🇨🇦 Buying a House in Canada? Do this First! | Tips to get Best Mortgage | 1st time Home Buyers - YouTube

Salaam Namaste and Sat Sri Akaal.

Hello, Welcome to our channel.

I’m Richi and I’m Deepak.

So, first of all, to start with, thank you so much for all the feedback and the likes on our previous video “Home buying series”.

As promised,

we are continuing this series,

and, in today’s episode, we’re gonna talk about ‘How to improve your Credit Score using a Credit Card?’

If you’re new to our channel, thank you so much for stopping by.

We’re here on Youtube as “MumsMantra”.

We’re a young family of three.

We’re raising our baby girl ‘Arshya’ together in Indo-Canadian style.

Let’s begin the show.

Mostly home purchases in Canada are from Mortgage, either from a Banks or Lenders,

that’s why it’s very important to have your Credit History and Financial Records strong,

because when you go to buy a house, then Lender decides which type of mortgage will you get at what price after seeing those numbers and Credit History.

Just one thing before we start this video,

All these informations that we are providing to you are based on our personal experience.

There’s no right or wrong way to improve or to build your Credit Score.

There are few reference links that we are sharing with you in the description box which you can refer to.

As soon as you land in Canada, take an appointment within one or two days,

go and visit your bank to open an account.

And when you open an account, there’s an option of taking Credit Card from them.

For any reason, if you don’t get Credit Card with your Debit Card,

you can always go for the Secured Credit Card,

which is nothing but you just have to provide security for a while.

Once you get a Credit Card,

the second most step is, ditch those Indian Credit Cards.

So most of us carry ICICI or some type of Forex Credit Cards, which we use for very long.

So stop using it.

As soon as you get a Canadian Credit Card, start using it and start building your history.

If you wanna see how life look like for us in Canada,

you can go to our channel and have a look at the playlists.

You will find various videos there

we try to post around two videos in a week.

So I remember, when we came, initially our score was around 620,

which is not even considered to be a good Credit Score.

But the way we’ve used it for all little expenses,

We’ve already started building our credit score,

and within two months, we were there at 710, which is counted in the Good category.

So, if you’re also coming to Canada then you won’t find your Credit Score above 650.

Don’t get disheartened.

A simple remedy to improve is to start using it as often as you can.

So now we want to share what tips we used

which we realized that this maintained our Credit Score.

So, just to tell you guys,

My credit score is 751,

which according to CreditKarma is very good.

Richi’s score is a bit low because we didn’t use much of Richi’s Credit Card.

That’s one of the mistakes that we did.

Then you gonna use it, I guess.

Yaa, you better should be.

So the first thing is,

When you come to Canada and you need a Car,

always and always take a loan against the Car.

The reason is that the moment you take a loan, they start building your Credit History,

and that loan is a bigger loan that you’re taking.

So these are not like small Credit card payments,

so it affects your credit score a lot when you start making payments against it on a monthly basis.

Second thing is,

You have to get a telephone connection, right?

So there’re again in Canada, you can get a Prepaid and you can also get a Postpaid.

So the payments that you’re making against your Postpaid Bill also helps in maintaining your good credit score.

If you’re wondering where’s Arshya in this whole video,

then presenting you,

here she is.

Hi, Arshya. She’s busy eating food right now.

She started giving us so hard time.

Feeding her is like more tough than making a video in one shot.

Aaaaaaaa

Okay, get back to work guys.

The third tip is,

Set up an automatic payment for your bills,

So say for an example,

Your mobile bills,

Or anything that you own to a company, set up an automatic payment thtough your bank.

That could be Internet Bill or Cable TV Bill

Electricity Bill

Right

The advantage of that is, you’ll never miss the payment.

For most of us buying a home is a single most investment that we do in our entire life.

And for this, a key is a “Good Credit”.

So the fourth tip is,

Try to get a Credit Card from the bank where you have an account.

The advantage of this is,

if your Savings Account, Chequing Account and Credit Card is of the same bank,

Then it’s easier to make payments,

and it’s also a One-Stop place to see your payments, due payments, and also payments won’t be missed.

And the fifth one, which we already said, again and again, we even said in our previous video,

that always get a Credit Card for both of the partners and Use it.

This problem happened with us, we used one of our more and other didn’t,

one has a Credit Score and the other hasn’t.

So this is all we have for you in today’s episode.

I hope you find this video informative and useful.

If you liked this video,

a small request,

please take two seconds to like this video

and subscribe to our channel if you haven’t yet.

Join the family.