Credit Confidence 📈

Who This Is For

• Newcomers to Canada without any credit history
• Young adults or students trying to qualify for their first credit card
• Anyone with poor credit looking to rebuild
• Canadians who want to raise their credit score for a car or home

Step-by-Step: Build Credit the Smart Way

1. Understand What Credit Is
   Credit is borrowed money. You use it now, then repay it later — often with interest. In Canada, your credit score affects your ability to get loans, rent apartments, or even get a job.
2. Start with a Secured Credit Card
   This is a great first tool if you're new or rebuilding. You deposit money (say $500) and use the card like a regular credit card. It reports to the credit bureaus and helps build your history.
3. Always Pay On Time
   Even one missed payment can hurt your score. Set up automatic payments or reminders.
4. Keep Balances Low
   Try not to use more than 30% of your credit limit. If your card limit is $1,000, stay under $300.
5. Check Your Credit Reports
   Use Equifax Canada or TransUnion to view your report once a year for free.

Coach’s Tips

• Don't apply for too many cards at once — it lowers your score temporarily.
• Don’t close your oldest card. Length of credit history matters.
• Use your card monthly, even for small things, and pay it off fully.
• Call your bank and ask for a limit increase after 6–12 months of good use.
• Combine credit building with smart saving to prepare for future goals like home ownership.