Canada Credit

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...Been in Canada nearly a year (from England) & want to start a small business, we have a website but want to expand into retail. We have no credit history & therefore can not borrow any cash. I have heard there are well-hidden Government grants & other schemes but can't find any via 'Google' - Any help/advise/links gratefully received. Please checkout website www.niagaragiftbaskets.ca - Thanks!!!! You can bet your last Yen I will keep looking, not in my nature to quit!!! Oddly enough my daughter is learning Chinese but hasn't learnt the phrase 'product recall' yet. You wanna send me some goods??

Best Answer

Come to China everything is so cheap here you won't need a grant, or Russia is reasonably cheap as well.... oohh but woops..... you don't speak Chinese or Russian..... hell, you cant even type them with spelling mistakes.... oh poor you... I guess you'll just have to continue looking.. Good Luck. I don't have any Yen to bet as Yen is the currency used in JAPAN It's Yuan in China..... That is - Y - U - A - N Confirm this with your daughter the next time you speak with her... Hope she isn?t as mean as you, and keeps her fingers close together when she has nothing worthwhile to type?

I want to buy a house in Canada, however my credit is a little messy. I am working on cleaning it up but its not all the way repaired yet. Not enough to qualify for a mortgage in the US. But I am moving to candada in January and hoping to buy a home there. Will I need to have my credit repaired before I can buy a home or will i have a new credit record in Canada.

Best Answer

If you are landing as a PR in January, you will have to prove a previously good credit history to get a credit card immediately. Otherwise your credit record starts from scratch, but you need to have some stability to support the application. By that I mean a stable job/income and a stable address history. Usually about 1 year after you land should be enough.

I recently got a Student Line of Credit. The bank representative told me stuff that later wasnt true (ie. cheques werent free, amount of LOc was less than, interest wasnt just prime etc) Since she basically lied to me, I havent used it at all. My question is though, has this negatively affected my credit rating. Should I close this LOC and apply for another one elsewhere?

Best Answer

First, go back and read the documents that you have signed to get the LOC. If you were dealing with a less than honest agent, unfortunately, "he said" - "she said" will not hold up. Go back and face the agent and explain to him what your understanding was and that there must have been a communication gap. Don't call her a liar, this will only inflame the problem. There should be no impact on your credit rating, as long as you pay the loan back at the agreed upon (contract) rate. If the rate is a lot more than what you had understood it to be, there should be a provision to pay it off without penalty. Good Luck ///

I am going to Canada in November to go to a meet for gymnastics and its goingg to costt alott of money and i reallyy need to noo if you cann use credit cards or checkss there.

Best Answer

Canadians will take your credit cards (in most cases) and will probably take your debit card as well, if it's from a major US bank like JP Morgan Chase or Bank of America. They do not take "checks" for two reasons: in Canada, it's spelled "cheques", and because they will not honor something drawn on a non-Canadian account. If you need to have access to cash (without carrying wads with you), consider obtaining some traveler's cheques before you leave. They should be readily available from your local bank. Traveler's cheques would be honored by all Canadian banks, and most stores/hotels.

My friend was leaving in Canada from past 4 yrs and he recently got permanent residence their. During past 4 yrs he had credit cards ( which were issued by some institutions basically with just details of his Name, Date of Birth and Home Address) seems he hasnt provided them with his Social Number (SSN/SIN) at that time to obtain credit card. And he moved out of the country last year and is planning to return back to canada this year since he has got his Permanent Residency their. Now the question is, can he Re-apply for Fresh/New Credit Cards again with his new SSN/SIN number and re-eastablish his credit History?? or if he applies, is he liable to pay the old dues first before getting a new credit card??

Best Answer

Your friend should be morally liable for the charges made on these cards. However, may not be legally liable.