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| Subject: bad credit |
I am an american in the process of becoming a canadian resident and I wanted to know if my bad credit in america will negatively effect me when trying to purchase a home in canada. Also will I be given a new social security number in canada?
[13-01-2005,14:47]
giani james |
(in reply to: bad credit)
Based on my knowledge, you should be initial a new so-called Social Insurance Number (SIN), has the similar function like Social security number.
However, if it will affect your credit , have to talk to your financial advisors
[13-01-2005,14:55]
Yijie |
(in reply to: bad credit)
This is different country and you´ll start in Canada from the beginning. Unfortunately you will not be able to buy home in Canada right away (who will give you a mortgage that easily with not credit at all, unless you put 50-60K on your bank account and bank says ok).
But then again if you´re not paying on time, you might lose your house ect.
Hopefully you are not planning to screw your credit in Canada too.
[13-01-2005,15:24]
Mark |
(in reply to: bad credit)
Come on, be friendly, people who have house gonna have bad credit in Canada too, not everybody has perfect credit histroy.
[13-01-2005,15:28]
Yijie |
(in reply to: bad credit)
American credit doesn?t help u in Canada. U have to start from scratch. All I know is that American Express is the only credit company that´s willing to take risk and provide u (New Immigrant) with first Credit card in Canada. They would feel more comfortable if ur payment history with them was never delinquent.
[13-01-2005,15:32]
Aki |
(in reply to: bad credit)
Canadian lenders can check American credit history of a person who moved from the US to Canada in a heartbeat. I know one dude who thought he will ditch American financial institutions just before moving to Canada (out of his dislike of the US) and basically bought all great goodies on credit and ran off to Canada.... Then used a Canadian card to buy at BestBuy Canada and was nailed right away! Soon the game came to a real standstill... He is trying to protect himself from lawsuits in Canada. If you ditched American companies (thru credit cards and such...) i tis very important to keep a completely low profile in Canada. Or else, the tentacles will reach before you realize what day it was!
[13-01-2005,17:22]
american refuse |
credit (in reply to: bad credit)
I have contacted several banks in Canada for a loan when I move to Vancouver. The officer tells me that your American credit history will be checked.
Yes, Citi Bank and American Express will allow conversion to the Canadian accounts; a good idea to avoid the fee charge on the conversion rate.
Many mortgage and banks have special mortgages for Immigrants holding a PR card.
Good luck.
Ron
[14-01-2005,22:00]
ron |
(in reply to: bad credit)
sometimes the Credit Unions are far more open-minded about lending to those without Canadian history. In the Vancouver area, Vancity is excellent.
[15-01-2005,17:32]
sharon |
