How to build credit history once settled?

[sugardust]

Hi all,

Just wondering how to build a credit history in Canada?

I've only just recently gotten an SIN number (no SIN card yet) but I have ALREADY gotten a secured credit card as well as a bank account - both of which have no SIN number attached to it!
I've tried to tie in my new SIN to my credit card but the visa section of the bank has told me that I can't do that, as they can only do it WHEN I apply..

Just wondering how employers will check later on for credit history.. they use the SIN, am I right? Seeing as my SIN is not tied to my current credit card.. what should I do in order to begin building a credit history?
Thanks v much.

 

[newtone]

You should start a savings habit, open an RRSP account or some sort of savings account. This way you develop a good relation with the bank. Secondly use your credit card so that there is some transaction but make sure you pay off the balance at the end of the month. Few things you have to watch out in this country.

1. Good relationship with banks
2. Watch your credit card (this is a plastic economy), keep minimum number of cards with balances not exceeding $10,000
3. Watch your pennies cause they eventually add up to dollars
4. Regularly check your credit report
5. Say NO to people who want to give you something for free, even the air you breath is taxed.

Remember these 5 points and you'll be relatively successful

 

[steaky]

5. Say NO to people who want to give you something for free, even the air you breath is taxed.

Remember these 5 points and you'll be relatively successful

Free Ice Cream in Downtown Vancouver from TD Canada Trust doesn't hurt anyone's credit rating, I believe ;D:

http://www.forumvancouver.com/threads/free-ice-cream-downtown-from-td-canada-trust.1190/

 

[AllisonVSC]

My banker at RBC told me that a secure credit card builds credit at a much slower rate than an unsecured one. Might be worth asking at your bank too, sugardust. If they confirm, but won't offer you one, try another bank. I have read on the forum that there are several banks, besides RBC, that will give unsecured cards through newcomer programs.

 

[newtone]

Unsecured credit is easy to get, the least you can get is $500. You can always got to any bank kiosk in a mall and see one of those attendants trying to get your attention by giving you freebies. Just fill out the form and apply.

 

[bonsai]

My bank didn't even offer me a secured credit card, but if you ask for it, I think they will give it to you. If I ask for it 5 months ago or if they offered I could have been building my credit already. Right now, I am applying for a credit card not a secured one. The funny thing is, I don't have a credit record, but the car dealership approved me for 1.9% apr. Soooo weird -_-

 

[newtone]

Is this variable or fixed? make sure you read the fine print. If they are offering you 1.9% they are obviously getting a much lower rate from the bank

 

[bonsai]

It is fixed. Well I have checked all the banks and the lowest I can get is 5.90% so I think I got a good deal.

 

[Val_Kir]

Guys, does anyone know if the credit history earned in the US counts in Canada?

 

[newtone]

It is fixed. Well I have checked all the banks and the lowest I can get is 5.90% so I think I got a good deal.

cool, go for it

 

[AllisonVSC]

Guys, does anyone know if the credit history earned in the US counts in Canada?

No. Not from my experience...

 

[JhonSmith]

cool, go for it

 

[SFD]

Dear friends:

I personally, had a great service from TD and RBC. Both banks gave us unsecured credit cards and the follow us up with issues about tax credit, child benefits and so on. It is always good to establish a good and steady relationship with financial institutions...

Greetings

SFD

 

[canmp]

you start spending..

 

[SFD]

you start spending..

;D!!!

SFD