Understanding Canadian Credit
In Canada, your credit score affects everything from renting apartments to getting loans.
What is a Credit Score?
A number (300-900) that shows how reliable you are with borrowed money.
Why It Matters
- Renting apartments
- Getting loans
- Cell phone contracts
- Sometimes even jobs
Building Credit as a Newcomer
- Get a secured credit card
- Pay bills on time (100% of the time!)
- Keep credit utilization under 30%
- Don't apply for too much credit at once
Timeline
- 6 months: Basic credit history
- 1 year: Good credit possible
- 2 years: Excellent credit achievable
Free Credit Checks
- Borrowell
- Credit Karma
- Equifax (annual free report)
Start building your credit from day one!
