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How to Get Good Credit in Canada

It isn't difficult to establish good credit in Canada, but the process can be time consuming. Similar to the system of credit reports and scores in the United States, Canada has three active reporting agencies. These agencies are Equifax, TransUnion and North Credit Bureaus (an Experian company). Unlike the United States, which only offers Americans one free copy of their credit report per year, Canada offers its consumers an unlimited amount of free credit reports each year. The request for a free credit report must be in writing, and the copy will be delivered by mail.Whether you're a student who wishes to establish good credit or someone seeking a better credit score, it's important to exercise self-discipline and responsibility when you have a credit card.

Instructions

- 1
  Read "Understanding Your Credit Report and Credit Score," a free publication issued by the government of Canada. This pamplet provides sample credit reports, credit score documents and information on building and improving credit in Canada. The publication is made available at the Financial Consumer Agency of Canada website.
- 2
  Read and learn about different credit cards. Capital One offers a variety of credit cards to Canadian residents who wish to establish good credit in Canada. However, you should always read the fine print. If you are starting or rebuilding your credit, look for a secured credit card with a low rate. Essentially, a secured credit card with a low interest rate will make payments easier to manage. Additionally, it will be less likely that you'll fall behind in your payments.
- 3
  Apply for a secured credit card in Canada. In order to be eligible for a secured credit card in Canada, you must be a Canadian resident; have a social insurance number, and be employed. You also must be at least the age of majority in the province/territory where you reside (18 years old in Ontario, Alberta, Saskatchewan, Manitoba, Prince Edward Island; 19 in British Columbia, New Brunswick, Nova Scotia, Newfoundland/Labrador and the territories).
- 4
  Pay the full balance. Once you receive your credit card statement in the mail, pay it immediately. If you cannot pay the full amount, pay as much as you can. The faster you pay off your debt, the better your chances of establishing good credit in Canada.
- 5
  Watch your spending. In order to get good credit in Canada, it's important that you have the ability to pay your debts. Refrain from spending lavishly with your credit card.
- 6
  Use a secured credit card for one year and pay your debts promptly. Once you have shown that you can pay your bills on time, you may qualify for an unsecured credit card.
- 7
  Apply for an unsecured Canadian credit card. An unsecured credit card will have better terms than a secured credit card. Continue to pay your bills on time to establish excellent credit and a higher credit limit in Canada.

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