5 Tips for Building Credit in CanadaBlog Jul 22nd, 2019
More than 250,000 people come to live in Canada every year. Besides getting used to a new country and culture, an additional challenge can be to build a good credit history. Starting life afresh on a positive note largely depends on a good credit score. It can impact your life whether you’re looking for a loan or applying for a credit card; your credit rating can open the doors to better loan terms and lower interest rates. If you are new to the country and want access to better financial terms, read further about ways to build good credit.
Apply for a Secured Credit Card
To apply for a secured credit card, you must deposit a collateral amount with the bank in the event you default your credit card balance. Every time you make a payment, this is reported to credit bureaus allowing you to build a good credit history. There are several banks offering customized services to fit a variety of financial needs, including those with no credit history.
Apply for a Credit Car Loan
There are several dealers offering credit car loans in Nova Scotia. For example, at Maritime Car Loan, we offer car loans in Halifax at very low-interest rates. We also offer a wide range of other services, including cashback offers, referral discounts, etc. Making timely repayments will not only help you build a positive credit history but having a car can make getting around and settling into your home so much easier.
Apply for an Unsecured Credit Card
This is not easy and not for everyone. However, an unsecured credit card can be a great way to continue to build good credit. Keep in mind that older people are not usually eligible for an unsecured credit card, but with some research, you’ll find there are several banks that offer unsecured credit cards for new immigrants.
Apply for a Mobile Phone
Buying a new mobile phone is a significant investment. Some phone carriers are willing to overlook your credit history, provided you make a bigger down payment. Your post subscription is reported to credit bureaus, allowing you to build a good credit history.
Are you looking for good or bad credit car loans in Nova Scotia? We can help! Call 902 469 8122 for more information.