How do I build credit history in Canada?

[allie1988]

I spoke with RBC months ago about possibly obtaining a credit card. I wasn't allowed to get a normal credit card as I have 0 credit history in Canada. She told me if I gave RBC $1,000 as collateral I could get this other kind of credit card from them. At the moment, I didn't have an extra $1,000 to use so I wasn't able to go with that option.

Since then, I have realized I need some kind of credit history to be able to co-sign on apartment leases. Right now, I'm signed as an occupant, but by the next school year I was hoping to move and sign my own apartment lease later this year.

Is there some other ways I can build a credit history with Canada so that I would be able to co-sign on my apartment lease later this year?

 

[Yodelgange]

What they offered you is probably the best way. It was most likely a secured card, meaning that you give them $1,000 and then you basically have the money put on the card and spend it normally. It's just to show that you're responsible enough to handle actual credit.

 

[Aquib]

I spoke with RBC months ago about possibly obtaining a credit card. I wasn't allowed to get a normal credit card as I have 0 credit history in Canada. She told me if I gave RBC $1,000 as collateral I could get this other kind of credit card from them. At the moment, I didn't have an extra $1,000 to use so I wasn't able to go with that option.

Since then, I have realized I need some kind of credit history to be able to co-sign on apartment leases. Right now, I'm signed as an occupant, but by the next school year I was hoping to move and sign my own apartment lease later this year.

Is there some other ways I can build a credit history with Canada so that I would be able to co-sign on my apartment lease later this year?

Go to Scotiabank. They got Start right program. For temp foreign worker and international student. U can get 1000$ credit card and $100 for opening bank account
http://www.scotiabank.com/ca/en/0,,4285,00.html

Though lot of bank talk about program for newcomer. But I found Scotiabank is best in many sence . they are easiest to get first mortage. First auto loan and first credit card.

 

[doobie.doobie]

Workin in a bank in canada, I have few tips for you.
1) if you have valid ids (like provincial id/health card/canada dl) along with your passport get a mobile phone under your name and pay bills on time.
2) Don't just go to any bank and apply for a credit card and if refused it will hurt your chances to get a credit card. coz you can't have 2 credit applications in less than 6 months.
3) try getting a capital one mastercard (secured). you can start as low as $300 limit.
Spend everything on a credit card and pay your balance.
give this 6 months and you will have enough history to get an unsecured credit card of $1500 (based on your income).
good luck!

 

[mead]

I spoke with RBC months ago about possibly obtaining a credit card. I wasn't allowed to get a normal credit card as I have 0 credit history in Canada. She told me if I gave RBC $1,000 as collateral I could get this other kind of credit card from them. At the moment, I didn't have an extra $1,000 to use so I wasn't able to go with that option.

Since then, I have realized I need some kind of credit history to be able to co-sign on apartment leases. Right now, I'm signed as an occupant, but by the next school year I was hoping to move and sign my own apartment lease later this year.

Is there some other ways I can build a credit history with Canada so that I would be able to co-sign on my apartment lease later this year?

i found out lease doesnt help nor does cell phone bill. the one thing helped me is utility bill like hydro. I also got a $500 secured card from TD bank with $500 deposit in my savings account. since our SIN starts with 9 its takes more time for us is my guess.

 

[doobie.doobie]

the problem with the cell phone is that if you miss a payment or if you don't pay they report you to the credit agency.
however, if you are making payments it doesn't help a lot. but something to begin with.
For Hydro, you need initial credit to begin with (most of the times).
Capital one credit card is really good in ways where you can start as low as $300. also they do report your history to the credit agency. so it really helps to build your credit.
P.S. I work for a bank in canada but not for capital one.

 

[mead]

the problem with the cell phone is that if you miss a payment or if you don't pay they report you to the credit agency.
however, if you are making payments it doesn't help a lot. but something to begin with.
For Hydro, you need initial credit to begin with (most of the times).
Capital one credit card is really good in ways where you can start as low as $300. also they do report your history to the credit agency. so it really helps to build your credit.
P.S. I work for a bank in canada but not for capital one.

problem is capital one is a gamble if they reject it u then ur in trouble(my wifes was rejected she cant get any card up till now). I wouldnt recommend applying to capital one till atleast 6+ months in canada and having SIN.

 

[doobie.doobie]

problem is capital one is a gamble if they reject it u then ur in trouble(my wifes was rejected she cant get any card up till now). I wouldnt recommend applying to capital one till atleast 6+ months in canada and having SIN.

That's why I mentioned earlier that go with the secured credit card with capital one.
you can start with $300 which is really not a big deal.
Once you are with them for more than six months you can go to cibc or td and get a higher limit card.