Friday, 8 July 2016

Building Credit History in Canada

🇨🇦Canada is a land of immigrants. All Canadians are from some other part of the world, unless you are an aboriginal.🇨🇦

The first thing you have to do upon arrival is to start building credit history. You can come with a lot of money, you can come with no money, but you must build your credit history.

Starting a bank account is pretty easy here. You can even start an account from your back home and transfer money to your Canadian account.

So, to start building credit history, you have to get a credit card. Secured credit cards are easy to get. The credit limit on this type of card is granted is the amount of cash deposited with bank. But, take care of it as regular credit card. Pay the money when the bill comes. 

Banks will be offering line of credit. If they offer you take it, use it and pay back often. 

When we landed in Canada, getting a store credit card was easier. Then we used it and build our credit history by paying the bills in time. 

Start a TFSA, even if you don't have a job. Then start building your savings. We all want to be financially independent. So, why not have a high interest savings account and save on tax too? 

Start saving as much money as you can from the beginning onwards. Once you find a steady job, it is easy to get in the rhythm of spending and accumulating debt. 

For newcomers banks have programs like RBC's "Welcome to Canada" package and Scotia's "Start Right". You can get a credit card along with this programs. Checking the bank websites will provide a lot of information about Canadian finances. With the help of a bank financial advisor, you can find a credit card suitable to you. 

You may be bringing money from your back home. The bank website will give a ton of information about investing it or how to start your business here. 

Always make sure you talk to more than one financial advisor and do your own research. Make sure to learn from personal finance blogs. There are some listed in my Blog list. Hope that helps. 

What things you did or your parents did to make personal finance better?

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