Establish Your Financial Independence

Please, please, ensure that you establish your own credit. There are certainly times when credit is required jointly, such as a mortgage, but everyone needs to establish their own credit history. You should avoid having everything joint or in one name. In the event of an unfortunate situation, including separation, accident, or death, it is vital that each individual be able to step in when credit is required. This could be as simple as establishing a utility account in your own name without having to pay a deposit for having little or no credit history!

A number of factors will come into play when trying to establish credit, such as current employment and income but, regardless, even if it is minimal, consider establishing yourself in the eyes of the credit reporting agencies. Did you know that no credit can be worse than bad credit? As you establish credit, be sure to protect it by keeping accounts in good standing. Talk to your financial advisor for more guidance.

Feel free to share your experience with credit and the need to have your own history!

While this is one of my tips in 10 Tips for Women about Money, this applies to everyone who reaches the age of majority (18 in Alberta).

**This message is an expression of the author’s personal opinions. The companies represented by Antony (Tony) Ratcliffe of Ratcliffe Wealth & Risk Management, as an independent agent/broker, will not be held liable in any way for the opinions expressed herein.

3 Reasons to Consider Checking Your Credit Score

Few things these days are more important than your credit score, and here are just a few reasons you should consider reviewing yours.

1. Negative information can remain on your report for six to seven years in Canada. Everyone from your landlord to a payday loan lender can access your credit report, and that means that problems will cost you in the long run. Understanding what information appears on your report is essential before you speak with a lender.

2. With identity theft at an all time high, your credit report may contain incorrect data or errors. Checking it will help to ensure potential lenders get an accurate representation of you.

3. It can be free. With a free credit report, you will know what is being shown about you. For a small charge, you can receive the report online and be given your credit score that is used in lending decisions, and that may help you get the loan you need.