Banking in Canada can be a murky subject – one that we hope to shed some light on with a series of highly informational articles.
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The best high-interest savings accounts in Canada for 2024 + MORE Sep 25th
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The best high-interest savings accounts in Canada for 2024 Jun 7th
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The best high-interest savings accounts in Canada for 2024
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The best 5-year fixed mortgage rates in Canada + MORE Jan 7th
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MoneySense is an award-winning magazine, helping Canadians navigate money matters since 1999. Our editorial team of trained journalists works closely with leading personal finance .... More »
The best GIC rates in Canada for 2024 + MORE May 29th
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The best GIC rates in Canada for 2024
Find the best GIC rates in Canada. Plus, everything you need to know about how they work.
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How to build credit history in Canada
– moneysense.ca
A credit history is a person’s track record of using credit (borrowing money) and repaying debt. Your credit history can affect many aspects of your financial life—from getting approved for a credit card or renting an apartment to taking out a mortgage or a car loan, among other things. In some instances, even potential employers may check your credit report (a summary of your credit history).
If you’re a newcomer to Canada, a recent graduate, a student or a young adult, your credit score—a number calculated based on your credit history—is likely low or non-existent, meaning that you don’t have enough credit activity to determine a score. One of the most beneficial things you can do for your financial health is to learn how to build your credit history in Canada.
What is a credit history?
Since Canada is a credit-based economy, creditors (banks, financial institutions, credit card issuers and other lenders) need a way to gauge how likely you would be to pay back what you owe or borrowed in a reliable and timely manner…
