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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 »
Credit card rewards come in many forms. From points to statement credits to cold-hard cash, a good rewards card maximizes on your everyday purchases and ultimately helps you save. Reward credit cards generally offer different amounts of rebates for particular spending categories (gas, grocery, phar.... More »
If filing your taxes before the deadline went over your head this year, procrastinating can only make things worse. Unlike sales tax, which is a pay-at-the-pump proposition, Canada’s income tax system is based on self-assessment. Make your money, plan your affairs as best you can and then, pay up.... More »
Looking for a personal loan? Let’s face it, circumstances can change unexpectedly. And, an emergency can pop up at the worst possible time. From an unexpected home improvement bill or tax liability to your kids asking for a loan, don’t stress it. Personal loans are a way to obtain the m.... More »
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 va.... 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…