Oftentimes students make their way through high school and enter the world with an untrue perspective regarding credit at banks. Employees of CIBC decided to present information to the grade 11 class of Gordon F. Kells. Hasnain Kothari, Julie Adams, and Gord Paulley therefore stopped by the high school on Friday, Oct. 17.
"We decided to discuss credit with the students on behalf of all the banks in town," explained Gord Paulley.
"We felt credit is not taught fully at a young age and although our presentation is short it'll give you [the students] a better understanding."
Paulley went on to tell the youth it was a good idea to look into a credit card when they turn 18-years-old as building credit is important. Good credit scores as opposed to bad credit or no credit can result in better access to loans and lines of credit when looking to the future of buying a house or a car.
In addition to being able to obtain a loan or line of credit, the interest rates offered to someone with good credit is also a positive to building credit early.
Hasnain then spoke to the fact that building good relationships with ones bank is also important, while it was advised to limit the number of credit checks allowed as any credit check done lowers a credit score.
Adams then explained her father had taken her for a credit card at 18-years-old.
"I was scared to get a credit card, I thought they were bad; but, he gave me two pieces of advice which are important to keep in mind: the first that it will help you in the long run to get a car, a loan, or a house, the second piece of advice was to never put anything on your credit card you can't pay off. He told me to make sure if I put $200 on my credit card, I better have enough in my bank account to pay it off."
