If you are new to Canada then you may wonder what you need to do to when it comes to establishing credit. Once you have that figured out you can then move onto learning about the various ways to make a Canada credit card payment. It is always first things first.
Canada Credit Card Payment Tips
- Credit is a building block for your future financial reputation and therefore you should learn to be as proactive as possible when it comes to using it, managing it and paying it off.
- To begin to establish yourself, open a bank account (preferably a checking account). Once you have opened an account be as responsible in its use as possible.
- Don’t go beyond your limit and don’t bounce any checks.
- Put money into it regularly and always make sure you have enough money to cover bank charges.
- Doing all of these things helps to establish your reputation as a good banking customer and it builds trust between the bank and you the customer.
Protect Your Canada Credit Card Score
A Canada credit card payment should always lead to thoughts of credit reports and credit scores. In Canada there are two credit reporting companies. There is Equifax and there is TransUnion. Any time you open anything that has to do with credit, such as to be approved for a credit card or apply for a loan, then the activity finds its way onto the credit report. This also goes for every time you open any kind of account. A potential lender will check out a credit report in order to determine how great a risk you are to lend money to. Your credit score is found on your credit report. It is a three-digit number that is given to you based on your credit transactions. The higher the score is, the more likely you are to be extended credit.
Besides a checking account you might also want to open a regular savings account or a high interest savings account. If you are able to save money in either one of these accounts and your bank sees this then they are more likely to extend you forms of credit such as a credit card or a line of credit. There is only one way to find out. This will also provide you with the opportunity to ask questions about what needs to be done in making a Canada credit card payment.
If no credit or bad credit has caused you financial problems then apply for a secured credit card. This type of credit card will help you to re-establish yourself in the world of credit and it will also provide a stepping stone to getting an unsecured credit card.
