How to build Credit History

[toben]

Hi,

I've been living in Canada for almost 2 years now. I am applying for PR at the moment.
I wonder about ways to build a credit history and if it even works if one is not at least a permanent resident. I wonder if the credit history is tied to a SSN because that's what I have to enter when I apply for a credit card for example. If that's the case, since as a temporary worker I have to get a new SSN every "year", I can't build a history yet. That assumption is based on Chase having denied two credit card applications.

Is that the case? I haven't found resources about yet, if someone could point me in the right direction, that would be great.
Thanks.

 

[arowberry]

Most banks offer 'secured' credit cards; you place a deposit of (for example) $1000 and you can then access that money using the credit card. You're effectively putting a $1000 deposit on being able to access $1000 of credit (thereby making the card 'secure' for the bank).

These cards count towards yours credit history and are therefore a great way to build a credit history here. Once you've had the card running well for a while you will most likely be offered an upgrade to one of their regular products.

You SIN numbers are linked together, so getting a new number should not affect your credit score.

I have worked in credit (at a bank HQ) since moving to Canada, and have noticed no change in my TransUnion beacon score since becoming a PR and getting a new SIN #.

https://www.creditwalk.ca/secured-credit-card/

 

[jes_ON]

I've been living in Canada for almost 2 years now. I am applying for PR at the moment.
I wonder about ways to build a credit history and if it even works if one is not at least a permanent resident. I wonder if the credit history is tied to a SSN because that's what I have to enter when I apply for a credit card for example. If that's the case, since as a temporary worker I have to get a new SSN every "year", I can't build a history yet. That assumption is based on Chase having denied two credit card applications.

Is that the case? I haven't found resources about yet, if someone could point me in the right direction, that would be great.
Thanks.

SSN, lol. giveaway. OK, so - let's assume you were able to open a bank account. Being American, you were probably treated like a potential criminal (I was) and were completely turned off by your bank. And you're probably used to being judged on objective (non-personal) financial criteria. Not here. You'll have to get a face-to-face appointment with an officer where you have your account. They call it "personal attention," I call it a PITA, but thank the stars that I "look" like a desirable customer and have the right employer.

Scotia has its "StartRight program for newcomers," includes some types of credit for people who have been in the country less than 3 years; the other biggies probably also have their "newcomers" programs.

Finally - if all you want is a credit card - do the online application for CapitalOne mastercard.

As for your credit history - your name and address are used to track you as much as your SIN, so, no worries. To build a credit history, you just need to use credit and pay it off responsibly.