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fuzebox

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Canadians - Establishing credit in the USA?

07-24-2008, 07:36 PM

Looking for some tips or experiences from Canadians who have successfully gotten credit in the USA... From what I understand I'll need a secured credit card, and I have to apply for an ITIN (but file a tax return at the same time?)

I don't plan to live in the USA, I'd just like to eventually get a good CC with a good rewards program for all the travelling I do. We've already got american bank accounts with at least a years history, and own a rental property in Nevada with no outstanding loan.

I've been googling all night and all I've found is a ton of different conflicting stories.
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Thurbs

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#2

07-24-2008, 08:51 PM

if you are worried about a marker on our cruise, it can be wired in prior

I'll be giving details.
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fuzebox

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#3

07-24-2008, 08:52 PM

Originally posted by Thurbs - NichedSites

if you are worried about a marker on our cruise, it can be wired in prior

I'll be giving details.
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Evil E

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#4

07-24-2008, 08:55 PM

I have no experience at it, but I know someone who did that in Canada to help his fucked credit.

Get a low limit credit card(ie 500-1000$), it shouldn't be too difficult. Deposit money in the credit card and use it as a debit card.

They should bump your limit fast enough and it should help with getting a credit score.

A girl once told me "Give me 8 inches and make it HURT".

So, I fucked her twice and hit her with a brick.
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Evil E

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#5

07-24-2008, 09:01 PM

I don't think that solution should apply to you in your situation... I guess the best bet would be to give a call to your bank, they probably offer CCs.

A girl once told me "Give me 8 inches and make it HURT".

So, I fucked her twice and hit her with a brick.
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Big_D

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#6

07-24-2008, 09:02 PM

Originally posted by fuzebox

Looking for some tips or experiences from Canadians who have successfully gotten credit in the USA... From what I understand I'll need a secured credit card, and I have to apply for an ITIN (but file a tax return at the same time?)

I don't plan to live in the USA, I'd just like to eventually get a good CC with a good rewards program for all the travelling I do. We've already got american bank accounts with at least a years history, and own a rental property in Nevada with no outstanding loan.

I've been googling all night and all I've found is a ton of different conflicting stories.

he does have the real estate, im renting it
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d-null

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#7

07-24-2008, 09:09 PM

I'm not 100% sure about this, but it seems to me that there is a completely separate credit rating system and files there, like you are two different people, in your home country and the u.s. ... so theoretically you could have a totally messed up credit in one country and perfect in the other

I know when I went to apply for a card last time they didn't care that my credit was perfect back home, it was like starting completely fresh with no rating at all

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fuzebox

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#8

07-24-2008, 10:36 PM

Originally posted by jetjet

I'm not 100% sure about this, but it seems to me that there is a completely separate credit rating system and files there, like you are two different people, in your home country and the u.s. ... so theoretically you could have a totally messed up credit in one country and perfect in the other

I know when I went to apply for a card last time they didn't care that my credit was perfect back home, it was like starting completely fresh with no rating at all

Yes I understand all that, I'm interested in the actual physical process. From what I understand I will need an ITIN, but I also hear those aren't as easy to get these days. When I opened my american bank account a year ago they said I could get a secured credit card, but I'm not sure if I can build a credit rating with no SSN or ITIN...
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munki

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#9

07-24-2008, 10:42 PM

There's always the corporate route as well, establish a business in NV where you've got your property, business licenses fed tax id's and all, and build business credit... Same creditors, usually better cards, rates, and rewards.

“I have the simplest tastes. I am always satisfied with the best.” -Oscar Wilde
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datatank

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#10

07-24-2008, 10:46 PM

How did you get your property in NV? You would have needed a loan unless you paid cash for it?
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yys

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#11

07-25-2008, 03:52 AM

You used to be able to buy tradelines from people/companies in the U.S. to quickly build a credit rating. I'm not sure if it still works.
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fuzebox

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#12

07-25-2008, 07:59 AM

Originally posted by datatank

How did you get your property in NV? You would have needed a loan unless you paid cash for it?

Paid cash. I don't need the credit, I want the ability to use a good card with rewards and buyer protection ;)
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#13

07-25-2008, 08:10 AM

do Canadians have rights?

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BradM

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#14

07-25-2008, 08:34 AM

Credit is based on your SSN. Without one there is no such thing as "building credit".

If you ever qualify for a SSN or think you might - there are a small amount of things you can do:

1) Apply for a Target card with your SIN.
2) Get a Sears card
3) Go to a "Macy's" in the US, signup for a Macy's card. You can get one with a SIN.

When you get your SSN, simply add it to the account and remove your SIN. Instant credit.

I have an amazing rating because of this tactic.
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BradM

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#15

07-25-2008, 08:35 AM

Originally posted by munki

There's always the corporate route as well, establish a business in NV where you've got your property, business licenses fed tax id's and all, and build business credit... Same creditors, usually better cards, rates, and rewards.

Excellent. This would work too.
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#16

07-25-2008, 09:55 AM

Originally posted by BradM

Credit is based on your SSN. Without one there is no such thing as "building credit".

If you ever qualify for a SSN or think you might - there are a small amount of things you can do:

1) Apply for a Target card with your SIN.
2) Get a Sears card
3) Go to a "Macy's" in the US, signup for a Macy's card. You can get one with a SIN.

When you get your SSN, simply add it to the account and remove your SIN. Instant credit.

I have an amazing rating because of this tactic.

You sir, are wrong. A SSN is NOT required to maintain a credit profile.

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Just_Dave

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#17

07-25-2008, 10:03 AM

Originally posted by yys

You used to be able to buy tradelines from people/companies in the U.S. to quickly build a credit rating. I'm not sure if it still works.

people still do that , http://pcmcredit.com/primary_trade_lines

Last edited by Just_Dave; 07-25-2008, 10:04 AM.
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BradM

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#18

07-25-2008, 10:10 AM

Originally posted by drocd

You sir, are wrong. A SSN is NOT required to maintain a credit profile.

I'm not wrong. I am repeating what the social security office told me. So THEY are wrong.
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fuzebox

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#19

07-25-2008, 10:11 AM

Originally posted by drocd

You sir, are wrong. A SSN is NOT required to maintain a credit profile.

I've heard that it's not "required", but when you apply you'll be put in the "abnormal" pile, which is never a good thing.
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TheDoc

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#20

07-25-2008, 10:29 AM

Credit is not based on your SSN, you don't have to give your SSN to apply for credit, by law. You can register for a TIN or whatever it's called and use that if you like.

The card will just start with a low balance, let it build up and get interest on it, and slowly it will go up.

If you have a company here, just talk to your bank, they can get credit moving for you really quickly, even for Canadians. But yes, you do have to get a TIN #, or whatever it's called, either way.

Being Canadian and your taxes are higher. You won't have to pay the U.S. on your personal income, but you will have to report it.

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d-null

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#21

07-25-2008, 11:27 AM

Originally posted by BradM

Credit is based on your SSN. Without one there is no such thing as "building credit".

If you ever qualify for a SSN or think you might - there are a small amount of things you can do:

1) Apply for a Target card with your SIN.
2) Get a Sears card
3) Go to a "Macy's" in the US, signup for a Macy's card. You can get one with a SIN.

When you get your SSN, simply add it to the account and remove your SIN. Instant credit.

I have an amazing rating because of this tactic.

I'm confused by this...... are you saying you can use your Canadian SIN to apply for a Target card?? When I tried to do that at Best Buy they said sorry you need to have a U.S. social security number.

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fuzebox

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#22

07-26-2008, 12:49 AM

Originally posted by TheDoc

Being Canadian and your taxes are higher. You won't have to pay the U.S. on your personal income, but you will have to report it.

I'm a non-resident of Canada, which means I do not have to pay canadian taxes... Does that affect anything?
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#23

07-26-2008, 01:03 AM

Would it not be easier to get credit from a Canadian financial institution rather then a US one? The US banks and economy is not doing the greatest right now, so why try getting credit with a institution that might go under?

Just my thoughts...

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fuzebox

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#24

07-26-2008, 07:55 AM

Originally posted by Balalsubturfyooj

Would it not be easier to get credit from a Canadian financial institution rather then a US one? The US banks and economy is not doing the greatest right now, so why try getting credit with a institution that might go under?

well that's sort of a given isn't it? If I wanted credit in canada I would just walk into a bank and sign a couple of forms and have no need for this thread.

I actually cut ties with all my financial obligations in Canada 4 years ago, it helps a lot when not paying taxes
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TheDoc

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#25

07-26-2008, 09:10 AM

Originally posted by fuzebox

I'm a non-resident of Canada, which means I do not have to pay canadian taxes... Does that affect anything?

That's a good question. If you live in America, yes. If not, I don't think so. I want to say, as a u.s. citizen you have to pay global tax on all income earned and/or as a resident earning an income, unless your country taxes are higher and you are paying that country.

So if you aren't American, don't live in America, and earn an income from a company here, even if you own the company, I don't think you owe tax. Other than on the company of course.

Best to ask a CPA or lawyer though, this stuff gets tricky fast.

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