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How international students can build credit in Canada

– moneysense.ca

Moving to Canada as an international student comes with a long financial to-do list, and building credit is one of the most important items on it. Your credit history from home typically doesn’t transfer, which means you may need to start from scratch when applying for a credit card, phone plan, apartment rental or loan.

Fortunately, building credit in Canada can be relatively straightforward. Many banks, including RBC, offer credit cards specifically designed for students and newcomers, making it easier to get approved and start establishing a credit history early.

How can international students build credit in Canada?

International students can start building credit by opening a credit card, setting up a cell phone or internet plan in their name, and paying bills on time. These activities may be reported to Canada’s two main credit bureaus, Equifax and TransUnion.

Using a credit card responsibly is one of the fastest ways to establish credit. Paying your balance on time, staying well below your credit limit, and avoiding missed payments can help you build a strong credit score over time…

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