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Community Manager (Retired)
Community Manager (Retired)

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!

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