How to build credit history in Canada Aug 10th

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How to build credit history in Canada

– moneysense.ca

Credit history is just one factor that determines your credit score, and at first glance, it might seem like the one that you have the least control over. If you’re new to credit (or Canada) or you’re trying to rebuild your existing score, there are steps you can take to develop a strong credit history.

Whether you’re new to using credit, a newcomer to the Canadian financial system, or you’re repairing a low credit score, we’ll show you actionable steps for building a credit history with Equifax and TransUnion.

What is your credit score?

Lenders need some way to determine how creditworthy a person is before issuing them a credit card or lending them funds. That’s why they use credit scores.

A credit score is a three-digit number (from 300 to 900) that reflects how well you manage credit—for example, whether you make loan payments or pay your credit card bills on time. The higher your score, the more creditworthy you are considered to be. Your score is based on your credit report, which is stored and updated by Canada’s national credit bureaus, Equifax and TransUnion…

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