Think, for a moment, about your future. When you graduate and “reality” kicks in, you will need something of great importance to assist you in your journey into and through adulthood. That, my well-read friend, is good credit.
With good credit you will have an advantage when it comes to financing or purchasing a car whether it be new or used, getting approved for an apartment/condo rental, securing additional credit cards or a line of credit and finally the whopper, settling into a home mortgage.
With more and more restrictions passed on by government officials forcing the banks to clamp down on potential homeowners, getting approved is harder than ever.
Having a great credit score can deeply influence their decision, helping you qualify for the best possible mortgage rates and give you that leverage that you’re going to need. Needless to say, there are of course other factors involved, but why not take hold of the reins and give your future self a helping hand.
Having a credit card can help you achieve this. Instead of paying for groceries and gas with INTERAC why not choose to use your student Visa? Need some binders and a new backpack? Charge it to your new Mastercard. Challenge yourself with responsibility and pay off the entire balance at the end of your billing cycle and always before the due date.
If you can learn to manage your funds in this fashion, it will pave the way not only for developing great money management skills but also set you up in the good books with Canada’s Top Credit Reporting Bureaus.