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Building your credit rating every day

	Length: 1 min 45 s

Text transcript

This is Dave. He’s 23, a university student and an impressive cook!

Tonight, he’s surprising his girlfriend by making dinner. It’s been exactly 1 year since they moved in together. And that calls for a celebration!

Even though he’s not making a million, Dave is full of plans! A new car to go snowboarding on weekends, a trip to Europe with his girlfriend and maybe someday a condo for two!

But how is Dave going to put his plans into motion? He started by meeting up with his Desjardins advisor, who explained that to have a better chance of getting all he wants, Dave should make sure he has a good credit rating.

A credit rating, or credit score, isn’t rocket science. It's like a grade given to a borrower based on his history of paying back loans. Healthy borrowing habits will lead to a strong credit rating. By building his credibility as a borrower, Dave will be that much closer to his dreams.

So how can Dave build his credit rating? First of all, he uses his credit card wisely: to pay for unexpected expenses like urgent car repairs, to buy something that’s on sale for a limited time or to buy concert tickets online.

Paying off his credit card on time each month also improves his credit score. Besides, when he pays his credit card balance in full, he has no interest to pay…way to save, Dave!

The same idea works for all his other debt. Paying back his loans and line of credit on time gives him a good rep with financial institutions.

By getting a head start on good credit habits, Dave is taking concrete steps to reach his dreams. The future is yours, Dave!

To learn more about your credit rating and how important it is, visit desjardins.com/creditrating.