Establish Canadian credit history
A Canadian bank account is important for building and getting a line of credit.
Student status and visa
Check credit eligibility with a recognized Canadian school and a valid study permit. Check before applying.
Apply with your primary bank
Approach the bank where you have your primary account for a line of credit.
Provide financial documents
Kindly provide bank statements, proof of income, and proof of enrollment as supporting documents for your application.
Secure credit options
Some banks may offer secured credit cards or secured lines of credit, which require a cash deposit as collateral.
Co-signer or guarantor
A Canadian co-signer can boost your credit application approval, but they'll be liable for payments if you can't make them.
Your requested credit limit may not be approved in full if you have a limited credit history.
Build a relationship with the bank
Stay in touch with your bank, be financially responsible, and pay on time to improve your credit.
If one bank denies you a line of credit, try reaching out to other financial institutions to explore other potential options.
Use credit responsibly
Avoid maxing out the credit limit, make timely payments, and keep your credit utilization low to maintain a positive credit score.
Seek advice from a financial advisor
For help with getting a line of credit, talk to a financial advisor or your school's student services office.