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We usually sign up for credit cards because of special features and benefits – from cash-back earning rates to travel perks to balance transfer offers. And one feature that may make or break your decision between one credit card or another is the welcome promotion – a special bonus that adds .... More »
Back to school season is officially in full swing. If you haven’t finished shopping for your school-bound child, you’ll most likely be hitting the mall soon to get it all done. This is an expensive time of year for parents trying to get their children prepared for back to class. According to a .... More »
Canadians who shop online now have the option to open an Amazon Rewards MasterCard. The new card is the product of a partnership between Amazon, MasterCard and TD Bank. Mike Strauch, Country Manager for Amazon, announced in a public statement, “We are really excited to launch a new credit .... More »
Rewards credit cards have many perks and benefits from cash back to VIP access, and a whole lot more. Choosing a card can be difficult with endless options available. Do you pick a card with an annual fee? Low balance transfer? Travel rewards? No foreign transaction fees? Deciding which card .... More »
Are you looking for secured credit cards? Not sure if you should open a secured or unsecured card? If you’re rebuilding your credit score, a secured credit card can help you get your credit back on track. An unsecured credit card requires you to have established credit and can often include t.... More »
Young Gen Z Canadians, ages 20 to 24, are leading the country in credit adoption, but many of them are experiencing barriers to getting credit cards, primarily because they have no credit history. Newcomers to Canada also lack Canadian credit history. What should young Canadians or recent immigrants do if they want to start using credit cards and have no credit history?
What do lenders mean when they say you have insufficient credit history?
Having no credit history doesn’t mean a low or zero credit score. Canada’s two credit bureaus, TransUnion Canada and Equifax Canada, keep records of credit use and assign credit scores ranging from 300 to 900. When you start using credit, your score will likely be in the mid-range of these numbers.
Insufficient credit history means you haven’t used credit enough for lenders to determine how likely you will be to pay your bills on time. Among people who’ve been using credit long enough to gain an account history, the longer accounts have been open, the less risk lenders perceive…