You are an immigrant, who has recently moved to Canada and plans to buy a house.
First variant. You have a “trunk of money” – cash or balance. Accordingly, you are ready to buy a house. You have to do only two things: choose and buy.
Second variant. You have to earn money. Take a credit. Insensibly pay it out.
We will consider this variant in more details. We always have to think about the future. Especially in the moment when you have recently moved to Canada, rent a house, found the first job or started to study. So, this is the very moment when you have to think about your credit history. Every one knows about it, I only want to emphasize that there is centralized system Bureaux de Credit in Canada, which spies on how you pay debts and according to it, gives you some quantity of score, which is called credit score. Scores can change depending on how you use your credit, how on time do you pay debt instruments, use your credit card, to avail you of taking credit.
If you have a good credit history in the future, when you buy realty, you can reduce the sum of the first payment.
The beginning of a credit history is сonnected with the opening of the first credit card. Unfortunately Canada did not take into account a credit rating of any other country, for example from which you have moved. And that is why it is hard to open a credit card – you do not have canadian credit history.
What do you have to do? There is very easy way, it is called secure credit account. The bank freezes on your account a fixed sum, for example $500 for a year. After it gives you a credit card with limit drawing on money in the same rate or smaller. You use this card and definitely keep the rules of the game which is called “to earn credit history”.
So, a credit history has begun. Our congratulations. You have already made a first step.
