Candian Tire MasterCard is easy to get as a first Credit Card. Try it.

Same way PC should be good one to try without securing anything.

Even if you secure only $500 and get a card with a limit of only $500, it will start building your credit.

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A Proud Indian Canadian

Hi,

Most of the fellow members have already answered this Q correctly. All the options are open. If you do not want to block your funds in GICs, as GG suggested, go to SEARS/ZELLERS/BAY/CANADIAN TIRE etc and you can get $500 cr limit easily. The ONLY disadvantage with these cards is, that the interest is too high. I mean, only if you have remotest of chance to carry a balance. The best thing is to use whatever cr card you get to purchase everything possible and keep paying it in full every month before due dt. Within 4-6 months, you would have done enough justice to your cr history.

If you feel, you may want to carry a bal just sometime, it's better that you contact any bank to get a secured cr card. Coz the int rate will be cheaper than the ones issued by the store cr cards. That is the reason it's easy to get them. Infact it's a good idea to get those store cr cards, use them for first purchase, avail of 10-15 % disc on FIRST purchases, and then cnc the cr card after paying it in full.

If you need any help, feel free to contact me. I have given secured cr cards to couple of new immigrants recently.

But whatever you do, DO IT ASAP. The sooner the better.

tc

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Let's help each other to grow & prosper in Canada

Hi Kalia,

The credit history you built back home may not be of any use here. In Canada you must have a credit history either with Trans Union or Equifax to be eligible for any credit.

The Bank Act prohibits Canadian Banks from denying any banking products to residents based on no-credit history. Please note that no-credit history is not the same as bad credit. However, Banks can insist on a security deposit in no-credit history cases to safeguard the interest of bank shareholders.

Therefore, obtain a secured credit card with any bank and build your credit history. The credit files are generally updated every six months. After six months of good credit history, you would start receiving offers from different credit card companies.

In other words your name, address and phone number would sell as a commodity.

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Man's Best Friend

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Orginally posted by YoursTruly
The credit files are generally updated every six months.

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Hi All,

Just a little further thoughts abt cr cards. Although, in my pr post on this thread, I did mention to get store cr cards, but BEWARE, don't apply for all the cards simultaneously. Too many hits on your bureau, can bring the score down. You just have to play a bit smart. If you are married and come with your other half, apply for couple of store cards in your spouses name. So as a family, you may avail the disc. on all store cr cards, but you don't get hits from all the stores on one person's bureau. After abt couple of years, you can do a SWITCH. And make sure that by then, you have already cncd the earlier store cards and obtained a cnc cfmn letter from them. This helps in case, they do not report it to bureau, you can get it corrected on your own.

Bighead's posts is absolutely correct. I have worked with AMEX Canada for 18 months and now with CIBC, and I know how the system works. In short, smart usage of credit cards, can really help you a lot in building your credit history.

All the best

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Let's help each other to grow & prosper in Canada

Hi, I will be newly immigrant in Canada after few months. I used to live in USA and has a Bank Of America Credit card, is it possible to have my credit limit and history transfered to Canada credit cards ? ?

My credit history in US is and was good.

Thanks for reading and hope to get good information from settled Canadians.

Halda

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Originally posted by kalia

Some body should tell me how to get one credit card which is very important here.

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happily holi day!