Scoring high with your credit score
Coast Capital Savings
In the fast paced life of a student, it’s often easier to go along the path of least resistance in terms of finances. This may mean charging things to your credit card again, and again, and again – and although this may make things easier now, it doesn’t always translate to easier later.
Bills rack up fast, and your credit rating is an easy thing to overlook when you’re just trying to get through your post-secondary education without starving. The implications aren’t so easy to overlook though. Having a bad credit rating could potentially put you in a tough spot down the line when you’re ready to take on a mortgage or a car loan. To help you avoid that, Coast Capital Savings is here to steer you in the right direction to a positive financial future.
Find out where you stand credit wise
- Scores ranges from 300 to 850 – the higher your score, the better your rating. You typically want to aim for 700 and above – anything 600 and below is considered ‘bad credit’.
If you have a low credit score, improve it
- Pay your bills on time. Pay more than the minimum payment on your credit card; better yet pay off your monthly balance. Don’t take on too many cards – even if you never use the card. It will have an impact on your credit score as it is considered ‘potential credit’ that you could take on.
Keep your debt in check
- Keep an eye on your debt-to-income ratios. You don’t want to find yourself in a position where you can’t service the debt you have taken on.
With a promise to build a richer future for youth in our communities, Coast Capital Savings is a regular contributor to InTouch e-News, and active supporter of Kwantlen Polytechnic University’s work to provide young people with vital educational and career skills to become successful leaders and contributors to society.