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How to get credit if you are new in Canada

Early access to Canadian credit can put you in a better position down the road for large purchases such as buying a home or car that may require a credit history or credit rating.

Therefore, upon arriving in Canada, it's important for newcomers to establish a Canadian credit history. One of the best ways to do so is to have a Canadian credit card and use it wisely, say advisors in this field. A credit card can also help manage everyday finances such as signing up for a mobile phone, renting a car or booking a hotel.

“Building credit history is a key step to settling into your new home country,” says Paul Sy, Director of Multicultural Markets at RBC. “We recognize this challenge and can help with our Newcomer to Canada Credit Card program – an unsecured credit card of up to $1,000 and a second one with a $1,000 limit, for your spouse or partner. Obtaining this new unsecured credit card requires no credit history, and it helps to build your credit history in Canada faster.”

To do this:
• Make sure your monthly account statement is correct.
• Pay your balance on time. If you are unable to pay the entire amount at once then it's best to pay more than the minimum balance whenever you can.
• If you find yourself falling behind, prioritize your payments.
• Be up front and honest. If you are going to miss a payment, contact your lender right away.

More information is available online at rbc.com/Canada.
– News Canada

Posted: Jul 4, 2012

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