How to Start Building Your Credit with Kaviar in Canada

Building credit as a Canadian can be a challenge, especially if you're just starting out. Kaviar offers a unique solution to help you build your credit history and score using your rent payments. Here's how you can get started:

1. Sign up for Kaviar

To begin, sign up for Kaviar and link your bank account. Kaviar is a service that reports your rent payments to Equifax, one of Canada's major credit bureaus[1].

2. Kaviar reports your rent payments

Once you've signed up, Kaviar will start reporting your on-time rent payments to Equifax. This helps establish a positive credit history, as payment history is the most important factor in your credit score[1].

3. Earn cash back on your rent

In addition to building credit, Kaviar offers cash back rewards when you pay your rent through their app. You can earn a percentage of your rent back in the form of cash, which you can withdraw at any time[2].

4. Monitor your credit score

Kaviar provides tools to help you monitor your credit score and track your progress. You can see how your rent payments are impacting your credit and make sure there are no errors or fraudulent activity on your report[1].

5. Use Kaviar alongside other credit-building strategies

While Kaviar is a great tool, it's important to use it alongside other credit-building strategies like keeping credit card balances low, diversifying your credit mix, and limiting credit checks[1][4]. Secured credit cards and reporting rent payments to credit bureaus can also help boost your score[3][4].

By using Kaviar to report your rent payments and earn cash back, you can start building a positive credit history and score in Canada. Remember to use credit wisely and make payments on time to maximize your credit-building efforts.

Citations:

[1] https://www.canada.ca/en/financial-consumer-agency/services/credit-reports-score/improve-credit-score.html

[2] https://kaviar.club

[3] https://www.reddit.com/r/PersonalFinanceCanada/comments/q8r8kg/koho_credit_builder_whats_the_catch/

[4] https://www.consumer.equifax.ca/personal/education/credit-score/articles/-/learn/how-to-build-credit/

[5] https://www.reddit.com/r/CalebHammer/comments/1d4o088/anyone_know_how_to_build_credit_in_canada/

[6] https://arrivein.com/finance/how-to-build-a-good-credit-score-from-scratch-as-a-newcomer-in-canada/

[7] https://www.koho.ca/credit-building/

[8] https://www.td.com/ca/en/personal-banking/advice/borrowing/how-to-build-credit-score