Establishing Credit

I’ve been in Canada for just over four and a half years now and to date I have zero credit. By that I mean that Equifax and Transunion, the two major credit bureaus here, don’t have a file for me. I know this because some months ago my wallet got nicked from our car that was sitting in our driveway and I had to go through the whole reporting thing to the various agencies, two of which were the credit bureaus. Both eventually replied to let me know the status of my ‘account’ after I requested a copy of my credit file to see if the thief had decided to do bad stuff with the contents of my wallet. Turns out he/she didn’t.

A couple of months after this event I was outside the front of the house watering some newly bedded plants. It was a Sunday morning. A cop car rolled into the driveway and the officer stepped out of the car and presented me with my wallet. It was intact…nothing missing whatsoever (I never keep money in it, just plastic and paper docs). I was elated as there were a couple of things in there that couldn’t be replaced. I duly informed all the relevant agencies the next day and all is now back to normal.

Today I took a couple of steps towards establishing a much needed credit history for myself here in Canada. I applied for and got a small loan, albeit at an extortionate rate, but well within my capabilities to pay off and pay off early. I also got myself a bank account in my own name, as opposed to being a joint name on my girlfriend’s card. I have wire transferred the Canadian Dollar amount of 300 quid to my UK bank account that I use to fund my Betfair account. Once it hits my bank in the UK I am up and running.

Now the above might sound like I borrowed money to gamble with which isn’t the case. The money I borrowed was for a house project AND to get me started on the way to a good credit history. There just happened to be a surplus (which may or may not have been deliberately engineered 😉 ) that I decided to use to fund my account.

Regardless, I have a lot of things to keep on top of but absolutely the number 1 priority is the health of my betting account. Hopefully over the coming weeks I will demonstrate that it’s possible to make a regular meaningful income. I have several things I need to throw money at but the first thing I want to do is pay off the loan I took out today. That is my first goal. I borrowed $2500 which in todays money is 1480 quid rounded down. It shouldn’t take much to keep track of but keep track is what I’ll do…once that’s paid I’ll find something else to throw money at. I’m actually pretty stoked right now and keen to get in amongst the half time score footy markets and the like but until Betfair gets funded I’m grounded.

That’s pretty much it for today…time for a beer I think.

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