Call American Express and see if they'll transfer a UK American express card to a Canadian one. (I did such a maneuver when moving from the USA to Canada.) I think the Amex company lingo for this is a "Global transfer of credit". They made me hold a US card for a few months before they were willing to give me a Canadian Amex card, but it was a good way to get an initial credit card.


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