5 Simple Steps to Build a Strong Credit Score Quickly in Canada

When you first arrive in Canada, you start with no local credit history, which can make renting a good apartment or financing a car difficult. Here are five straightforward steps to push your credit score above 700:

1. Open a secured credit card: If a bank declines a standard card, deposit $500 as collateral to get approved for your first secured card.
2. Follow the 30% utilization rule: If your limit is $1,000, keep your balance below $300 at all times. High balances lower your score.
3. Pay every bill on time: Set up automatic payments or calendar reminders, as a single late payment stays on your report for years.
4. Put a postpaid cell phone plan in your name: Major carriers like Bell, Rogers, and Telus report monthly payments to Equifax and TransUnion.
5. Avoid multiple credit applications at once: Every hard credit check temporarily lowers your score.