How+to+Manage+your+Credit

HOW TO MANAGE YOUR CREDIT

NTRODUCTION
Manage your credit is one of the most important things we can do. the idea that if you build up a reputation for paying bills and debts on time. you will be better able to borrow money in the future. Our credit is one if the most important aspect of ours personal finances. It enables you to borrow money when you need it. whether for a car, education, home and some other expenses managing credit to the best of your ability is key. learning the exact credit term being offered should influence all borrow. In accounting term used to increase in value of assets, net-worth and liabilities.

EFINITION The ability to borrow money, the amount made available as a loan or the ability to purchase good and services without immediate payment or ability to repay the loan or to pay for the goods and services in future.

How to obtain credit as a new comer to Canada

As a newcomer to canada. It is important for you to understand how credit works and to build a good credit rating. The first step is to start building your credit history as soon as possible. It is possible to obtain credit and careful targeting can reap rewards in starting a credit history.

Secured credit card Auto loan specialist loan(e.g citi financial) purchasing a cell phone and service contract Hire purchase

Type of credit cards Bank credit cards( visa card,master card etc.) Travel and entertainment credit cards( diner's club) Retail credit cards( walmart, president choice, old navy,safe way )

Improving your credit score

Pay bills on time Get current and stay current Don't open a lot of new account too rapidley Correct mistakes Shop for loan rates within a focused period of time Keep balances low on revolving credit pay off debt Check your credit report

What is credit history

your credit history is one of the factors that a financial institution will consider when you apply for a credit card, loan, line of credit, or mortgage. Your credit history is information on your ability to pay back money you have borrowed. A good credit history will show that an individual was able to repay money on time. Missed or late payment will result in a bed credit history, making if borrowed money in the future.

What to do if your identity has been stolen

Contact the three major credit bureaus (Equifax, Trans union and Experian) Close account. Contact all creditors involves. File a police report. Keep a record of your contact

How to avoid identity theft

Social insurance number Name, Date of birth, mother maiden name, password and Pin Monitor your credit report. Don't give out personal information to unknown persons or companies. Protect your credit and debit cards. Protect your mailbox and wallet. Notify your bank when you change your address or phone number. -