Bank Credit History

[hambousha]

Dears
Could anyone advise how to have a good credit history in Canada so it makes it easier for downpayments and such stuff?

Some advised that someone can open a bank account and have a credit cardduring soft landing and to use this credit card for online purchases till he return to Canada so this will consider a credit history with the bank

Is that applicable?
Any other thing might help?

Thanks a lot !

 

[Investocrat]

Yes, your idea would work in theory as the longer you own and use the credit card, the better your credit score. You may need to let your bank know that you plan to use the card outside of Canada as well to avoid raising suspicions of fraudulent activity when they see your transactions. A few other good reading on credit score and history:

Free Credit Score and Report: https://www.savvynewcanadians.com/how-to-obtain-your-free-credit-report-in-canada/
Improve Credit Score: https://www.savvynewcanadians.com/10-ways-improve-your-credit-score/
Credit Score Calculation: https://www.savvynewcanadians.com/canadian-credit-score-calculated/

Dears
Could anyone advise how to have a good credit history in Canada so it makes it easier for downpayments and such stuff?

Some advised that someone can open a bank account and have a credit cardduring soft landing and to use this credit card for online purchases till he return to Canada so this will consider a credit history with the bank

Is that applicable?
Any other thing might help?

Thanks a lot !

 

[hambousha]

Thanks a lot !
If you have any other ideas please share it with me
Thanks again

 

[hambousha]

Any other ideas guys?

 

[sid1987]

let me give you insight.

1. Your profile is made both for transition and Equifax as soon your bank account is open( does not matter credit or not). You will hear this term when you go to bank that let me make your profile active.

2. Building history has all factors credit cards( you can get from any), loads, rent, utility bills etc etc.

3. Now vantage score which is used by very few people as its new starts from first month itself. Now FICO8 which is more industry standard takes at least 3 or 6 months or reporting by banks so form base of any credit score.

4. Get a credit card and keep its utilization less than 30 %, pay bill on time, you should in good shape in 6 month or before. This has worked for me in US as well and here as well in 5 months my vantage score is 710 and FICO which came first time this week is 705.