Personal Finance

Multiple bank accounts for newcomers to improve credit history

  • Last Updated:
  • Apr 30th, 2014 9:15 am
Tags:
None
[OP]
Newbie
Aug 15, 2013
12 posts
1 upvote
New Brunswick

Multiple bank accounts for newcomers to improve credit history

Does multiple bank accounts for newcomers will build faster credit history?
7 replies
Deal Addict
User avatar
Sep 1, 2013
1419 posts
321 upvotes
New Tecumseth, ON
Nope. Secured credit card if you can't get approved for a regular one is the way to go.
Member
Nov 25, 2011
422 posts
61 upvotes
201-8 Sampson Mews, …
crimsona wrote:
Apr 29th, 2014 7:20 pm
If you have an Amex from your home country, use the Global Transfer option.

HSBC has a Global transfer program too if you are an HSBC customer
+1 to this. I did the AMEX transfer and it's the best decision you can make. They back-date it so you have credit for a period in Canada even when you weren't here!
[OP]
Newbie
Aug 15, 2013
12 posts
1 upvote
New Brunswick
Aethean wrote:
Apr 29th, 2014 6:58 pm
Nope. Secured credit card if you can't get approved for a regular one is the way to go.
But if I will get Secured credit card from each bank account?
Deal Fanatic
Jul 1, 2007
8315 posts
1282 upvotes
Don't think that everything for which you are credit-checked builds credit.

What builds credit fastest and most effectively is revolving credit (credit cards) well maintained (paid in full with low utilisation ratios).
Money Smarts Blog wrote:
Nov 29th, 2010 11:18 am
I agree with the previous posters, especially Thalo. {And} Thalo's advice is spot on.
Deal Addict
Jul 12, 2008
1868 posts
308 upvotes
Burlington
flashos wrote:
Apr 30th, 2014 1:03 am
But if I will get Secured credit card from each bank account?
Don't apply all at once try and apply for a normal card and if you are not approved then you can always go through the secured route, Capital One has some very good secured ones. After like 3 to 6 months you can always apply for a non secured one after you have shown some history of using your cards well and paying your balance off on time

Top