| For the Single/Young
Person or New Credit Applicant
It is often a frustrating experience for
a person to establish their credit record.
The question they raise is, "If I haven't
any charge accounts, how can I establish
a credit record? Where do I start?"
Here are a few suggestions:
| |
1. |
Establish a stable address
and job; |
| |
2. |
Open and maintain a chequing and savings
account if possible, an established
chequing and/or savings account could
indicate to a credit manager that you
have good money management skills; |
| |
3. |
Apply for your financial institution's
package deal for personal financial
services. This kind of account often
includes an all-purpose credit card;
|
| |
4. |
Apply for a first credit account at
your local department store; |
| |
5. |
If you drive, apply for a credit card
from a gasoline company; |
| |
6. |
When approved for a loan from a financial
institution such as a bank, trust company,
credit union or finance company, ensure
the loan is paid promptly, and as you
agreed to pay; |
| |
7. |
Always deal with reputable firms. |
|
