U.S. CitiesCity-Data Forum Index
Go Back   City-Data Forum > World Forums > Canada
 [Register]
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
View detailed profile (Advanced) or search
site with Google Custom Search

Search Forums  (Advanced)
 
Old 06-01-2010, 04:31 AM
 
Location: Bangalore, INDIA
7 posts, read 19,091 times
Reputation: 10

Advertisements

I have been hearing a lot about having a credible credit history
1. What is credit history?
2. Why should I have a credible one? How do I start to have one when I'm new to Canada?
3. Can't I survive without a credit card in Canada or US?

Thanks
Reply With Quote Quick reply to this message

 
Old 06-01-2010, 08:17 AM
 
2,289 posts, read 3,934,133 times
Reputation: 2055
1. Credit bureaus such as Equifax maintain a record ("credit report") of your past borrowing and repaying habits, such as outstanding bank loans, approved credit card limit and current unpaid balance, late payments you made in the past, bankruptcy, etc. This info is forwarded to them by banks and lenders.

2. I assume "credible" means "good" here. Your credit report yields a credit score which influences stuff such as your car/home insurance rate, interest rate charged on a line of credit or other loan you may take out, and so on. Your score goes down with late payments, (level of) debt or number of recent credit applications, and it goes up with the length of your credit history. So basically the way to build it up is to make a credit card application with a low limit, then use it regularly and always pay it in full. That way you show you can handle debt.

3. You can survive without a credit card in Canada but it's usually the easiest way to obtain credit. ATMs are everywhere and you can use a debit card at most places where they also accept credit cards, so as long as you've got money in a bank account, you won't have a problem.
Reply With Quote Quick reply to this message
 
Old 06-01-2010, 10:39 PM
 
Location: Bangalore, INDIA
7 posts, read 19,091 times
Reputation: 10
Thanks for the informative reply. Yes, I meant good as to credible.
Reply With Quote Quick reply to this message
 
Old 06-10-2010, 07:48 PM
 
12 posts, read 39,495 times
Reputation: 12
Dont mean to high jack your thread, but since its related.... Im wondering if a Canadian moved to the U, how does that affect their credit when they move there? Would they be given a clean slate and have to rebuild a new one?
Reply With Quote Quick reply to this message
 
Old 06-10-2010, 07:51 PM
 
Location: Fishers, IN
6,495 posts, read 10,801,632 times
Reputation: 4060
Quote:
Originally Posted by kymira View Post
Dont mean to high jack your thread, but since its related.... Im wondering if a Canadian moved to the U, how does that affect their credit when they move there? Would they be given a clean slate and have to rebuild a new one?
As a general rule, they have to start over. Very few U.S. banks pull Canadian bureaus. Why, I don't know. I can only guess that their agreements with the three credit reporting agencies don't allow them to pull Canadian bureaus. I work for a U.S. bank that has a Canadian parent, and we do pull Canadian bureaus for Canucks who wish to finance property down here, but we appear to be one of the few exceptions.
Reply With Quote Quick reply to this message
 
Old 06-10-2010, 07:59 PM
 
593 posts, read 1,440,278 times
Reputation: 220
Does Canada pull credit reports for US citizens who want to buy a home?
Reply With Quote Quick reply to this message
 
Old 06-10-2010, 10:41 PM
 
4,285 posts, read 14,425,422 times
Reputation: 3867
Quote:
Originally Posted by Mossy View Post
Does Canada pull credit reports for US citizens who want to buy a home?

Not usually
Reply With Quote Quick reply to this message
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.

Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.


Reply
Please update this thread with any new information or opinions. This open thread is still read by thousands of people, so we encourage all additional points of view.

Quick Reply
Message:

Over $104,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > World Forums > Canada
Follow City-Data.com founder on our Forum or

All times are GMT -6.

2005-2019, Advameg, Inc. · Please obey Forum Rules · Terms of Use and Privacy Policy · Bug Bounty

City-Data.com - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35 - Top