It's great to build your credit using a student credit card while you're just starting out. Check out the best student credit cards on Comparewise.
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A credit score is a three-digit rating derived from your payment history and current debt. It ranges between 300 and 900, with a good credit score starting from 660. Your credit score is important because lenders will consider it when deciding to approve your mortgage or car lease.
Absolutely. The sooner you establish a Canadian credit history, the better. A student credit card can get you started. The credit score requirement won't deter you once you’re ready to buy your first car or apply for a mortgage.
Since it’s catered to students, you must be enrolled in a university or a full-time college. You’ll need to provide proof of enrollment. If you’re an international student, credit card providers will require proof of a student visa.
Use it only to build your credit history. Avoid spending beyond your means and pay your bills on time every month. It's essential to charge purchases gradually to your card. Start with a small amount you can easily pay off, then build up as you improve your budgeting and money management skills.