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Canada credit score

Posted on: 10th Nov, 2006 11:56 am
My wife is from Canada, and her credit score in 726 there.
Will we be able to use her credit score there when buying a home in the states?
It is from Equifax as well....
Thanks
Hi,

Your wife's score in Canada is quite good but I do not think lenders will accept scores from Canada.
Posted on: 10th Nov, 2006 12:22 pm
So if this is a fact then she has to start building her score here..
She will receive her SS card this month then start working here.
Would it build faster for her if I put her on my credit cards and such?
How is that going to effect us buying a home?
Thanks again:)
Posted on: 10th Nov, 2006 12:30 pm
Hi,
"How is that going to effect us buying a home?"You can get a mortgage for buying a home on your own credit score and she can slowly build her score.

All types of mortgages are available where a co-borrower is not required to qualify and it will not be necessary also to have a co-borrower, if you can qualify with your score.

Wayne
Posted on: 10th Nov, 2006 01:04 pm
So I guess what you are saying is that I can get the home with my score, and still use her income towards my household yearly income.
Thanks
Posted on: 10th Nov, 2006 01:24 pm
Hi,
"So I guess what you are saying is that I can get the home with my score, and still use her income towards my household yearly income."
Yes that will be quite ok with almost all lenders. Using her income for your household expenses are also not the factor which the lenders bother much about.

If your score is good enough they will lend you based on that, it is a plus for you that your wife will also be working and available funds in hand for spendings will be larger even after paying for interest on the mortgage you will take.

Hope I was able to make it clear for you.

Wayne
Posted on: 10th Nov, 2006 01:45 pm
Yup :D
You have cleared up my questions nicely!!
Thanks for your time and help....
Jack
Posted on: 10th Nov, 2006 02:00 pm
Welcome Jack, good to know I was able to provide you with some help about your concerns.

John Wayne
Posted on: 10th Nov, 2006 02:14 pm
Hi Jack,

Frankly speaking, I will suggest that you don't go for a home now. First, improve your score (I believe its 614 as you have mentioned in a thread created earlier) and then qualify for the best rates available in the market.

The credit scoring system in Canada is different from that of the Unites States. Hence, your wife has to start building good credit in the US.

I think you can transfer the credit cards in both of you and your wife's name. Or else, see if your wife can get one or 2 cards so that she can pay for them. It will help her build up good credit score within a few months. Also, in the meantime, you can build up good score so that after some months both of you can qualify for a certain loan amount at low rate.

Thanks
Posted on: 10th Nov, 2006 09:52 pm
I know how to get my scores in the US, but how do I find out what they are here in Canada?
Posted on: 20th Jan, 2008 06:43 am
Were you a US resident earlier and have now shifted to Canada? If so, then you need to start afresh and build your credit score in Canada so that you can qualify for loans here.

Once you start building up your credit by managing a small amount of personal loan or a credit card with a small credit limit, check your credit report at regular intervals of a few months.

You can even get to see your credit report and the score online. Check out with the Equifax Consumer Services in Canada (https://www.econsumer.equifax.ca/ca/main?lang=en ) which provides on-line access to one's credit report.

Take Care
Posted on: 21st Jan, 2008 10:02 pm
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