How to build credit score quickly as new immirant?

[Ankit9110]

Hi All,

Just wanted to know that as a new immigrant what is the quickest way to build up your credit score, for renting a house to buying a car etc.

Thanks

 

[NetMecca]

Credit card. Use it, and pay it in full every month. Credit cards report to credit bureaus every month, so this is the fastest. IT will still take a little time, but it does work. Even a secured credit card will do the trick.

 

[Ankit9110]

Thanks @NetMecca
I was thinking of buying/leasing a car in Toronto. What do you suggest I can make that happen as soon as possible, I will be earning decent salary c. 70,000$

 

[steaky]

Why not read this thread?

https://www.canadavisa.com/canada-i...board/threads/credit-history-building.532116/

 

[Investocrat]

The following articles may be useful to you:

How to improve your credit score:
https://www.savvynewcanadians.com/10-ways-improve-your-credit-score/

How your credit score is calculated:
https://www.savvynewcanadians.com/canadian-credit-score-calculated/

4 ways to get a free credit score in Canada:
https://www.savvynewcanadians.com/4-ways-get-credit-score-free-canada/

Hi All,

Just wanted to know that as a new immigrant what is the quickest way to build up your credit score, for renting a house to buying a car etc.

Thanks

 

[yodheydhara]

Try Capital One's secure credit card. It worked for me in the US and I have one here too. Good for starters.

 

[canuck78]

I would suggest buying a used car if you can afford one if you need a car right away.

 

[NetMecca]

Thanks @NetMecca
I was thinking of buying/leasing a car in Toronto. What do you suggest I can make that happen as soon as possible, I will be earning decent salary c. 70,000$

Proof of a job (letter form an employer) and proof of income (in the same letter) will often suffice for securing a car loan. I would suggest go to a car dealer and ask. Bet they will find a way. They want to sell a car as much as you want to buy one. Good luck

 

[APPNOV2014NY]

Proof of a job (letter form an employer) and proof of income (in the same letter) will often suffice for securing a car loan. I would suggest go to a car dealer and ask. Bet they will find a way. They want to sell a car as much as you want to buy one. Good luck

this is interesting as I have never heard of anyone getting car loan/mortgage without credit history. Pretty sure interest would be super high in such cases.

 

[NetMecca]

this is interesting as I have never heard of anyone getting car loan/mortgage without credit history. Pretty sure interest would be super high in such cases.

For things like car loans no credit history is better than a bad one. I have seen advertisements from dealers (not new cars unfortunately) where they guarantee loan approval or $500 cash to you. Interest rate might suck a little, but this would be a good option to consider for a start. I would try regular car dealers first before going this route.

I know one person who was able to get a regular car loan (without any credit history) but proof of employment and salary.

Good luck