There are 2 main consumer credit bureau companies in Canada, Equifax and TransUnion, and they may have different information about you. While a credit report is a summary based on what you have done in the past, your credit score is based on information in your credit report and is used by lenders to predict the likelihood that you will repay future debt. It allows potential lenders to evaluate risk – based on your past behaviour, if they lend you money now, are you likely to repay that money or not. Lenders use it to verify personal information about you, your borrowing activity and your repayment history. It begins when you first apply to borrow money. Don’t make long term commitments (like cell phones or tanning memberships) without thinking it through carefully – 3 years can be a very, very long time to pay for something you don’t really need or want.Ī credit report is a summary of how you pay your financial obligations.Not only will it help your bank account, it will help your resume when you apply for scholarships, bursaries and jobs later on. ![]() Have a small, part-time job if you are allowed to.Plan to have your friends over rather than hang out at the mall, stay away from the stores if you’re in a bad mood and not able to make good choices, or decide not to buy “stuff” just to fit in with certain friends. If you’re tempted to spend without thinking, develop strategies to help you avoid times or situations when it’s hard to say no. ![]() Looking at it this way, is it still a good deal?!? If you buy it using a credit card, and you don’t pay the whole bill when it comes, it will actually cost closer to $33.00 by the time you’re doing paying for it. For example, you buy something for $19.99. This means that you add about 50% to whatever you buy.
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