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 :confused:

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.

Re: Credit questions
 

Hey

Thanks for your help

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.

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.

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).