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I watched your videos before I went to Toronto last year and now I just got a credit card and this video popped up in my suggestions. The algorithm is working for you on my end.
I learned this the hard way. My credit score decreased because I used 35-50% of my credit limit. Kinda pissed off and weirded by the idea. I requested lower credit limit on purpose to protect myself but now getting I'm penalized. Grab that higher credit limit if you can or just be mindful of your swipes. So essentially, your real credit limit is 35% of your credit limit on paper.
I applied for 2 credit cards at once and it damaged my credit score, also I didn’t use one of my credit cards and it closed and it damaged my credit score, how do I then fix my credit score back? It’s 698 it was 715
In my teenage years, my family opened up a credit card in my name and I highly believe they did many other financial damages that I don't know about. How can we know If someone is getting a loan/mortgage etc in our name without our cognizance?
I have multiple credit cards. So should my total credit utilization of all cards ideally be less than 35% or for individual cards? As usually I max out one of my cards and not use the others much.
Hi if i have post paid cell plan and i pay it on time i Will have a good credit score,but do i need to pay that via the credit card itself or i can do cash or other methods. ?
From what I heard, paying your cellphone plan on time does affect your credit score. Personally I put it on my credit card to make sure it goes into the history, as I'm not sure whether my cellphone payments would be reported otherwise.
Hello! Great contents and thanks for the TIPS in getting good credit scores... Quick question around not going over 30-35% of your credit limit... If so instance I got 1000 credit limit and I get to spend 250 CAD on 1 transaction, will paying for this 250 in the same week allow me to maintain not going over that spending limit of 30-35% and will the payment be reflected daily so that I'd get the 1000 credit limit back on that same week? I practice this in my country for the sole purpose of maintaining good credit scores - use credit card and pay on the same day or following day.. therefore keeping my balance to zero but still actively using the card and getting scores. thanks for the feedback.
Thank you! I actually do that all the time. When I use over 20-30%, I pay off my balance. Usually the payment is reflected within 1-3 business days, but it depends on the bank. Then it's reset again and I can use the balance again. So far it hasn't negatively impacted my credit score (it's been hovering around the 800 mark), at least not that I know of! And it makes sense, once you pay it off, you're not using that limit anymore. But yeah, perhaps before using it for larger purchases I would give it time until the payment actually reflects in your balance. Hope this helps!
This comment is old but don't buy a car if you live in Toronto. Traffic is insane, there's no parking, you have to not only make car payments but pay for gas, maintenance and insurance. If you lose your job and can't make payments, what's your plan? Toronto has pretty good public transit and bikeshare. If you really need to drive somewhere try carpooling with friends, taking a taxi/uber or renting a car for a day. I don't know why anyone would own a car in Toronto tbh
Great video I have a question Can one pay his/her credit immediately? For instance, if I go grocery shopping and I use my credit card to pay, can I pay up the credit immediately or do I have to wait for a while to pay it up? Thank you
Im praying to God that you reply me 😢 I am new to canada, it’s showing: Current balance : 284$ Available credit: 1,215 Statement balance : 43$ Minimum: 10$ Please which should i pay 😢 the 43$ or 284$ (total money i used) please reply
i also made a mistake on closing my rbc mastercard. though in that time, i wanted to change my spending mentality, so having a card like that exist will tempt me. so, i cancelled it
It is unlikely, for a bank account (and not a credit product), but there are always exceptions. So it's best to ask the bank about that, before opening the account.
Talking about the credit score; what if I have money from overseas and transferred to Canada bank (new immig) and purchase a car or a phone, does it count to pump up my CS? thanks
Great video thank you so much for it! A question on the point of getting a postpaid mobile plan, When I inquired FIDO the customer service rep at the store told me I’m unable to get a postpaid line because I don’t have credit history and I would need to get the line under someone else’s name and once I build up my credit history I can transfer it to me, and I’m confused because the whole purpose of getting a postpaid package is to build a credit history. Is this standard practice? Appreciate your advice on this Thank you once again 🙂
Thank you! I am not sure about FIDO, I got my first line with Koodo without problems, without having a credit history (*not endorsing them, just my experience*).
Thank you for this video and all the informations you shared. Do you recommend to apply for several credit cards before began to build our credit score to avoid hard hits in the future ?
Personally, but this is not financial advice, I would apply for one first and use that to build my score, for at least 6-12 months, then I would open then next if necessary.
As an American moved up to Canada I notice it is much harder to get and maintain good credit here. I carry credit card balances but it is 15% to 20% or less of my total amount available and they still penalize me super hard like 80 points on my credit score. Canada needs to make the credit system better up here. The USA is a great place to start a new life because credit is much easier to build and rebuild as needed.
Hi, just want to clarify. For example, I have 1000 credit limit. I spent already 350 in my groceries and paid it immediately. Can I use that credit card again for that month or does the 35% usage means for each usage? Actually whenever we are using the credit card even for 10cad, we immediately paid it. is it a good practice in building our credit score?
Additionally, do you mean that whenever I will have a big purchase like 700-800cad, i will not use my credit card, instead i will use my debit? because it will affect my credit score?
We actually do that very often, as you said, using e.g. 30% of the credit card, paying it off and then using it again. I must say I don't know exactly how it's being calculated and updated, buy I would say that the point is to keep the usage low at any time. If you pay it off, then it's no longer 'usage'. Again, I can't say 100% as I don't know the workings behind it, but so far we've been doing it (for 5 years) and our credit scores have been doing great.
Your score will not go up and down drastically as result of just one single process. Rather, it's a pattern of usage across a month/across time. I personally wouldn't worry to do that ocassionally as long as you pay it off soon. But again, this is just my opinion, I am not a financial advisor. Cheers!
@@LivinginCanada thank you for the information. how about if my partner has 10,000 + 1,000 credit limit in a same bank? does it mean that she got 11,000 in total and we will consume less than 35% of that, Am I right?
As far as I know, credit limit usage is assessed per card or credit card account (in case you have several cards attached to the same account). If they are two totally separate credit cards, I believe that the limit and usage would be counted separately. That being said, I don't know if in the back end the bank consolidates the information or not. To be on the safe side, I would treat each card separately and try to keep a low usage for each card individually. Again, just my opinion here.
Great video❤ luv it very helpful. I was living in Toronto 15years ago, recently I kind of wanna move back there, but I am not sure the bank accounts which I used still work😂or not😅, and if I wanna rebuild my credit score is it same as newcomer?
Thank you very much! I am not sure whether you would need to rebuild the credit score or if some information is retained. aIf anyone knows feel free to chip in!
The first thing everyone should do when they get to Canada is get a job save at least $5000 then do things to build your credit different bills not exceeding more than $700 a month . So you have your saving $5000 plus your salary going into your account then deduct your monthly spending
Not true. I haven’t had a mortgage yet in Canada and my score is 837. I have 3 credit cards and a car loan. The secret is keep your total utilization under 5% and pay your bills early. That’s it.
@@TheTubeMeister I kept my credit cards at a zero balance and my score stayed in the 700s for years. Even the car loan did not help. Then a mortgage shot it up past 800.
@@amjadqureshi4622 don’t leave your credit card balances at zero. I think that’s your problem. You leave it at zero then the credit bureau system thinks you’re not using the cards. Always leave a small balance on it. That’s what my financial advisor told me years ago. Once your balances are reported to the credit bureau, if the system is always seeing a very low balance on it, mathematically it will improve your score big time. It’s all about how the algorithm works in the system.
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Hi there
Day by day i get more understanding.thanks.
Awesome!
I watched your videos before I went to Toronto last year and now I just got a credit card and this video popped up in my suggestions. The algorithm is working for you on my end.
Haha, glad it did!
must watched! thank you for this information and recommendations. More power 🙌🏽
I learned this the hard way. My credit score decreased because I used 35-50% of my credit limit. Kinda pissed off and weirded by the idea. I requested lower credit limit on purpose to protect myself but now getting I'm penalized. Grab that higher credit limit if you can or just be mindful of your swipes.
So essentially, your real credit limit is 35% of your credit limit on paper.
THANK YOU! Really helpful 😭 I've never used credit cards before and im really worried about it; btw new sub 🤭
I applied for 2 credit cards at once and it damaged my credit score, also I didn’t use one of my credit cards and it closed and it damaged my credit score, how do I then fix my credit score back? It’s 698 it was 715
10:58 its mean that if i dont use that credit card i need to close it?
I wouldn't close a credit card unless you really don't want to use it anymore.
In my teenage years, my family opened up a credit card in my name and I highly believe they did many other financial damages that I don't know about. How can we know If someone is getting a loan/mortgage etc in our name without our cognizance?
How many credits card needs 3 or 4 have ?
If someone had a score lets say 754 and they never added there rent advantage. How much could your score increase by adding rent payments?
I don't have insight into the exact calculations, but it won't hurt for sure!
@LivinginCanada ok ty for responding, i thought i read somewhere it accounts for 30 percent of your score but i never reported it for 6 years
I have multiple credit cards. So should my total credit utilization of all cards ideally be less than 35% or for individual cards? As usually I max out one of my cards and not use the others much.
Hi if i have post paid cell plan and i pay it on time i Will have a good credit score,but do i need to pay that via the credit card itself or i can do cash or other methods. ?
From what I heard, paying your cellphone plan on time does affect your credit score. Personally I put it on my credit card to make sure it goes into the history, as I'm not sure whether my cellphone payments would be reported otherwise.
As a new student in Canada is it advisable to have two credit card from different bank?
I managed to get my credit score to above 700 in 3 months using only 1 credit card. It certainly doesn't take a year for newcomers.
It's definitely possible with good credit card habits.
Yeah too i have 742 in 2nd month in canada
How did you do it? Car loans? Mortgage?
How did you do it? Car loans? Mortgage?
I also have 724. I started using credit card in April this year. I came to Canada last year.
Is there a negative impact every time I check my credit score using my bank app?
no
Hello! Great contents and thanks for the TIPS in getting good credit scores... Quick question around not going over 30-35% of your credit limit... If so instance I got 1000 credit limit and I get to spend 250 CAD on 1 transaction, will paying for this 250 in the same week allow me to maintain not going over that spending limit of 30-35% and will the payment be reflected daily so that I'd get the 1000 credit limit back on that same week? I practice this in my country for the sole purpose of maintaining good credit scores - use credit card and pay on the same day or following day.. therefore keeping my balance to zero but still actively using the card and getting scores. thanks for the feedback.
Thank you! I actually do that all the time. When I use over 20-30%, I pay off my balance. Usually the payment is reflected within 1-3 business days, but it depends on the bank. Then it's reset again and I can use the balance again. So far it hasn't negatively impacted my credit score (it's been hovering around the 800 mark), at least not that I know of! And it makes sense, once you pay it off, you're not using that limit anymore. But yeah, perhaps before using it for larger purchases I would give it time until the payment actually reflects in your balance. Hope this helps!
@@LivinginCanada Thanks a lot. I'll do the same practice then. Cheers!
Hi have.a question do you think its necessary to have or buy a car in toronto? whats the best timing to buy? Thank you
I don't find it necessary, but many people do.
This comment is old but don't buy a car if you live in Toronto. Traffic is insane, there's no parking, you have to not only make car payments but pay for gas, maintenance and insurance. If you lose your job and can't make payments, what's your plan?
Toronto has pretty good public transit and bikeshare.
If you really need to drive somewhere try carpooling with friends, taking a taxi/uber or renting a car for a day.
I don't know why anyone would own a car in Toronto tbh
How’s your credit score doing these days? Are you just beginning to build it?
837 here.
Yep it's excellent 🎉
Is there a recommend credit score calculator online?
How do i add my bus card monthly purchase to my credit card
You would need to open a presto account and register your card there. Then you can add your credit card and link it to your presto card.
Great video
I have a question
Can one pay his/her credit immediately?
For instance, if I go grocery shopping and I use my credit card to pay, can I pay up the credit immediately or do I have to wait for a while to pay it up?
Thank you
You can pay for it immediately, in fact I always pay off my balance or part of it when I exceed a certain amount to keep my usage low. Cheers!
Thank you ❤
Youre amazing
Im praying to God that you reply me 😢 I am new to canada, it’s showing:
Current balance : 284$
Available credit: 1,215
Statement balance : 43$
Minimum: 10$
Please which should i pay 😢 the 43$ or 284$ (total money i used) please reply
Always pay the total so your interest doesn’t go up
how do i add my mobile plan of 25CAD to my RBC Mastercard
You'll have to register your card on your mobile plan provider's account and set your credit card as payment card.
Very good advice.
Thank you!
Great video .The information on the site 9:00 is a treasure .
Thank you!
Can pay even the bill not yet come? I mean super advance?
Yes you can, I do that all the time, pay the amount I used on my credit card before the bill is out.
Thank you beautiful 🙏🏻
You're welcome!
hi, i'm 19 years old and need guidance, may i ask what is the best credit card to get?
i also made a mistake on closing my rbc mastercard. though in that time, i wanted to change my spending mentality, so having a card like that exist will tempt me. so, i cancelled it
As long as you got a new card you'll build up that credit again pretty soon!
Do you know if opening a new bank account incurs a soft hit or hard hit to credit report?
It is unlikely, for a bank account (and not a credit product), but there are always exceptions. So it's best to ask the bank about that, before opening the account.
Hi, when we're applying for our very first credit card in Canada, do we need to be aware of the Hard hits?
Yes usually credit card applications involve hard hits. There are exceptions, so it's best to ask the credit card company before applying!
@@LivinginCanada thank you it’s really helpful 😊
Talking about the credit score; what if I have money from overseas and transferred to Canada bank (new immig) and purchase a car or a phone, does it count to pump up my CS? thanks
To affect your credit score, you need to spend your money through a credit product, like a credit card, loan, or installment.
great video thank you
Glad to hear, thanks!
This is a very useful video, specially for newcomers. Great content! Thanks for sharing your experience with us :)
Glad to hear that, thanks!
Hi
Great video thank you so much for it!
A question on the point of getting a postpaid mobile plan,
When I inquired FIDO the customer service rep at the store told me I’m unable to get a postpaid line because I don’t have credit history and I would need to get the line under someone else’s name and once I build up my credit history I can transfer it to me, and I’m confused because the whole purpose of getting a postpaid package is to build a credit history. Is this standard practice? Appreciate your advice on this
Thank you once again 🙂
Thank you! I am not sure about FIDO, I got my first line with Koodo without problems, without having a credit history (*not endorsing them, just my experience*).
@@LivinginCanada I ll contact their customer services :) thank you once again for these videos, really helpful!
Good tips. I think another good idea for newcomers is to get a secured credit card.
That's a good point! I almost got myself one of those too.
Thank you for this video and all the informations you shared. Do you recommend to apply for several credit cards before began to build our credit score to avoid hard hits in the future ?
Personally, but this is not financial advice, I would apply for one first and use that to build my score, for at least 6-12 months, then I would open then next if necessary.
nice video Love you
Thank you!
Useful video. Thank you! Didn't realize the intricacies of setting up credit history here, especially from scratch.
Glad to hear this was useful!
Amazing! Thanks for your help!
Glad if it was helpful!
As an American moved up to Canada I notice it is much harder to get and maintain good credit here. I carry credit card balances but it is 15% to 20% or less of my total amount available and they still penalize me super hard like 80 points on my credit score. Canada needs to make the credit system better up here. The USA is a great place to start a new life because credit is much easier to build and rebuild as needed.
Usa corruption
Go to the US then
Hi, just want to clarify. For example, I have 1000 credit limit. I spent already 350 in my groceries and paid it immediately. Can I use that credit card again for that month or does the 35% usage means for each usage? Actually whenever we are using the credit card even for 10cad, we immediately paid it. is it a good practice in building our credit score?
Additionally, do you mean that whenever I will have a big purchase like 700-800cad, i will not use my credit card, instead i will use my debit? because it will affect my credit score?
We actually do that very often, as you said, using e.g. 30% of the credit card, paying it off and then using it again. I must say I don't know exactly how it's being calculated and updated, buy I would say that the point is to keep the usage low at any time. If you pay it off, then it's no longer 'usage'. Again, I can't say 100% as I don't know the workings behind it, but so far we've been doing it (for 5 years) and our credit scores have been doing great.
Your score will not go up and down drastically as result of just one single process. Rather, it's a pattern of usage across a month/across time. I personally wouldn't worry to do that ocassionally as long as you pay it off soon. But again, this is just my opinion, I am not a financial advisor. Cheers!
@@LivinginCanada thank you for the information. how about if my partner has 10,000 + 1,000 credit limit in a same bank? does it mean that she got 11,000 in total and we will consume less than 35% of that, Am I right?
As far as I know, credit limit usage is assessed per card or credit card account (in case you have several cards attached to the same account). If they are two totally separate credit cards, I believe that the limit and usage would be counted separately. That being said, I don't know if in the back end the bank consolidates the information or not. To be on the safe side, I would treat each card separately and try to keep a low usage for each card individually. Again, just my opinion here.
Great video❤ luv it very helpful.
I was living in Toronto 15years ago, recently I kind of wanna move back there, but I am not sure the bank accounts which I used still work😂or not😅, and if I wanna rebuild my credit score is it same as newcomer?
Thank you very much! I am not sure whether you would need to rebuild the credit score or if some information is retained. aIf anyone knows feel free to chip in!
The comments , once again immigrants get it residence fk it
The first thing everyone should do when they get to Canada is get a job save at least $5000 then do things to build your credit different bills not exceeding more than $700 a month .
So you have your saving $5000 plus your salary going into your account then deduct your monthly spending
Great tip on saving that amount of money quickly. I agree. Most importantly, keep the spending ratio (percentage) low.
660 score is def not good haha
It can improve from there!
To get credit score over over 800 you need a mortgage history.
Not necessarily, but it helps
Not true. I haven’t had a mortgage yet in Canada and my score is 837. I have 3 credit cards and a car loan. The secret is keep your total utilization under 5% and pay your bills early. That’s it.
@@TheTubeMeister I kept my credit cards at a zero balance and my score stayed in the 700s for years. Even the car loan did not help. Then a mortgage shot it up past 800.
@@amjadqureshi4622 don’t leave your credit card balances at zero. I think that’s your problem. You leave it at zero then the credit bureau system thinks you’re not using the cards. Always leave a small balance on it. That’s what my financial advisor told me years ago. Once your balances are reported to the credit bureau, if the system is always seeing a very low balance on it, mathematically it will improve your score big time. It’s all about how the algorithm works in the system.
No