Understanding Your Canadian Credit Score – Career Loans
Internationally trained and looking to get back in your field? We can help! Register Now

Understanding Your Canadian Credit Score

Posted by: Sana Arshad Date: August 15, 2022 Category: Blog

As a newcomer, building and maintaining a good credit score is vital. Having a bad score can affect your chances at getting a loan approved, may cost you a potential job if your employer does a credit check, and can even impact your ability to secure rental housing, or own a vehicle.

For immigrants, it is especially important to understand how this affects your financial capability, so you do not spend years missing out on opportunities.

What is a Credit Score?

First of all, let us look into the definition of it. A credit score is a 3-digit number that allows lenders to determine a potential borrower’s credit risk. So the higher the score, the lower the risk is to the lender.

People can't easily verify your financial status or standing from your country of origin. This is why the most reputable way for them to check is through this score.

Do keep in mind is that your personal information like your religion, gender, marital status, etc. have no bearing on your score. However, if you do not regularly make payments, or already have multiple loans, then that can negatively affect your score.

What is an average credit score?

The credit scores for Canadians range from 300 to 900. And the average score is around 650, according to TransUnion.

But your credit score could very over time, depending on your financial behavior and standing, or also dependent on the lending situation. This is because lenders use different methods of calculation that can vary greatly.

A lot of newcomer and immigrant service providers in Alberta and Saskatchewan offer workshops and counselling that can help you. I highly suggest discussing credit scores more with your local newcomer or welcome centre for the community, such as Saskatchewan Open Door Society or Truly Alive Youth and Family Foundation Inc.

For more exclusive content like this, sign up today for Career Loans  

Career Loans provides micro loans and free career and financial counselling for professionals, who have received education or training for their regulated occupations outside of Canada, so they can return to their chosen profession.

 

PrepCan-Online Newcomer Information Centre is coordinated and funded by:

Centre for Education & Training Mississauga logo Immigration, Refugees and Citizenship Canada logo

careerloans logo

Career Loans provides career counselling and micro loans to Internationally Trained Individuals in regulated and non-regulated occupations and trades, who are looking to return to their chosen profession.



SSL
Funded By:
logo-ESDC
Coordinated By:

logo tcet


Financial Partner:

logo HSBC

Privacy Policy

Terms of Use

Twitter

"A daughter may outgrow your lap, but never your heart".
The Career Loans team wishes you all a Happy Daughter's Day! Enjoy the day with ... your little princess and take the time to celebrate.

#daughtersday #nationaldaughtersday

Join our FREE webinar on Exploring the Canadian work culture for newcomers and listen to our guest speakers from the Saskatchewan ... Intercultural Association. Learn how to be successful in the workplace
Register:...

Are you a newcomer looking to enhance your skills to join the Canadian workforce?
Don't miss our FREE info session to learn how Career Loans... can help.
REGISTER NOW: https://careerloans.ca/sep28
#lifestyle#canada#career#explore#alberta#saskatchewan

Happy “Fun” Friday!
Yay! It is the last working day of the week.
Friday calls for some fun.
We got a meme for you and would like you to ... caption it. 🙂
#funfriday #games #memes #office #friday #work#employer#experience#time#fun

We’re excited to share that Achēv has been nominated for the 2022 Mississauga News Readers’ Choice Award in the best Non-Profit Agency,... Employment Agency and Adult Education categories! Vote for us at: https://bit.ly/3Rt7MRL
The voting lines will remain open until October 5.

Load More...






Latest Video

More
No videos found.

Blog

Subscribe
News item image

The Importance of Networking for Newcomers in Canada – Nov 9th

Learn everything you need to know about how networking helps you grow in your career

About this event
Learn from our guest speaker April, how you …

Read more
News item image

Bi-Weekly Info session September 28

Counsellor Cheryl Murray explains how Career Loans microloans and career counselling can help you return to your career of choice!

Internationally …

Read more
News item image

Exploring the Canadian Work Culture for Newcomers- Oct 5, 12pm MDT

Learn everything you need to know about the Canadian work culture as an internationally trained newcomer
Hear from our guest speakers Amee and …

Read more
News item image

Understanding Your Canadian Credit Score

As a newcomer, building and maintaining a good credit score is vital. Having a bad score can affect your chances at getting a loan approved, may cost …

Read more

PrepCan-Online Newcomer Information Centre is coordinated and funded by:

Centre for Education & Training Mississauga logo Immigration, Refugees and Citizenship Canada logo

COVID-19 NOTICE

Career Loans continues to work diligently to support all clients during the pandemic. Our counsellors are available from Monday to Friday (8:30 am – 4:30 pm MT).

Skip to content