I watched your old video on building credit history before i came to Canada and i have been following that. Now year and half in Canada, I’m standing at 793. Thank you Bhaji
I am here for more than 5 years now, never ever defaulted on credit card payments, always paid full before the due date, never took car loan, no loans, no phone contracts...still I don't know why it's standing at 730 😒😒😒 I do have 4-5 credit cards - 15k limit each which I hardly use - monthly credit card expenses are not even 500$. I do have line of credit too - of 40k.... but I don't know why my credit score is always always low
Detailed explanation Nav just one correction we have to pay before statement date not the due date to bring credit utilization down once statement is out utilization will be reported to bureau.
A lot of Canadians shop at Walmart for groceries and Walmart is not categorized as grocery store. I don’t think your Scotia CC is giving you 4% cashback at Walmart.
I am here for more than 5 years now, never ever defaulted on credit card payments, always paid full before the due date, never took car loan, no loans, no phone contracts...still I don't know why it's standing at 730 😒😒😒 I do have 4-5 credit cards - 15k limit each which I hardly use - monthly credit card expenses are not even 500$. I do have line of credit too - of 40k.... but I don't know why my credit score is always always low
It really doesn’t matter :) you are doing all the right things. But if you really want to know the reasons, it’s probably the lack of different kinds of credit that’s pulling it down. Like car payment, mortgage etc.. but like I said… it really doesn’t matter as long as it’s over 700
Thank you so much for detailed explanation. I have one doubt. I have a corporate credit card given by my company on my name. Will it be going to affect my credit score?
Hi Navjot, I have heard people saying that you dont open and see your credit score often because it lowers your credit score. Not sure how much of it is true? Can you please advise?
i am stuck in 790s from last 11 months I donno what I am doing wrong I don't own a car I spend about 600+ of my credit card limit is about 2500 donno what to do to increase score I want it to be 850+ by end of 2025
You don’t need 800+ for anything :) Because you will need multiple types of credit to achieve a 850… mortgage, car loan, line of credit… Not worth taking on debt just to get the score to 850:)
Hi Navjot, thank you for the valuable information. Does having a line of credit with the bank before buying a house impact your overall bank loan approval amount while purchasing a house?
Hi Navjot, Greetings! Is it required to have a Chequing and Savings account with Big top 5 banks to build a good credit score? I have one with EQ bank and I have a BMO Cashback credit card to build my credit score. I understand my spending should be on various bills to build a decent score of around 700 and above. I don't wish to open a chequing and Savings account with Big 5 banks. Will that affect my Credit score? Will it be a problem in my process of building a credit score? Looking forward to your reply. Thanks in advance. Best, Satish
Credit score is built with a credit card. So you are fine. The only challenge will be buying a home - you need to make drafts for the deposits and downpayments, and EQ doesn’t have that. I will recommend getting a no fee bank account with the top 5 if you ever want to buy a house.
@@growwithnav Thank you for your reply. Also suppose, if we are planning to get a home in joint name so is it recommended to both applicants to have such accounts with big 5?
@@growwithnav yeah bhaji i work for manufacturing company and we made whole world Amex from 0 to 100 process. Actually all metal cards are made by us in whole world
Thank you so much for giving value on you videos, educating us on the importance of credit scores, in regards to buying home and more.
👏👏
I watched your old video on building credit history before i came to Canada and i have been following that.
Now year and half in Canada, I’m standing at 793.
Thank you Bhaji
Amazing!! 🤩
I am here for more than 5 years now, never ever defaulted on credit card payments, always paid full before the due date, never took car loan, no loans, no phone contracts...still I don't know why it's standing at 730 😒😒😒
I do have 4-5 credit cards - 15k limit each which I hardly use - monthly credit card expenses are not even 500$.
I do have line of credit too - of 40k.... but I don't know why my credit score is always always low
Detailed explanation Nav just one correction we have to pay before statement date not the due date to bring credit utilization down once statement is out utilization will be reported to bureau.
Thanks 🙏
A lot of Canadians shop at Walmart for groceries and Walmart is not categorized as grocery store. I don’t think your Scotia CC is giving you 4% cashback at Walmart.
Good point. We normally shop at Food Basics, which is why we never realized.
Thank you Nav!
🙌🙌
Great job sir ❤
Thanks a lot
I am here for more than 5 years now, never ever defaulted on credit card payments, always paid full before the due date, never took car loan, no loans, no phone contracts...still I don't know why it's standing at 730 😒😒😒
I do have 4-5 credit cards - 15k limit each which I hardly use - monthly credit card expenses are not even 500$.
I do have line of credit too - of 40k.... but I don't know why my credit score is always always low
It really doesn’t matter :) you are doing all the right things. But if you really want to know the reasons, it’s probably the lack of different kinds of credit that’s pulling it down. Like car payment, mortgage etc.. but like I said… it really doesn’t matter as long as it’s over 700
Thank you so much for detailed explanation. I have one doubt. I have a corporate credit card given by my company on my name. Will it be going to affect my credit score?
Good point Navjot on credit file mix-up. I have the same problem with my wife's credit file and have been resolving it for a long time.
It’s painful :/
Hi Navjot, I have heard people saying that you dont open and see your credit score often because it lowers your credit score. Not sure how much of it is true? Can you please advise?
Not true. The one that we do on our bank apps is harmless.
Amazing one Nav!! Extremely informative. Can you please advise how Equifax and Transunion credit score different?
Not different for 99% of things that matter :)
Just the way they report and some banks prefer one over the other.. nothing major
i am stuck in 790s from last 11 months I donno what I am doing wrong I don't own a car I spend about 600+ of my credit card limit is about 2500 donno what to do to increase score I want it to be 850+ by end of 2025
You don’t need 800+ for anything :)
Because you will need multiple types of credit to achieve a 850… mortgage, car loan, line of credit…
Not worth taking on debt just to get the score to 850:)
What is the SIN number in CA ?
Same as social security number in US?
Yes
Great advice
🙌🙌
Hi Navjot, thank you for the valuable information. Does having a line of credit with the bank before buying a house impact your overall bank loan approval amount while purchasing a house?
An unsecured line of credit doesn’t impact the eligibility as long as you have $0 balance on it.
@@growwithnav Thank you for your response😊
Is it ok to switch credit card in the same bank? like changing it to one with better offer in the same bank.
I still kept my old card - it was zero fee card
Hi Navjot,
Greetings!
Is it required to have a Chequing and Savings account with Big top 5 banks to build a good credit score?
I have one with EQ bank and I have a BMO Cashback credit card to build my credit score. I understand my spending should be on various bills to build a decent score of around 700 and above. I don't wish to open a chequing and Savings account with Big 5 banks. Will that affect my Credit score? Will it be a problem in my process of building a credit score?
Looking forward to your reply. Thanks in advance.
Best,
Satish
Credit score is built with a credit card. So you are fine. The only challenge will be buying a home - you need to make drafts for the deposits and downpayments, and EQ doesn’t have that. I will recommend getting a no fee bank account with the top 5 if you ever want to buy a house.
@@growwithnav Thank you for your reply. Also suppose, if we are planning to get a home in joint name so is it recommended to both applicants to have such accounts with big 5?
Yes you should.
Costco CIBC Credit Card
Yes 💯
Simran has that!!
Bhaji I made your AMEX card 😃
Not only this. I mean all AMEX
Wah!! 😀
@@growwithnav bhaji whatsapp group ch add krdo. Full arya
@@growwithnav yeah bhaji i work for manufacturing company and we made whole world Amex from 0 to 100 process.
Actually all metal cards are made by us in whole world
Man TransUnion always show a bit higher score than Eq
They have a slightly different way of reporting.
Awesome
🙌
FIRST!
🙌