When you arrive in Canada, you start with no credit history. This can make it difficult to rent an apartment, get a car loan, or even a credit card.
What is a Credit Score?
In Canada, credit scores range from 300 to 900. A score above 660 is considered good. Equifax and TransUnion are the two main credit bureaus.
How to Start Building Credit
Start with a secured credit card — you deposit money as collateral and use it like a regular card. Payments are reported to credit bureaus.
Newcomer Banking Programs
RBC, TD, and Scotiabank all offer credit cards specifically for newcomers without requiring Canadian credit history.