Welcome back to our New to Canada Guide series, where we make your move to Canada easier. 👋
In this edition, we’ll be covering the topics of credit score and banking.
What is a credit score?
- It’s a 3-digit number that comes from the information in your credit report.
- It shows how well you manage your financial status.
Learn more here.
Why is it important to me?
It’s important because most businesses in Canada require it for:
- Housing.
- Getting a credit card.
- Financing or leasing a car.
- Financing a phone.
- Taking out a bank loan.
Learn more here.
How to build a credit score?
You can build it by:
- Opening a Canadian bank account and getting a Canadian banking card.
- Paying your debts and bills on time (pro tip: set up automatic payments with Fido!)
- Fun fact: your Fido bill counts as your proof of residency!
- Not applying for a lot of credit cards or checking your score too often.
Where does banking fit in with all of this?
You can’t get a credit card without a bank account.
- Open a Canadian bank account and use your debit card to build financial history.
- Eventually, you’ll be able to get a credit card.
- Continue building your credit score with your credit card by paying bills on time.
We hope this helps, see you in our next series!
