Credit questions
#1
Just Joined
Thread Starter
Joined: Mar 2013
Posts: 6
Credit questions
Hi I have a few questions if anyone can help
1. If I have a bank account a drivers licence and an open work permit. Do I have a credit score, can I get credit in Ontario?
2. Is a IMM1442B open work permit classified as a temporary resident status? I can't seem to find anything stating that a IMM1442 form and a IMM1442B form are 2 separate entities
1. If I have a bank account a drivers licence and an open work permit. Do I have a credit score, can I get credit in Ontario?
2. Is a IMM1442B open work permit classified as a temporary resident status? I can't seem to find anything stating that a IMM1442 form and a IMM1442B form are 2 separate entities
#2
Joined: Sep 2008
Posts: 12,830
Re: Credit questions
Credit availability and score depends on your credit history, not having a bank account and drivers license.
If you have little or no credit history in Canada, chances are you have a low credit score.
Get whatever credit you can from merchants that report to the credit bureaus, store cards, credit cards etc. use them and pay them off on time.
If you have little or no credit history in Canada, chances are you have a low credit score.
Get whatever credit you can from merchants that report to the credit bureaus, store cards, credit cards etc. use them and pay them off on time.
#3
Just Joined
Thread Starter
Joined: Mar 2013
Posts: 6
Re: Credit questions
Hey
Thanks for your help
Thanks for your help
#4
BE Forum Addict
Joined: Aug 2013
Location: Maple Ridge, Super Natural British Columbia
Posts: 2,071
Re: Credit questions
Get a credit card from your bank. It will have an implausibly low limit.
Use it for everything you can. Use it every time you go shopping and for any possible transaction instead of your debit/Interac card. Go home. Pay the balance off as soon as it appears. Repeat.
Apply for a credit card at (for example) The Bay when buying a bed or a sofa or something. You will probably get a credit limit equal to that purchase. Cycle that card as above. Build your credit score.
Get a Sim-only phone contract. Pay by automatic payment.
Pay all balances off in full every month.
These will increase your credit score.
Your credit score will increase over the time you have revolving credit, because part of the 'scoring' is the length of time you've had credit.
Don't apply for too many cards in a short time or your score will go down. Leave at least 3 and preferably 6 months between applications.
Use it for everything you can. Use it every time you go shopping and for any possible transaction instead of your debit/Interac card. Go home. Pay the balance off as soon as it appears. Repeat.
Apply for a credit card at (for example) The Bay when buying a bed or a sofa or something. You will probably get a credit limit equal to that purchase. Cycle that card as above. Build your credit score.
Get a Sim-only phone contract. Pay by automatic payment.
Pay all balances off in full every month.
These will increase your credit score.
Your credit score will increase over the time you have revolving credit, because part of the 'scoring' is the length of time you've had credit.
Don't apply for too many cards in a short time or your score will go down. Leave at least 3 and preferably 6 months between applications.
Last edited by withabix; Apr 23rd 2015 at 3:58 am.
#5
BE Enthusiast
Joined: Sep 2014
Location: Vancouver, BC
Posts: 835
Re: Credit questions
If you are a temporary resident (and I believe IMM1442B gives that status), then any credit card issued from a bank may well be secured against funds that you have to hold with the bank.
#6
Joined: Sep 2008
Posts: 12,830
Re: Credit questions
Not funds in a chequing account. Credit can be secured against a GIC or similar, but the funds used for security are locked in funds (as in you cannot access them).