I'm new to Canada...
I’ve been in Canada for less than six months
"When I came to Canada, I really had no idea how to begin because I didn't have a support network. "
Gwen Lim-Brydson
Motion and Still Inc.
Gwen was no stranger to starting a business, having launched a business in Singapore when she was 16. Prior to settling in Toronto, she worked in corporate finance in London and wanted a change in her life. Picking up a camera to express her creative side soon translated into paying gigs and she explored ways to finance her business. As a young female newcomer with limited credit options, the first four banks she approached all turned her down. Futurpreneur gave her the chance she needed and her business has doubled in revenue each year since it launched.
Tips for
Understanding Credit
There are two key components to understanding credit:
Behavior and Utilization
Behavior
Your past can help predict the future. Making your payments on time and paying them in full makes you a safer bet for lenders.
Utilization
The amount you use tells a story of potential dangers. Keeping aware of how close you are to your limits keeps you ahead of being in trouble.
Establishing credit:
Establishing a credit history is an important step when settling in Canada as it helps you access other sources of financing in the future.
Here are a few easy ways to start building your history:
Credit Card
Car Loan
Phone Contract
Remember
Your credit score is a snapshot, a moment in time.
Improve your score
You can improve your score:
Maintain good behaviour – don’t miss a bill!
Use available credit wisely – don’t spend to your limit!
Get connected with a business development expert.