Comments on: How Canadians Can Establish Credit In America

By: Mr. Cheap

Mr. Cheap — Sat, 22 Dec 2007 19:09:20 +0000

Kim: I had a TN visa. I forget the exact process, but I remember it was very easy.

By: Kim

Kim — Sat, 22 Dec 2007 08:45:00 +0000

How did you get your social security number? Do you have to have a TN visa? (Or any work visa?)

Great topic!

By: Mr. Cheap

Mr. Cheap — Thu, 20 Dec 2007 22:49:53 +0000

guiness & telly: Good advice!

Fecundity: There’s definitely trust involved with both parties when you get the credit card in both your names. As long as its a low limit and you close it down in a month or two once you start getting other credit offers I *THINK* its manageable, but you’re right that you wouldn’t want to do it with just anyone…

Adeem: Yes, you do I believe. Fortunately I have a US social security number (it was easier to get then a credit card believe it or not – they want you to have one so that you pay tax).

By: Adeem Zafar

Adeem Zafar — Thu, 20 Dec 2007 15:01:58 +0000

Don’t you also need to have a US social security number in order to get started on Prosper?

By: Fecundity

Fecundity — Wed, 19 Dec 2007 16:15:49 +0000

Great idea, Mr. Cheap. The only flaw in the plan is that you have to fully trust your American friend. If s/he racks up the bucks on the joint card and doesn’t pay, you’re stuck with the bill or a suddenly negative U.S. credit history. But naturally you’ve picked someone responsible who already has a good credit record, right?

I can just imagine how irritating the paperwork for building your own credit can be for foreigners in any country though. I love that RBC US will take your Canadian credit rating. I imagine the other Canadian banks currently expanding down there will follow suit if they haven’t already.

Can’t see any current need for me to establish a US credit record, but it’s good info to know in case we ever end up moving somewhere other than, heh, Canuckistan.

Side note: I’d forgotten all about dear old Pat Buchanan. Thanks for the reminder, Guinness.

By: telly

telly — Wed, 19 Dec 2007 14:38:58 +0000

Cheap,
As I’ve mentioned, I’ve been working in the US for a number of years. To date, I still do not have any real credit history in the US but I’ve found it to be incredibly easy to get a store credit card, though lending practices may be stricter now and I have no use for department store-specific credit cards. I recently picked up an application for a BP gas Visa and was considering applying but haven’t done so yet.

There is a relatively easy work around for creidt history in the US: if you apply for an RBC Centura USD account, you are able to use your Canadian credit history for loans and even mortgages in the US.

Check out this link:
http://www.rbcroyalbank.com/RBC:R2krnY71A8YADzCozSc/usbanking/credit-history.html

By: guinness416

guinness416 — Wed, 19 Dec 2007 13:43:42 +0000

That’s the same approach I took too when I moved there lo so many years ago, with an additional credit card on my now-husband’s account; it was pretty funny how quickly it went from NO CREDIT FOR YOU! to getting the offers in the post. I did notice that after 11 Sept it became trickier again for H1Bs like me to get credit, trying to decide whether or not to tell the truth for the “permanent resident” questions on the applications, more paperwork required in-branch, etc. Never easy to be a furriner.

It’s just as bad for the newly arrived in Canuckistan, by the way, and bank people tend to be much more by the book up here. My excellent US credit was very helpful in allowing me to get a mortgage quickly up here though, which was great.