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How does one build credit befre/after becoming a permanent resident?

bunny82

Star Member
Sep 27, 2014
127
0
Hello guys. I am hoping someone could help. My husband should be getting his PR sometime this year (hopefully sooner than later!). He would come here with zero credit. We want to eventually buy a home and would be looking to rent first and he also wants to buy a vehicle early on. You need credit for that. How do new immigrants do these things? Are there any credit cards they can sign up for before coming so they can build some credit beforehand? Also, I have weak credit but could I put him on one of my credit cards and would that then give him credit? And would he have to be a resident for that? Just wondering how people go about these things and build credit, especially before coming, instead of starting from scratch (because that would leave you unable to do a lot of things). Thanks! :)
 

Ponga

VIP Member
Oct 22, 2013
10,101
1,305
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Most, if not all, banks have a `Newcomer' credit card for those that are just starting out in Canada.
 

bunny82

Star Member
Sep 27, 2014
127
0
Thanks Ponga, that is good news :D we haven't found info on this, we haven't been able for some reason. Do you know if since he is in the process of coming here, if he could get one now, before getting final PR approval?
 

sunshinemrc

Hero Member
Dec 16, 2013
203
11
bunny82 said:
Thanks Ponga, that is good news :D we haven't found info on this, we haven't been able for some reason. Do you know if since he is in the process of coming here, if he could get one now, before getting final PR approval?
No. He will need to work first to get the newcomer credit card. My husband came here in May and started work in August and after 2 direct pay deposits from his job he was approved for new comers credit card with RBC and is currently building his credit score. Almost 2 years now in Canada and credit rating of only 708, we r hoping to get to 750-800 before applying for a mortgage.
 

emamabd

Champion Member
Jun 22, 2012
1,813
428
sunshinemrc said:
No. He will need to work first to get the newcomer credit card. My husband came here in May and started work in August and after 2 direct pay deposits from his job he was approved for new comers credit card with RBC and is currently building his credit score. Almost 2 years now in Canada and credit rating of only 708, we r hoping to get to 750-800 before applying for a mortgage.
You don't need to work to get a credit card. I applied for a credit card at the same bank you mentioned (rbc) on my second day of arrival and received it the following week.
 

micklewis72

Member
Sep 7, 2015
10
0
i've had a Canadian capital one credit card for 3 months and I'm not there yet , ok I had to pay a security deposit of $500 but it at least starts building some history ,once I have my sin the interest on he card drops considerably .
as for housing as a newcomer to Canada with a low credit score i can get on the rent to buy scheme .

there's some vehicle finance companies that will help ,interest rates will be high from low scores .

rgards

mick
 

TheMaze

Star Member
Nov 2, 2015
131
4
I opened a newcomer account with CIBC, and they gave me a unsecured credit card with a $5,000 limit, too. I actually haven't even moved to Canada yet (nor have I ever lived there in the past) so they seemed surprisingly willing to give out credit.