How to Build a Good Credit Score in Canada for Newcomers

Are you a newcomer wondering how to build a good credit score in Canada? In Canada, your credit score can make or break your life. Without a good score, it can be hard to get a phone plan, rent a house, or even finance a car.

We spoke with Morteza Hessari, a financial advisor at Scotiabank, to learn what credit is, why it’s important, and how you can start to build your score.

#creditscoretips #newcomertocanada #bankingincanada

📌 What You'll Learn
0:00 Overview
1:37 What is credit?
2:28 Is my home country's credit score important for getting credit in Canada?
3:39 Best ways to start building credit from scratch?
4:20 What to consider before getting my first Canadian credit card?
5:46 How does credit card usage affect credit history and score?
6:14 What are statement balances and minimum balances?
6:55 What are common credit card usage mistakes to avoid?
7:39 What steps should you take to maintain a good score?
8:34 Does frequently checking credit score/history affect it negatively?
9:06 What is credit utilization, and how can you manage it effectively?
10:24 How long will it take to build a good credit score?
11:00 Are there better credit cards for newcomers?
11:34 Factors to consider when choosing a credit card?
12:56 Final message

🔗 Links and Resources
Join the Scotiabank StartRight™ Program for Newcomers: https://info.moving2canada.com/Scotia...

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#️⃣ Hashtags
#creditscore #creditcards #newtocanada #buildcredit #creditbuilding #scotiabank #financialeducation #immigrationcanada #lifeincanada #financetips #creditscoretips

⚠️ Disclaimer
Moving2Canada is not an immigration consultancy and we do not provide one-on-one immigration services. However, we have partnered with a handful of exceptional immigration consultants across Canada who would be happy to assist with your application.

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