Build credit history as a newcomer

Back to learn

How to build credit history as a newcomer to Canada

Rounding it up

  • A credit score is a number between 300 and 900 based on your credit history, or your history of repayment.

  • Building credit as a newcomer can be difficult since your credit history does not travel with you. That means you’ll have to build credit from scratch upon your arrival.

  • You can do so by buying a cell phone, applying for a credit card, keeping up with your expenses, and using credit building tools.

  • Also make sure to pay your bills on time and avoid predatory payday loans — establishing a financial history is within reach.

5 min read

Chrissy Kapralos
#credit#credit building#credit score#newcomer

Chrissy Kapralos

Chrissy is a freelance writer and editor who is passionate about making financial education accessible. She is also a communications advisor for the Ontario Ministry of Energy, Northern Development and Mines. When she isn't writing, you can find her practicing yoga or watching horror movies.

Recent Articles

Bank of Canada raises interest rates

How fast does your credit score go up in Canada?

Will personal loans impact my credit score?

Can I get a personal loan with bad credit?

What kind of loans can I get in Canada?

Should I split my money between banks?

Related articles

How fast does your credit score go up in Canada?

6 mins

Gaby Pilson

Increasing your credit score is no easy task. Here’s some guidance on how long it takes to see your credit rating go up in Canada.

How fast does your credit score go up in Canada?

6 mins

Gaby Pilson

Increasing your credit score is no easy task. Here’s some guidance on how long it takes to see your credit rating go up in Canada.

#credit score

#credit building

#personal finance

#canadian finance

logo.koho

Company

AboutCareersCultureGamerLearnPartnersTravelStatus

Connect

The KOHO Mastercard® Prepaid card is issued by KOHO Financial Inc. pursuant to license by Mastercard International Incorporated. Mastercard and the circles design are registered trademarks of Mastercard International Incorporated.

By using this website, you accept our Terms and Conditions. Follow these links for more information on our Privacy Policy, Accessibility Policy and Multi-Year Accessibility Plan. © 2022 KOHO Financial Inc.