Establishing a Credit History
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In order to obtain financing it is important to establish a good Canadian credit history. Your credit history shows how much money you borrow and how quickly you pay it back. It is then used by prospective lenders to identify the level of risk you present. Unfortunately, your previous credit history in your country of origin won’t apply in Canada.
You can build your Canadian credit history by:
- applying for a credit card through a local bank or credit union
- paying all your bills on time
- paying your required credit card payments when they’re due
- don’t borrow more than you can afford