When you immigrate to Canada, you must pay attention to the credit problem.

The issue of credit is not a novel topic, but for many people living in Canada, especially friends who have just immigrated to Canada, the importance of credit is still not particularly clear. In Canada, basically everyone has their own central credit record file, and people usually use credit cards to pay for expensive or bulky goods. But for the new immigrants who just immigrated from China, most of them have no such consumption concept. Let me introduce you to the credit problems that you must know when you live in Canada. How to obtain personal central credit record files?

For example, after young people enter the university, many different credit card institutions in the society, including the credit card departments of banks or credit card companies, will take the initiative to contact these college students. As long as they verify that they are indeed students at school, they will automatically approve a credit card for them; Or when people have a full-time or part-time job and start to file tax returns, they have already started to establish their own central credit records.

Of course, some new immigrant friends may feel that they have enough cash to pay for large items in full and do not need loans. However, I suggest you apply for a small mortgage or loan, because only in this way can you build a credit record in Canada bit by bit.

What is a secure credit card?

Some new immigrants have just arrived in Canada and haven't found a suitable job or started buying a house immediately, so they may not be approved when applying for a credit card. Because such applications are unsecured credit card applications, they are generally evaluated only through personal credit records, which will hinder immigrants who have just arrived in Canada from establishing credit records.

But it doesn't mean that you can't apply for a credit card or the bank is unwilling to issue a credit card. You can apply for a secure credit card at this time. Usually, you deposit a sum of money into your account as collateral, usually 500-2000 Canadian dollars as collateral, and the bank will give you a credit line of 500-2000, so that you can get a credit card and start accumulating credit records. For a period of time, this mortgage amount was frozen by the bank, usually for 3-6 months. After a period of time, when you have the corresponding credit record, the bank will unfreeze the previous mortgage amount, and then the credit card will change from "secured" to "unsecured". After establishing a good credit record, when you apply for a loan, the bank can check the credit record to approve the loan. For customers with good repayment records, it is easier to get more favorable interest rates.

The assistant suggested that Canada attaches great importance to personal credit, so when you receive the credit card bill, you must repay it on time before the repayment due date.