Kanetix Forum

I would like to buy a house with my fiance. The problem is I've never had a credit card, so I'm wondering if there's anything I can do if I have no credit to apply for a loan?

This is a situation a lot of people face. However, there are a few things you can do that may help with your mortgage application.

You could choose to provide three months of statements signed and stamped from your bank to provide proof of payment and proof of income.

If you consistently pay your bills and rent on time, you could provide a years worth of cancelled rent or utilities checks to validate consistent monthly payments. You could also do this with credit obtained through family members or friends.

All of the above information will then become part of your mortgage loan application but the best way to establish credit when you have none is to obtain a secured credit card through your bank.  Make sure you use and pay off the card every month.  The credit companies do not look at what you spend, just that you have used and paid the card.

Paul Sidhu, Principal Mortgage Broker at KTX Financial Ltd.

Neither Kanetix® nor the KanetixForum.ca is a mortgage broker or agent. Although this information has been passed along to you from KTX Financial through the Forum, we are not responsible for the opinions expressed by them. Mortgages can be complicated. When reading these answers, keep in mind each person¿s situation is unique. Individual responses may vary depending on your lender, geographic location, and specific circumstances. If you have a similar situation, always speak with your mortgage provider, or a licensed mortgage representative, for terms and conditions that may apply to you.

I guess a lot of young newcomers to Canada must go through this as well. It is kind of comforting to know we aren't alone.

Thanks for the above information Paul.