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As an agent, I have helped MANY clients purchase their first home, and have learned what the banks want. If you think you have ANY issues getting approved to purchase your next home, watching this credit video (and my other videos) will help tremendously towards your future purchase. When your normal banks won't grant you credit, I suggest:
- A SECURED card: https://www.capitalone.ca/credit-cards/guaranteed-mastercard/ or https://www.hometrust.ca/credit-cards/secured-visa-card/
- After this, I suggest cards from a variety of retailers. Retailers are keen to help you shop in THEIR stores; store specific cards are generally easier to get than "main stream" cards. Many retailers offer co-branded cards as the next step up.
- Eventually, slowly, you'll transition into bigger, better cards. Cards from the main lenders, with higher limits.
- Expand your credit mix.
- All while keeping your inquiries low.
A few other great videos to watch include, especially useful for First Time Buyers:
- Downpayment Alternatives. Includes RRSP. https://youtu.be/KOz-zWS0GUg
- Credit Pitfalls: Inquiries. https://youtu.be/ZY5ovWe_dPc
- Home Buyer Incentive: Free Money from the feds: https://youtu.be/BQ6MmSUAYGY
- Insurance Confusion: Mortgages. https://youtu.be/YVSJdGCcxLw
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