Brought to you by CFEE Canadian Foundation for Economic Education

Establishing Your Credit History in Canada

It is also important to establish a credit history – and to protect your credit rating. This will affect your ability to get credit cards, take out a loan, obtain a mortgage for a house, and so on.

To help you build your credit history, the Scotiabank StartRight Program for Newcomers includes a Scotiabank credit card. When your eligibility for a credit card2 is considered, the unique situation of newcomers is taken into account. Building your credit history will help you to build your financial foundation in Canada.Your credit history in Canada is a measure of your credit-worthiness − that is, your reputation for paying bills and paying back money you have borrowed.


How Do You Build A Good Credit Rating?

  • Pay your bills on time, especially credit card bills
  • Borrow only what you need and what you can afford
  • Always make your loan payments on time

Getting a credit card can help you to build your credit history − and get you started on building a good credit rating in Canada. Building a good credit history − by effectively managing your use of a credit card, or a gas company’s card, or a retailer store’s card − can help you when it comes to getting a phone connected or borrowing money for a new business.