Building a Credit History

[Guacamole]

What is the best way to build a good credit history?

I would like to buy a car, and maybe later a house... but how do you start?

Besides this, Is there any bank better than the rest for newcomers?

 

[steaky]

I got both without credit history.

 

[ap_123]

I got both without credit history.

That's awesome, please share your tactics - How to go about doing this, please ?

Thanks,

AP.

 

[Juan65]

I applied for a small loan with ING Direct (like around $2000) and reimbursed it within 3 months. My credit score went up. Good luck!

 

[amikety]

Open a bank account or two. Keep money in them at all times. Never overdraw the accounts or write bad checks.

This will build the bank's trust in you as well as give you a small credit boost.

It can help you qualify for loans later on - specifically though that bank.

Also make sure to pay all your bills on time, including utilities and rent. Some rental companies turn over non-payment to collections and that will hurt your score.

The two best pays to boost you credit - pay all bills on time and time itself.

 

[AnaMaria]

Some credit cards, such as retail ones, have negative points compared to other credit cards, like bank ones. Try not to max out, keep the balance low, try to get multiple sources of credits (not too many) but within controllable, e.g. not just getting credit cards but credit cards, loans, line of credits, etc. Be sure they are manageable otherwise you will be in trouble. Don't apply loans in the short time frame. There are many ways to build credit or lower the credit. Credit score considers numerous factors. Don't be late in paying on credit cards, loans, etc. It is more important than paying on time on mortgage, in terms of credit score.

 

[emceemouli]

Some credit cards, such as retail ones, have negative points compared to other credit cards, like bank ones. Try not to max out, keep the balance low, try to get multiple sources of credits (not too many) but within controllable, e.g. not just getting credit cards but credit cards, loans, line of credits, etc. Be sure they are manageable otherwise you will be in trouble. Don't apply loans in the short time frame. There are many ways to build credit or lower the credit. Credit score considers numerous factors. Don't be late in paying on credit cards, loans, etc. It is more important than paying on time on mortgage, in terms of credit score.

check this page specifically
Banking in Canada -- https://sites.google.com/site/newcanadianimmigrants/banking-in-canada

"So how does a new immigrant go about building a good credit history? There are many ways to start building a good credit history:

One of the best ways to establish a Canadian credit history and build a good credit rating is to get a Canadian credit card. As you use your card and make regular payments, you will create and build a credit history. If you ever need more credit in the future, your good credit history and score will be beneficial. A good credit will encourage potential lenders to look more favourably upon your request to borrow larger sums.

Start using your Chequing bank account by issuing cheques that don't bounce;
Use overdraft within limits and ensure you pay it off in a reasonable time frame;
Apply for a secured credit card, start using it and make payments by the due date;
Apply for a retail department store credit card and do the same as above;
Open a Savings account and start saving money on a regular basis;
Make sure you don't end up with too many credit cards and loans."

 

[brilliantone]

Waoh, Thanks for the info , its really Timely

 

[mic8400]

excellent thread. it's pretty standard it seems. Don't over extend, and pay on time.