HelNAl

Hi All,

Have heard that the easiest way to build a quick credit history is with car finance. Can this be approved if you arrive with no job but a good deposit.Obviously we could just buy outright but this would not help the credit rating! Any experience/advise would be appreciated.
Thanks Helen

Ben W Bell

Don't know if it's possible. However would you give someone finance on a car without an income?

Getting There

We have been here since October. Bought first car outright as neither of us had a job at that point and dealership were doubtful we'd get approved on financing. OH has since got a job and has now been approved for financing on our second car purchase even though she's only been there a couple of months. As I am going through the licensing courses to become a realtor, I am not working at present and so to try and get a start on my credit history, I have applied for a Capital One Secured Mastercard. I was approved on the basis of being a student (and of course giving them $1k of my money to hold at 0% interest!) Wont know for a few months how much of a positive impact it is having but I'm told it helps.

E&J

shazza151

Hi,
Having a contract phone, is good to start a credit rating, also helps build your credit history, paying mobile phone bills, mortgage, etc on time also build credit history. We have been here in Canada just under a year now, and have been told we have a good credit rating. Hope this helps!!!
shazza 151

Biiiiink

Mobile phone contracts don't count towards credit rating, it appears on your credit check if you apply for it but with a note saying "This item is not displayed to all credit grantors".

Getting There

I was told by our mortgage broker that our timely mortgage payments did NOT positively impact our credit rating. But if you fall behind on payments, this negatively impacts your rating. I can certainly see the latter is true but I don't know about the former...seems sort of harsh not to get some recognition for making what, for many (certainly for us), is THE most significant monthly outlay on a credit repayment.

J&E

Eastbound

We were told much the same thing but our bank advisor told us to apply for a credit card was one of the quickest ways to build up credit history even if you didnt want to use it , I have an aversion to the things but just put your petrol on it and pay it of at end of every month Also to apply for a store card I know huge interest rates are usually attached to them but just to buy the odd small thing on it ,and again pay it of in full