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Orginally posted by pksatpathy
This could be a good learning to all new immigrants
could any body explain in brief but clearly whats credit history?
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Is there anything like a score associated with a credit history? Like say a good credit record means a score of 1000+, a bad credit means score of 400 or less and no-credit means 500 (base score)?
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Credit score is just one piece of the puzzle. A low credit score does not mean that you will not get a credit card or a mortgage. It just depends on the banks you apply to. My experience is that Scotiabank , HSBC , TD Bank and Royal Bank give a lot of importance to the score whereas CIBC , Bank Of montreal , Citibank , MBNA give less importance to the score and more to verifiable income. Credit unions are another story altogether. They give credit based on duration of relationship. Again both reports are not viewed , most Canadian banks view Transunion (Exception is Scotiabank) , other non bank lenders and non-Canadian banks view Equifax.
For new Immigrants - Does credit history of other countries hold value ? Is it advisable to get credit letters / statements from banks (out of Canada) while coming from the first time .
Does it help in any way to continue credit card from other country when entering Canada ?
Manasvi.
Quote:
Orginally posted by rajcanada
Credit Score FAQs
https://www.creditprofile.transunion.ca/learningCentre/creditScores/overview.jsp</font>
Quote:
Orginally posted by Fonzie
Quote:
Orginally posted by rajcanada
Credit Score FAQs
https://www.creditprofile.transunion.ca/learningCentre/creditScores/overview.jsp</font>
Thanks Raj - so it varies from 300 to 900 - Interesting :-)
It doesn't say what 0-credit means but I am guessing a guy with no credit starts at 600.
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