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Building Credit

A quick list to quick and responsible credit building.

Do Don't
Pay your bills on time.

Set-up automatic payments from your bank account for painless payments and an easy boost to your credit rating!
Get a credit card.

Credit cards do offer convenience, and if you use them responsibly, they can also help you build a solid credit history.
Limit yourself to one or two credit cards, max.

Beware of retail credit cards! Their interest rates are typically higher than those charged by the major credit card companies.
Know what your credit report says about you.

There are two credit-reporting agencies in Canada: Equifax and Trans Union of Canada Inc. They keep track of your credit history and behaviour.
Don’t use your credit card to supplement your monthly cash flow.

Use your debit card instead, as it limits your spending to what you can actually afford.
Don’t lose track of your payments.

Your credit card company can turn you over to a collection agency. They can also increase your interest rate, lower your credit limit or even close your account.
Don’t spend more than your budget allows for.

Credit is not "free money"!
Don’t be afraid to ask for help.

Let someone know - many campuses have free and confidential credit counseling services
Don’t apply for other credit cards to pay off other debt!  

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