How do I build a better community and a credit history all at the same time?

Good Money™ knows that building a good credit history is an important financial goal. But how do you do it, while feeling good about the financial decisions you’re making along the way?

Here are some answers to some of the most frequently asked questions about building a credit history, along with information about Vancity’s enviro™  Visa* credit card, which can help you build a great credit history while building a better community.

Q: What exactly is a good credit history?
A: Credit history is record of how well you pay  regular bills and how you  pay back money you have borrowed – such as:  credit cards, personal loans and mortgages. It is also a tool that most financial institutions, and utilities use to determine a person’s ability as well as willingness to pay their bills, debts and meet obligations.

Q: And why do I need to build my credit history?
A: A good credit history is important when obtaining utilities, a cell phone, cable/internet, and in some cases to rent a home and apply for a job. Most financial institutions will use your credit history as a means to determine how much money to lend to you and the interest rate that you will qualify for when borrowing.

Q: So how do I start building my credit history?
A:  Using a credit card like the Vancity enviro Visa credit card can help you build your credit history when you use it regularly to pay bills like your cell phone bill, groceries, transit pass, and so on. We will work with you to determine the Visa card and starting spending limit that is most suitable to your personal circumstances. Most importantly, make sure that you make at least the minimum payment required on your statement by the payment due date every month, or even better, pay your Visa bill in full every month because you are required to pay these bills anyway.

Q: Why is it called an “enviro” Visa?
A: A portion of enviro Visa earnings go to the Vancity enviroFundTM every year. Close to $1 million was granted to projects in 2011 alone. Learn more about the 2011 enviroFund recipients.

When you’re ready to get started and build your credit history, apply for our enviro Visa credit card or call 604.877.7000 or toll-free at 1.888.Vancity (826.2489) and we’ll be happy to take your application over the phone.

enviro™, enviroFund ™  and Good Money ™  are trademarks of Vancouver City Savings Credit Union. *Visa Int/Lic User Vancity.
The response set out above is for your information only and is based on general assumptions. While our goal is to offer current, accurate and clearly expressed information, Vancity does not warrant the accuracy, adequacy or timeliness of this information. Changes to the assumptions or facts or to any applicable laws or regulations could affect the validity of this information.  The information is not intended to be investment, legal, accounting, tax or other advice and you should not rely on it without seeking the advice of professional advisors to ensure your particular circumstances are properly considered. Vancity is not responsible for loss or damage that results from reliance on this information.