1. WHY CREDIT? Financial Unit
For more Info:

2. YOU SHOULD NEVER BORROW $ FOR CONSUMER PURCHASES!!!!
Why Borrow $$?
Make larger purchases before you have the total amount saved eg. house, car
Use it to invest on an investment
Convienence- you don’t have to carry cash
YOU SHOULD NEVER BORROW $ FOR CONSUMER PURCHASES!!!!

3. What Is Credit? Credit is taking a loan from someone
Line of Credit, Credit Card, Car loan, Mortgage
How do you get credit?
You need to Apply and be approved by the bank/company
Interest rates are determined based on your credit score
There are two main credit bureaus in Canada that track your credit:
Equifax
TransUnion

4. Who Can See Your Credit History?
Banks
Credit card companies
Car leasing companies
Mobile phone companies
Insurance companies
Governments
Employers
Landlords
In general, you need to give permission, or your consent, for a business or individual to use your credit report.

5. They Use Your Credit Report To Make Decisions :
lend you money
collect a debt
consider you for rental housing
consider you for a job
provide you with insurance
offer you a credit increase

6. What Is In Your Credit Report?
Info on every loan you've taken out in the last six years —
What do they look for:
Do you pay on time?
How much do you owe?
What is your credit limit?
All these things factor into your credit score….

8. Credit Score Is a number between 300 and 850
The higher your number, the more trustworthy you are
High number = Lower risk for lenders
Under 600 = higher interest rates 
Over 700= lower interest rates 

9. How to Keep a High Credit Score?DO
Pay bills on time for the total amount
Continue to borrow money and pay it back
Accept credit increases (to a certain point)
DON’T
Purchase something you are not able to pay off in the time given
Pay Late
Miss Payments
Pay off only the minimum payment
Use your whole credit limit on your credit card
Write Bad cheques
Avoid payment and dodge creditor calls
Commit Fraud

10. Why Your Credit History Matters…
Affects Your Finances
Determines future loans and Interest
No Credit History = Risky Poor Credit=risky
Result: harder to get a credit card, loan or mortgage.
Could affect your ability to rent an apart. or get hired for a job
Signs of Identity Theft
Check for signs of identity theft yearly to make sure someone has not tried to open credit cards or other loans in your name

11. HOW TO BUILD YOUR CREDIT FROM SCRATCH
Activity:
Find the Perfect Credit Card for You
Compare Credit cards
Reward Pts
Cash Back
Interest Rates