Need a Good Answer to this Question.

Megachops
Junior Member



Joined: 04 Sep 2007
Posts: 19
Location: USA

Posted: Tue Apr 08, 2008 9:27 am

 

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I'm packed up, ready to move in a couple weeks and I'm excited to return to Canada.

My credit history in the US is good and I've just finished paying off all my debts here. Since I've worked pretty hard at establishing a decent US credit history I was curious if it would follow me to Canada so I could apply for a car loan and what have you.

now I've searched the internet and I keep finding yes and no answers. yes your history follows you or no it doesnt and you start over. So i'm pretty confused and I'm looking for first hand experience answers.

I don't mind starting over from scratch, it's not a problem and not a huge deal as I'm not a fan of credit cards and don't look to get another one any time soon.

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ashley_n_h
Junior Member



Joined: 01 Apr 2008
Posts: 21
Location: Seattle

Posted: Tue Apr 08, 2008 10:07 am

 

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I'm in the opposite boat. I moved from Canada to the states, and my credit did not follow me.

I have only recently got a credit card (limited to a $750 credit). My boyfriend had to use only his name on our new car loan, it's really a pain.

I've heard that you can transfer your credit but I haven't figure out how. So I would also be interested in this answer

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Megachops
Junior Member



Joined: 04 Sep 2007
Posts: 19
Location: USA

Posted: Tue Apr 08, 2008 10:11 am

 

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Hey Ashley,

I've really been looking into it and it seems like a lot of work to get it transfered over depending on what you want to use it for. I've heard stories of it taking months just to get a credit card.

Please anyone tell me if i'm wrong, but In all honesty I think it's easier to just start over. secured credit cards, bank accounts etc and I believe you can build up your credit in no time.

for me personally it's not a huge deal as i'm not looking to buy a house or get any credit cards in canada right now so it gives me time to build up a new credit history.

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Steven
CanuckAbroad VIP



Joined: 28 Sep 2007
Posts: 819
Location: Calgary

Posted: Tue Apr 08, 2008 10:08 pm

 

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Your credit can follow you if you use the same company in the US and Canada and they have a close relationship (i.e. they actually talk to each other). E.g. you use the same credit card company. Depends on who you use though.
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Steve.

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Reba
Moderator


Canuck in NC

Joined: 16 Jul 2004
Posts: 1038
Location: North Carolina

Posted: Wed Apr 09, 2008 2:58 am

 

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The credit bureau companies are actually all the same, and it is quite easy for either country to look up credit history in the other, it just seems that banks and credit companies are too lazy to change the .com to .ca when they're searching

If you have an American Express card in either country, you can exchange it to the other. Same with banks that have branches in both countries (ex: RBC).
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