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Now I am a PR what is the best way to build credit???

Now I am a PR what is the best way to build credit???

Old Mar 2nd 2007, 9:09 pm
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Default Now I am a PR what is the best way to build credit???

Any clues on the above and/or on which cards I can get or should try to get and on any banks/credit unions etc who are good for new immigrants?
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Old Mar 2nd 2007, 10:11 pm
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Default Re: Now I am a PR what is the best way to build credit???

Originally Posted by heckler View Post
Any clues on the above and/or on which cards I can get or should try to get and on any banks/credit unions etc who are good for new immigrants?
Plenty of Advice. But its all been posted before so try doing a search and if you still cant find anything come back and try again.

(Not trying to be rude but we all have different experiences so you'd be better to try and find previous threads and take out what you think is worthwhile)
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Old Mar 2nd 2007, 10:32 pm
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Default Re: Now I am a PR what is the best way to build credit???

Here is the search for "utilities" which has just been going around

http://britishexpats.com/forum/searc...archid=1105269

You may find something useful in there

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Old Mar 2nd 2007, 10:58 pm
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Default Re: Now I am a PR what is the best way to build credit???

Originally Posted by burton bunch View Post
Here is the search for "utilities" which has just been going around

http://britishexpats.com/forum/searc...archid=1105269

You may find something useful in there

Gaynor
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I'd advise BMO, however as you don't have credit history you may have to start building it, they may ask for deposit or something for the credit card

Something I've done is just use the credit card to pay for stuff, but pay it before the payment date, this way you get credit history and eventually get your credit line expanded
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Old Mar 2nd 2007, 11:00 pm
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Default Re: Now I am a PR what is the best way to build credit???

I manage to get a Captial One credit card with just a work permit, a PR should have no problem getting one.

Originally Posted by heckler View Post
Any clues on the above and/or on which cards I can get or should try to get and on any banks/credit unions etc who are good for new immigrants?
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Old Mar 2nd 2007, 11:37 pm
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Default Re: Now I am a PR what is the best way to build credit???

Originally Posted by masiosare View Post
I'd advise BMO, however as you don't have credit history you may have to start building it, they may ask for deposit or something for the credit card

Something I've done is just use the credit card to pay for stuff, but pay it before the payment date, this way you get credit history and eventually get your credit line expanded
Hi There

This is exactly what the bank manager at ATB has advised my Hubby to do. He has gotten him a credit card with no deposit and told him to use it and then pay it all off before the due date and this will enhance his credit rating.

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Old Mar 3rd 2007, 3:19 am
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Default Re: Now I am a PR what is the best way to build credit???

What IS the best way of using your cc to improve credit rating? Use all your credit every month, and pay it all off? Use some of it and pay it all off? Pay only the minimum every month?
I've been trying to find information about this, but can't find something consistent...

Originally Posted by burton bunch View Post
<snip>...and told him to use it and then pay it all off before the due date and this will enhance his credit rating.
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Old Mar 3rd 2007, 3:24 pm
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Default Re: Now I am a PR what is the best way to build credit???

Originally Posted by Wannabe View Post
What IS the best way of using your cc to improve credit rating? Use all your credit every month, and pay it all off? Use some of it and pay it all off? Pay only the minimum every month?
I've been trying to find information about this, but can't find something consistent...
My bank manager said use it for everything from gas to groceries. And then pay it off completely before the end of the month. The interest rate is 19% (ouch) so don't pay any interest, but build up a big history of transactions. The limit was only $2000 (pah) when I took it out, but they offered to up it to $5000 recently. I politely declined as I now have a CostCo AmEx card which is only 14%.
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Old Mar 3rd 2007, 10:48 pm
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Default Re: Now I am a PR what is the best way to build credit???

A store card is also good. I got a HBC one without even living in the country , but did have an address here, and they put me down as retired. Use it for all new purchases. Also we bought a new car on O% finance over 3 years. Put money in the bank and just paid it off monthy. Same as , others use visa for all purchases, then pay off before due date. If you think you may forget. You can ask visa to take the balance due or minimum payment monthy out of bank account. We have built up a credit rating in a year.

Originally Posted by heckler View Post
Any clues on the above and/or on which cards I can get or should try to get and on any banks/credit unions etc who are good for new immigrants?
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Old Mar 4th 2007, 3:42 am
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Default Re: Now I am a PR what is the best way to build credit???

Originally Posted by heckler View Post
Any clues on the above and/or on which cards I can get or should try to get and on any banks/credit unions etc who are good for new immigrants?
Banks/lenders use a variety of different credit scores; FICO, Beacon, Empirica, R numbers etc. but the scores all basically look for:

        Examine your credit rating every now and then and make sure it's accurate.
        http://www.equifax.com/EFX_Canada/
        http://www.transunion.ca/TUCorp/home.asp
        (two main credit rating companies, there are others)

        Just be good and be patient...
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