I Wish Someone Told Me Before! How to build your Credit Score in Canada?
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- เผยแพร่เมื่อ 17 ต.ค. 2024
- Wish I knew about this before moving to Canada. A credit score is very important and here's one of the ways you can build and maintain it. I hope this is helpful!
Also, I do not use my debit card because I have a limited number of transactions. However, you can always opt for a higher plan and pay a little more to get unlimited transactions.
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Not sure if you’re aware but there are many credit report companies. Credit karma is fully free and doesn’t leave a footprint like the other two you mentioned. Just thought I’d mention 😉
None of them are accurate, search CBC marketplace credit score
I knew because I have family in Canada! But please keep posting informative videos like this, it's great to get insights.
PLEASE MAKE MORE OF SUCH VIDEOS!!! WE UNDERSTAND SO MUCH IN SUCH EASY LANGUAGE! LOTS OF LOVE
Just a tip, The 30% just depends on your statement balance. You could still stay within that range by paying it off before the statement comes out. That's not the same as paying off on the due date.
Profoundly helping!! Great stuff Pooja.
Also, the video has tremendously improved! Kudos.
A banker told me that every-time you apply for a credit card, you lose points even if you were approved 👀 She said the only time it doesn’t affect credit score if you were pre- approved by the bank.. sigh
These financial videos are SO helpful. Bless you for sharing these for people back home who’re applying for PR
Hi Pooja, thanks so much for the videos you make. I did not know how the credit score was calculated. Thanks for sharing the knowledge!!! Love everything you and Saranch do.. Keep shinning!! Stay Blessed!! ❤️
Gosh! Simple things we tend to miss. Thanks a bundle 🥰
Hey Pooja, you can always max out your credit card usage but pay it all before the credit card company issues it’s monthly statement. If you sync your monthly payments to pay off your card just before the statement gets issued for the month, your usage will always be at 0% and you will have an even better credit score 🙂
Hey! That's what I thought and exactly did- but that's not the correct way of doing it..Banks also check your transactions, so be cautious about that. It doesn't matter if you pay off. the point is not to use more than 30% :)
If the $0 bill is being generated, it will not affect your credit history positively. It basically means that you didn’t utilise the balance.
@@Peekapoo This is a false information you can use whatever you want and pay it off that's what matters yes credit utilization matters but if you have ability to pay it off it wouldn't affect your score
Very interesting feedback thank you so much! I'm willing to come live in Canada in the future and your videos really helps ❤❤
Hey. Same here.
Wru from?
@@syed1228 Algeria and u?
@@Sara-sc1ts I'm from India. :)
We thinking about migrating...so this was helpful!
Hi Peekaboo, thanks for your videos.
Small Correction....
30% on CAD 2000 is CAD 600.
Ignore
I watch all your videos and like the way you make and edit them.. Keep it up 👍
Thank you so much for sharing detailed information, just got my first credit card today from CIBC, will look forward to open one more acc in RBC. I guess Walmart and Canadian Tire also offer credit cards for university and college students.
You make it really easy to understand.
Appreciated
Hey Pooja, very relevant topic and you explained it quite well too. Thanks for sharing !
Yes, do share all the information once a while. Thanks for the video ❤️
I love the plants around ...it makes a cozy nook in a small space ...
Also great and informative vlog ...thanks Poo.!
Very insightful. Thank you.
Hi, love your content...can you please make a video on sharing how you guys applied for PR and IELTS prep and scores and how long did it take you to land to canada...I think it will be very helpful to all of us who wants to move to Canada
I really like the way you both encounter everything the first time and put out your experience here for the world to watch. It really feels nice to see this and gives an idea of how big the information GAP is.
So Couple of things for everyone to note:
1. RBC is the most laid-back bank here in Canada. Even I have my account with them (for the $0 dollar account maintenance fee). - @Peekaboo, you guys can call them again and push them to increase your card limit and also offer you some credit line (any rate for, it will help in house purchase) and they will do it with a soft check (internal check) itself.
2. Based on my friends' experience, I found CIBC better since after 3 months of account opening they themselves and called and offered both (credit card limit increase and credit line) these financial instruments.
LMAO the starting with crying sound so funny
Ifkr cringe
Thank u so much for this info! Really helpful
very informative! thank you for sharing tips 👌🏻♥️
This video was very helpful. Thank you for sharing your experience.
This was very important information. Thanks for sharing these important titbits.
Thanks for the important information 👍
Loved the video ❤️❤️❤️
Always love to know ur experience as new immigrants in Canada 🇨🇦♥️ keep sharing😇
Great video! Where did you get your plants? (I’m in Toronto as well)
Your narration was so good regarding the issue and it is damn helpful❤️
Can you please make a video of where you want to buy a house/condo? please I wanna know which areas you are interested in? Also, I am not an agent just genuinely curious.
I swear to god not even my subject teachers could explain me credit score this well!!!! That's why she's just amazin!!!💕💕
Omg was just not aware.... thanks for sharing it....ur water filter video was also imp...keep on sharing these things....even if small things its really helpful for person coming in from New country
A good rule of thumb is the 30% debt to income ratio. That only 30% of your income goes towards expenses, credit card payments, car payments ect. The higher your debt to income.ratio is the less chance for getting a mortgage.
Thank you, this was very useful 👍
Hi pooja...... Thanks for the information....
May I know from where did you bought the floor lamp of your living room
I love every video of yours Pooja.. keep rising and shining.. and helping us 😛
Thanks. That’s some useful info
Peekapoo... More catchy was your cute green 💚 background ❤️😂
Amazing content n would share it with friends living in Canada 😉
This is the reason why I said ur real person #FavPooja❤️
She is a fake person
@@srikanthmudradi49 😂😂
This is crazy to me 😱... We as a family prefer to be debt free not have credit cards bills unless we are in a pinch.. 😬... Thank you for sharing your experience with us we are moving to Canada next year and it blows my mind that cheques are still a thing there..
This was super helpful, it would be amazing if you make more videos like that ❤️❤️
Thank you!
Did you guys open an individual account or a joint account initially and how did yourl divide your savings. And also how did yourl carry cash to canada.wats the best way take cash.And thank you for the info.Please make more detailed and informative videos which could help new immigrants like you.
All depends on the earnings.
This is the same everywhere
Good info Pooja. Thanks for sharing 🤠
nice video! also do some intermediate credit card payments before the bill comes, this is another way of uplifting credit score :)
Very useful information
First one here 🎉🎉 Thank you for inspiring me to make more content for my channel ❤️❤️❤️
Great video pooja! 👍
Thank you madam for informing us.
Cool new background. Keeep improving. Btw I live only a few blocks away from your condo! :D
loved the video. explained well. thanks for the good knowledge.
Thank you.
Your videos are very informative 👌 thank you
What is the kind of account have? Savings or Chechking. Please explain what is checking account? And for 2 credit cards is it by opening two bank accounts?
Very informative. Thanks
Thank you for sharing this! How noble 🥰
Don't worry credit scores get updated every month just pay your credit card full each month dont carry any balance and every 3 months apply for a new credit card even if you don't use just get it it will increase your over all limit and after a while tell the banks to increase my limit be a desi tell them you are giving them a lot of business I did the same in 10 years me and my wife has a separate credit line of 400k each on just credit cards.
Love these informative videos for sure ❤️🔥
Thanks a lot for this informative video Pooja.
Hello Pooja ❤thanks so much for telling your experiences 😍
Hey Pooja, love to see such informative videos. Can you make a video on the AMEX card saransh has and the benefits it offers. Thanks 😁
You can easily pay off the credit card as soon you reach 30% of credit limit
I thought the same but it’s not just about paying it off but you shouldn’t use more than 30 percent in a month :)
You are so cute ❤️. Very genuine and hard working . I love your videos
Hi Pooja ur videos r so much helpful thank you👍
thank you for the great information , just a question? can a new comer apply for two credit cards at the same time when he/she has arrived ? I mean the first weeks of our entrance when we do not have our PR card and job and ,,,
Thnx a lot pooja really interesting and informative video . But I already know these rules . 👍👍
Very informative
Is this applicable even for international students? Because even they got pay all the bills right.
What if I get 2 credit cards but I'm not spending money from the second card every month. Will it affect my credit score?
Never knew this before. Thanks
Hi Pooja. I like you personal style. Why don't you do a video telling us about some fashion and lifestyle tips.
Isn’t it possible to use your checking debit account, pre-fill it and use it instead of the credit card?
You can but I have limited transactions on my debit card. You can always pay more to make it unlimited and use it!
Good video Pooja! The points you mentioned are also applicable for India, or any other country for that matter.
P.S : Frequent hard checks can screw our credit score too! We need to keep a check on that too!
Banks advice to not use 100% of credit card limit because it shows you are completely depended on credit and its risk for them. You can still use upto 70% .. 30% usage is completely wrong information. Please check before sharing something like this. Even if your credit card limit is 500 you can use upto 70% of that without any worry
Thank you 🙏🏻🙏🏻🤩
Just call the bank and ask for a 10k credit limit and you can spend $3k each that will be sufficient or I don't know if this works:
1. Suppose you made a big purchase which is 40% of the credit limit today (15 march)
2. Pay the amount from your debit card to your credit card the next day so when the statement of your credit card comes out the spending will be less.
If your current limit is as an example 5K and if you request to have it increased to 10K, most likely they won't approve unless you can show you have the means to repay. That is why a lot of top tier credit cards will state "minimum yearly income of X required to apply" blah blah. If you are going to make a major purchase and if you know it will exceed your current limit, you can call the bank in advance and let them know your intent. If you repay the balance immediately I believe your credit score won't be effected.
Splurging above the magical 30% time to time won't effect your score either as far as I know.
Most importantly, apart from being able to boast you have a credit score of XXX, the only score that matters is to be in the top tier. I believe it is 760 and above? I am sure you have seen all the adds where it says "at a fantastic rate of X% for Y months" and in very tiny letters they will say "on OAC".
@@winhtin3420 thanks Wynn :)
This is so damn important. Thank you for sharing.
Thanks for sharing... had no clue on this 30% rule 👍🏻
Happy to help! :)
Dont just get any credit card...do some research before getting a credit card(which pay more points than others) as with my regular expenses I save up more than a lac worth of credit card points which i redeem for flights and hotels :D
Informative!😊👍
It’s very helpful
I love this infomative videos !!!! thanks pekapoo
Very helpful!🙂
Could you please make a video on PR system, what are points matters to get pr in canada
Preparation is key..Don't Know in Brazil , but in Canada the score can be up to 900.... Not 850 .... Just saying ...
🤔🤔🤔
Informative video
To be clear, opening a new Credit Card is not always the smart thing to do. In your case it was good because you had only 1, but if someone already has 2, its not a good idea to open 2 more just to get a higher credit line generally. Number of accounts also matter in some percentage
If you have more accounts banks take it as a + ve that you are able to manage all the accounts don't use all of them use 1 or 2 every month that's my personal experience for last 10+ yrs.
@@farazvakani6004 right, but opening multiple accounts in a short time period is a red flag from my experience
Apply at different banks on the same day open 3 credit card accounts do a research on Google which bank pulls which credit report then after 12 months repeat the process till you get 500 k credit lines for all credit cards it will help you in future because now a days banks offer$$ at zero % for 12-24 months use it then return them without interest telling u on my personal experience.
Thank you for much need information 👍
God bless you
V useful and informative aswell 👍
Damn, thank you for this information ❤️
Informative video!
Informative ❤️
Wish u would hv educated ur viewers abt the charges & interest and also how the billing cycle of a CC works .. That's when it would hv been a complete guide.. ❤️
Oopps
Thank you sooo much poojaa for letting us know...
Damn ....
You're such an angel💕
Love love love yaa
Love the video quality peeks!
Yeah, I wonder which camera is this ?
Pooja since you are on the lookout for a house follow.... Canada Couple Vlogs..they are very good and explain everything very well. At the same time they are very down to earth and state the facts clearly. It will be of great help to you I am sure.
i love ur vlogs , good luck
Very informative..