New Immigrants Should Apply for a Canadian Secured Credit Card

A few years ago when I was working with an earlier project with my company I was required to get a U.S. credit card. Being a resident of Canada I don't have U.S. citizenship or U.S. credit rating. I felt the frustration one would have if they're in a new country. My good credit score and practices didn't do me any good in another country.

Eventually I got a U.S. credit card with a small limit and it was secured by my companies reputation.

Though I had excellent credit in Canada for 25 years, I still found it frustrating not being able to get a U.S. credit card. I had no history with any U.S. credit card company, so no history of any credit rating.

New immigrants to Canada are required to re-start their credit. I can imagine the frustration a family has who is immigrating into Canada. Even if they've had a house with mortgage, credit cards, lines of credits in their former country, they'll be forced to start all over again when they arrive in Canada.

A new family to Canada will be forced to rent a place to live until they can afford a new home. Renting do not affect your credit rating either way. They still can not get loans of any type that would help build their credit rating unless they have a sizable chunk of cash put to one side.

An easy way for a new immigrant into Canada to establish a credit history is to get a secured credit card. For as little as $75.00 you can get a secured credit card. The benefit of having a secured credit card is that TransUnion and Equifax receives a monthly report from that credit card company and that helps build your credit history.

Living the Canadian lifestyle. Own your home and car. For immigrants that is a little more difficult since they need a credit history for a mortgage for a home or a loan for a car. The fastest way and possibly the most cost effective would be for them to get a secured credit card. This immediately starts building a credit history for them and gets them just a bit closer to having that dream.

About the Author:
New Canadian Immigrants have a rough time getting credit as their credit score is not yet started in Canada. One of the best ways to start a credit rating is to get a Canadian Secured Credit Card. Visit Canadian Money Advisor for more info. Don't reprint this exact article. Instead, reprint a free unique content version of this same article.

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