sugardust
Newbie
Posts: 5
Ratings: +0
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« on: September 22, 2011, 11:03:07 pm » |
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Hi all,
Just wondering how to build a credit history in Canada?
I've only just recently gotten an SIN number (no SIN card yet) but I have ALREADY gotten a secured credit card as well as a bank account - both of which have no SIN number attached to it!
I've tried to tie in my new SIN to my credit card but the visa section of the bank has told me that I can't do that, as they can only do it WHEN I apply..
Just wondering how employers will check later on for credit history.. they use the SIN, am I right? Seeing as my SIN is not tied to my current credit card.. what should I do in order to begin building a credit history?
Thanks v much.
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newtone
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« Reply #1 on: September 23, 2011, 12:15:43 am » |
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You should start a savings habit, open an RRSP account or some sort of savings account. This way you develop a good relation with the bank. Secondly use your credit card so that there is some transaction but make sure you pay off the balance at the end of the month. Few things you have to watch out in this country.
1. Good relationship with banks
2. Watch your credit card (this is a plastic economy), keep minimum number of cards with balances not exceeding $10,000
3. Watch your pennies cause they eventually add up to dollars
4. Regularly check your credit report
5. Say NO to people who want to give you something for free, even the air you breath is taxed.
Remember these 5 points and you'll be relatively successful
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AllisonVSC
Champion Member
Posts: 1442
Ratings: +57
Category........: FAM
Visa Office......: Buffalo - Conjugal Partner
App. Filed.......: 11-08-2009
Interview........: waived
VISA ISSUED...: 04-11-2009
LANDED..........: 04-11-2009
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« Reply #3 on: September 23, 2011, 08:08:37 am » |
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My banker at RBC told me that a secure credit card builds credit at a much slower rate than an unsecured one. Might be worth asking at your bank too, sugardust. If they confirm, but won't offer you one, try another bank. I have read on the forum that there are several banks, besides RBC, that will give unsecured cards through newcomer programs.
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newtone
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« Reply #4 on: September 23, 2011, 09:44:54 am » |
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Unsecured credit is easy to get, the least you can get is $500. You can always got to any bank kiosk in a mall and see one of those attendants trying to get your attention by giving you freebies. Just fill out the form and apply.
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bonsai
Star Member
Posts: 132
Ratings: +1
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« Reply #5 on: September 24, 2011, 10:13:01 am » |
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My bank didn't even offer me a secured credit card, but if you ask for it, I think they will give it to you. If I ask for it 5 months ago or if they offered I could have been building my credit already. Right now, I am applying for a credit card not a secured one. The funny thing is, I don't have a credit record, but the car dealership approved me for 1.9% apr. Soooo weird -_-
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newtone
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« Reply #6 on: September 24, 2011, 02:35:28 pm » |
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Is this variable or fixed? make sure you read the fine print. If they are offering you 1.9% they are obviously getting a much lower rate from the bank
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bonsai
Star Member
Posts: 132
Ratings: +1
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« Reply #7 on: September 25, 2011, 03:01:36 pm » |
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It is fixed. Well I have checked all the banks and the lowest I can get is 5.90% so I think I got a good deal.
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Val_Kir
Full Member
Posts: 33
Ratings: +0
Category........: FSW1
Visa Office......: Moscow
NOC Code......: 1122
Pre-Assessed..: Yes
App. Filed.......: FedEx sent 29.06.2011 delivered 05.07.2011
AOR Received.: 15.09.2011
IELTS Request: Sent original. Score 8.0
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« Reply #8 on: September 26, 2011, 12:52:11 pm » |
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Guys, does anyone know if the credit history earned in the US counts in Canada?
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Listen to me now, believe me later!
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newtone
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« Reply #9 on: September 26, 2011, 03:21:18 pm » |
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It is fixed. Well I have checked all the banks and the lowest I can get is 5.90% so I think I got a good deal.
cool, go for it |
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AllisonVSC
Champion Member
Posts: 1442
Ratings: +57
Category........: FAM
Visa Office......: Buffalo - Conjugal Partner
App. Filed.......: 11-08-2009
Interview........: waived
VISA ISSUED...: 04-11-2009
LANDED..........: 04-11-2009
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« Reply #10 on: September 26, 2011, 05:46:03 pm » |
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Guys, does anyone know if the credit history earned in the US counts in Canada?
No. Not from my experience... |
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JhonSmith
Star Member
Posts: 129
Ratings: +49
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« Reply #11 on: October 06, 2011, 04:08:01 am » |
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SFD
Hero Member
Posts: 527
Ratings: +20
Category........: FSW1
NOC Code......: 0111/4221
Pre-Assessed..: Yes
App. Filed.......: Oct 05 2009
Doc's Request.: Dec 03 2009
AOR Received.: 1st AOR Dec 03 2009
IELTS Request: Dec 03 2009 (7 Score Band)
File Transfer...: Already Transferred
Med's Request: June 28 2011
Med's Done....: 06-07-2011
Interview........: Nope
Passport Req..: August 22 2011
VISA ISSUED...: August 25 2011
LANDED..........: Sep 03 2011
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« Reply #12 on: October 10, 2011, 07:36:04 am » |
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Dear friends:
I personally, had a great service from TD and RBC. Both banks gave us unsecured credit cards and the follow us up with issues about tax credit, child benefits and so on. It is always good to establish a good and steady relationship with financial institutions...
Greetings
SFD
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Lord, make me an instrument of your peace.
Where there is hatred, let me sow love.
Where there is injury, pardon. Where there is doubt, faith.Where there is despair, hope. Where there is darkness, light.Where there is sadness, joy. (St. FA)
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canmp
Member
Posts: 16
Ratings: +0
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« Reply #13 on: October 11, 2011, 02:19:53 pm » |
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you start spending..
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SFD
Hero Member
Posts: 527
Ratings: +20
Category........: FSW1
NOC Code......: 0111/4221
Pre-Assessed..: Yes
App. Filed.......: Oct 05 2009
Doc's Request.: Dec 03 2009
AOR Received.: 1st AOR Dec 03 2009
IELTS Request: Dec 03 2009 (7 Score Band)
File Transfer...: Already Transferred
Med's Request: June 28 2011
Med's Done....: 06-07-2011
Interview........: Nope
Passport Req..: August 22 2011
VISA ISSUED...: August 25 2011
LANDED..........: Sep 03 2011
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« Reply #14 on: October 11, 2011, 02:24:32 pm » |
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you start spending..
 !!! SFD |
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Lord, make me an instrument of your peace.
Where there is hatred, let me sow love.
Where there is injury, pardon. Where there is doubt, faith.Where there is despair, hope. Where there is darkness, light.Where there is sadness, joy. (St. FA)
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