Posted on: 29th Jun, 2007 02:30 am
Hi, I work as an environmental engineer in US; during my student life I've used up all my bills and credit cards. I have started paying all of the debt but as I am 30 and just planning to settle by next year, I'm sure with the credit rating (560) I have, it will not be that good to help me get a loan. Will shifting to canada help me? I am aware that if I know u don't have credit when you shift to some other country. But isn't no credit better than bad credit?
Welcome Billy,
Your credit rating is not that impressive no doubt. But shifting to Canada may not help because you cannot use the credit score in US to get loans in Canada.
Your credit rating is not that impressive no doubt. But shifting to Canada may not help because you cannot use the credit score in US to get loans in Canada.
Hi Billy,
Considering your situation, no credit is certainly better than bad credit as the later has a negative impact on the chances of getting a loan approval. And, if you shift to Canada your present score will not help you there as credit score of one country is inapplicable for another country. Rather you can re-build your credit and take small loans and make regular payments towards them. You can also consult with some debt consolidation agencies so that they can come up with some plans to negotiate with your existing creditors.
Considering your situation, no credit is certainly better than bad credit as the later has a negative impact on the chances of getting a loan approval. And, if you shift to Canada your present score will not help you there as credit score of one country is inapplicable for another country. Rather you can re-build your credit and take small loans and make regular payments towards them. You can also consult with some debt consolidation agencies so that they can come up with some plans to negotiate with your existing creditors.
"I'm sure with the credit rating (560) I have, it will not be that good to help me get a loan. Will shifting to canada help me? "
If you are shifting just because of bad score then you need not do so.
If you take few measures then it is possible that you will see score go up by quite a few points. Manage your debts properly and in few months improvements will start to show.
Miller
If you are shifting just because of bad score then you need not do so.
If you take few measures then it is possible that you will see score go up by quite a few points. Manage your debts properly and in few months improvements will start to show.
Miller