Would My American Credit Score Follow Me? (2013, leases)
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As I'm waiting to hear back from the Canadian government about permanent residency, I have a question about my American credit score following me to Canada. I have a 730, which is excellent in the US. I have read that Canada uses the same credit companies as the US, but their score goes to 950 instead of 850. Since I have excellent credit, I was curious if my credit score would follow me or if I'd have to start all over again? I also pay bills on time and never had a delinquency.
I have read that the IRCC doesn't look into credit history, but was curious if it'd follow me elsewhere. I have some hopes and dreams that I want to start planning for.
Then how would I be able to rent or buy a place to live? How would I start over again?
http://www.experian.com/blogs/ask-ex...fer-to-canada/
I just read this. I bank with TD and my bank said it's easy to transfer my money between the two. I guess I should print out my credit reports here and see if I can transfer? I wonder if I can transfer my state college school loans to Canada or if I should just pay them off with my Canadian account if I get picked for permanent residency?
Then how would I be able to rent or buy a place to live? How would I start over again?
U.S. Credit History Will Not Transfer to Canada | Experian
I just read this. I bank with TD and my bank said it's easy to transfer my money between the two. I guess I should print out my credit reports here and see if I can transfer? I wonder if I can transfer my state college school loans to Canada or if I should just pay them off with my Canadian account if I get picked for permanent residency?
If your loans were with TD in the US, I guess they could work out something....not sure.
No, I have a bank account and credit card with TD Bank. I have a school loan with the state I live in (Pennsylvania), and I have a PayPal account too. I guess I'll contact PayPal - I have PayPal credit.
Now, since I do have to pay back school loans, would I get charged a fee since I would have to pay the loan in USD? I do have a mutual fund account, I might just link my mutual fund account to the loans OR ask TD bank what I can do. Though, I only owe $5000 in school loans, so maybe once I get a decent job, I'll just pay it off in one payment and not worry.
Of course, it's not set in stone. My savings are low because I do pay bills on time, so I'm just waiting to hear back. I'm hoping I get permanent residency.
Been there, done that, back in the day. It works slightly differently now, but here's the drill: Your Canadian credit score, and the large Canadian banks, have a special program for new arrivals. Your excellent American credit should "influence" that program, but there is no real connection.
Back in the day, bank managers had a lot more discretion. Mine signed a Cdn. Visa card for me six weeks on the job, where my fellow employees couldn't get any card for two years. Now the system is digital, and it's in your best interest anyway to keep the systems separate.
The other thing to keep in mind is that a Canadian bank/credit/finance relationship is ONE PROGRAM. You screw it up, and you're years from rebuilding. In the USA up until recently, you could be a bankrupt and be a home owner in two years. It's basically the difference between a "Deed of Trust" system and a "Mortgage" system. One is easy to get in but also easy to get flush out of, the other is harder to get into the game, but also harder to push you out.
Even though I no longer work legally in the USA, I still have my SS pension, and USA credit rating, as it's used for leases, short term USA stays, and even gives me negotiating power on purchases in the USA. Any questions, by all means pm moi.
No, I have a bank account and credit card with TD Bank. I have a school loan with the state I live in (Pennsylvania), and I have a PayPal account too. I guess I'll contact PayPal - I have PayPal credit.
Now, since I do have to pay back school loans, would I get charged a fee since I would have to pay the loan in USD? I do have a mutual fund account, I might just link my mutual fund account to the loans OR ask TD bank what I can do. Though, I only owe $5000 in school loans, so maybe once I get a decent job, I'll just pay it off in one payment and not worry.
Of course, it's not set in stone. My savings are low because I do pay bills on time, so I'm just waiting to hear back. I'm hoping I get permanent residency.
My TD USA bank in New Jersey has me classified as required by law as a non-resident (Form 222-B something; my Head Office in Calgary filed it for me). You TD accounts will either be in your US SS number or your new Canadian Social Insurance number, but not both.
I'd not pay off your student loans: What you can do is immediately use your cash to secure a Canadian loan so you start building a credit record in Canada. With TD Canada it's 5,000 minimum, and they don't take American money as collateral. Pay it off in eight months of a one year term and your Cdn. credit rating is on it's way.
Watch American financial laws with cross-border transfers: I am charged ZERO fees to transfer from my Canadian TD accounts to my TD New "Joisey" account, but amounts over 10,000 are reported, and anything over 5,000 has to be declared. Keep clear on the financials.
Location: Montreal -> CT -> MA -> Montreal -> Ottawa
17,330 posts, read 33,013,815 times
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Quote:
Originally Posted by jessxwrites89
I bank with TD and my bank said it's easy to transfer my money between the two.
Yes! When I moved back to Canada from the States, I did this. I wasn't banking with TD when I lived in the States but, right before I left, I opened a TD account and transferred all my money into it. Easy-peasy transfers from the U.S. (TD North) to Canada (TD Bank). I don't remember why I had to do it by phone each day, rather than online, but it's a quick phone call. You can transfer $25,000 USD per day.
My TD USA bank in New Jersey has me classified as required by law as a non-resident (Form 222-B something; my Head Office in Calgary filed it for me). You TD accounts will either be in your US SS number or your new Canadian Social Insurance number, but not both.
I'd not pay off your student loans: What you can do is immediately use your cash to secure a Canadian loan so you start building a credit record in Canada. With TD Canada it's 5,000 minimum, and they don't take American money as collateral. Pay it off in eight months of a one year term and your Cdn. credit rating is on it's way.
Watch American financial laws with cross-border transfers: I am charged ZERO fees to transfer from my Canadian TD accounts to my TD New "Joisey" account, but amounts over 10,000 are reported, and anything over 5,000 has to be declared. Keep clear on the financials.
If I didn't pay my student loan, wouldn't it go in default? Maybe I'll talk to my loan officer if I get approved for immigration.
Location: Montreal -> CT -> MA -> Montreal -> Ottawa
17,330 posts, read 33,013,815 times
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Quote:
Originally Posted by thedwightguy
but amounts over 10,000 are reported, and anything over 5,000 has to be declared.
Quote:
Originally Posted by DawnMTL
Yes! When I moved back to Canada from the States, I did this. I wasn't banking with TD when I lived in the States but, right before I left, I opened a TD account and transferred all my money into it. Easy-peasy transfers from the U.S. (TD North) to Canada (TD Bank). I don't remember why I had to do it by phone each day, rather than online, but it's a quick phone call. You can transfer $25,000 USD per day.
Maybe I'm wrong about the maximum amount that you can transfer per day? I don't remember it well (I did my transfers in 2013). I thought that it was $25,000 but maybe it was $10,000. Or maybe it's changed since 2013. Anyway, I'm sure that you'll check it out, Jess, before you start transferring.
I'm not sure what "anything over $5,000 has to be declared" means, though. It was my money in the States and it was my money on transfer over to Canada. It wasn't income -- it was already declared when I earned it. My accountant in Canada knew about my transfers and there was nothing declared, since it was not income -- it was savings.
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TD Bank, moi aussi
