Buying only what you need is precisely how I managed my money and my credit, and that is why I had a platinum bank behaviour rating. So, that is good advice. I had a credit card so that I could get something if I needed it and didn't have quite enough cash, but could pay it back easily. My father always used to tell me that it was better not to borrow, but if you had to borrow, then only borrow the minimum so that you can pay it back. Avoiding living beyond your means to have things which are not actually affordable for you is why so many young people find themselves in overwhelming debt, and then, that works against them. When you want to buy a car, they will calculate your income versus your credit lines, and it can end up being that you don't get a good car, if you get one at all. So, it's about building up your credit points carefully and wisely so that you can buy what you need, such as a car or a house.
@@diamondsinnations The way I did it was only buying what I needed, and not buying anything beyond my means. Then, I paid it back early. That built up the bank's confidence in my ability to manage what little money I had at the time, and after about 7 years, I discovered that my rating at the bank was platinum, so it was easy for me to get a higher line of credit if I needed it. It takes time to prove that you're responsible and sensible with your money. When I was in my 40s, I only borrowed to build credit, and paid the money back in one payment. That is one way that people were able to build their credit points. In fact, banks like that even better, because it shows that you don't spend too much. The problem with the young people is that they just see all of the luxuries that they can buy, and they go out to buy clothes or gadgets that they don't need and can't actually afford. By staying within your means, and paying promptly, even if you can only make payments at the time, you build your rating. Many people are afraid of credit cards, until they realise that without that rating built up, they can't do anything. You talked wisely about how to manage credit, so you will do quite well. Your credit for something like a house will depend on how much of a deposit you manage to save up, as well as how well you've managed your credit, and what your credit lines are. It's important to remember that when companies are assessing your credit, they don't look at how much you owe....they only look at how much each line of credit is, so if you have a card with a limit of 5K, but you've only spent 1K, they will still count the 5K against your income. So, it's a fine balancing act, but it can be done if you manage your credit well. Don't get high limits very much, but stay within your means. It's perfectly acceptable to tell the bank that you do not want overdraft or high credit limits when they offer you those things. Banks put you between a rock and a hard place....you need to build credit, but they make their money from the high credit limits, so just like the phone companies will try to push you to spend too much, the banks will try to push you to get higher credit limits than you need. Keep your credit lines reasonable.
Well said BUT but take this with a grain of salt…Having credit is good BUT I think if you have bad spending habits a credit card can ruin you ie if you are a fresh student in Canada. Besides if you think about it …. 😅 😅 the point of having a good credit score is to get into more debt 🤷🏽♂️ or borrow more. You need to understand how to use a credit card and be sure to read the fine prints involving interests. A credit Card is one of the fastest way to build credit but not the only way.
Thank you my sister for this wonderful information as usual. Please does New brunswick Eastern College private college pilot PSW program really lead to PR ?. Please I need your help to enable make a decision. I look forward hearing from you dear sister.
Hi daimond, Hope you know me as i already used comment on your previous videos. I got offer letter for masters of organizational management now in Moncton they are not giving masters of management in Moncton. If i have to take that i need to go to the Sussex campus. Could you please advise me on this. Should i go for organisational management ?
Thank you so much, I will be coming to NBCC Woodstock Campus in Fall 2024 , your videos are giving me a clear picture. Do you mind sharing your contact with me? Thank you.
Buying only what you need is precisely how I managed my money and my credit, and that is why I had a platinum bank behaviour rating. So, that is good advice. I had a credit card so that I could get something if I needed it and didn't have quite enough cash, but could pay it back easily. My father always used to tell me that it was better not to borrow, but if you had to borrow, then only borrow the minimum so that you can pay it back. Avoiding living beyond your means to have things which are not actually affordable for you is why so many young people find themselves in overwhelming debt, and then, that works against them. When you want to buy a car, they will calculate your income versus your credit lines, and it can end up being that you don't get a good car, if you get one at all. So, it's about building up your credit points carefully and wisely so that you can buy what you need, such as a car or a house.
Hmmm you have spoken with experience
Thank you I enjoyed the video especially seeing the streets of Moncton NB.
Glad you enjoyed it and thank you
Thank you for the lively, realistic and informative communication
You rock, that smile is contagious!!
Hahhahahaha thank you so much 😊
Thanks for all the info. You are doing a great job. Well done!
My pleasure! And thank you too
Interesting experience, Thanks for sharing. Much appreciated.
Glad you enjoyed it and welcome 🤗
always waiting for new episodes of your videos to watch...... thanks for all the info
Glad you like them! And welcome 🤗
I really like your videos, you just go straight to the point❤
Thank you 🙏
Thank you so much for sharing this. God bless you.
You are so welcome
God bless you sis for these information
My pleasure 😇
Thanks ma'am so much to learn from
this video
It's my pleasure 😇
Thank you Jenifer for sharing this
Welcome 🙏
Nice one
Thanks 🙏
Thank you for this info
Welcome
thanks for the information.
You're welcome
Good information thank you dear
Welcome 🙏
You do need a platinum credit history if you ever want to buy a house.
How can I get that
@@diamondsinnations The way I did it was only buying what I needed, and not buying anything beyond my means. Then, I paid it back early. That built up the bank's confidence in my ability to manage what little money I had at the time, and after about 7 years, I discovered that my rating at the bank was platinum, so it was easy for me to get a higher line of credit if I needed it. It takes time to prove that you're responsible and sensible with your money. When I was in my 40s, I only borrowed to build credit, and paid the money back in one payment. That is one way that people were able to build their credit points. In fact, banks like that even better, because it shows that you don't spend too much. The problem with the young people is that they just see all of the luxuries that they can buy, and they go out to buy clothes or gadgets that they don't need and can't actually afford. By staying within your means, and paying promptly, even if you can only make payments at the time, you build your rating. Many people are afraid of credit cards, until they realise that without that rating built up, they can't do anything. You talked wisely about how to manage credit, so you will do quite well. Your credit for something like a house will depend on how much of a deposit you manage to save up, as well as how well you've managed your credit, and what your credit lines are. It's important to remember that when companies are assessing your credit, they don't look at how much you owe....they only look at how much each line of credit is, so if you have a card with a limit of 5K, but you've only spent 1K, they will still count the 5K against your income. So, it's a fine balancing act, but it can be done if you manage your credit well. Don't get high limits very much, but stay within your means. It's perfectly acceptable to tell the bank that you do not want overdraft or high credit limits when they offer you those things. Banks put you between a rock and a hard place....you need to build credit, but they make their money from the high credit limits, so just like the phone companies will try to push you to spend too much, the banks will try to push you to get higher credit limits than you need. Keep your credit lines reasonable.
Well said BUT but take this with a grain of salt…Having credit is good BUT I think if you have bad spending habits a credit card can ruin you ie if you are a fresh student in Canada. Besides if you think about it …. 😅 😅 the point of having a good credit score is to get into more debt 🤷🏽♂️ or borrow more.
You need to understand how to use a credit card and be sure to read the fine prints involving interests. A credit Card is one of the fastest way to build credit but not the only way.
That’s true 👍
Thank you so much 😊
You're welcome 😊
Thanks for sharing...
My pleasure 😇
Tanx dear, watching from SA
Thanks for watching
Thank you my sister for this wonderful information as usual. Please does New brunswick Eastern College private college pilot PSW program really lead to PR ?. Please I need your help to enable make a decision. I look forward hearing from you dear sister.
Thank you 🙏 I heard they have their own pathway but I don’t know about it. It’s confusing
Ok dear sister for your kind and prompt response, please if you get any additional information about it, please inform me. Thanks a lot.
@chibuzoajoku9024 welcome and sure I will
Thanks
Welcome 🙏
Meoww ❤ keep it up
Thanks sweetheart
Real life..shout out from America
Thank you
Thank you 🙏
Welcome 🙏
great tips
Thank you 🙏
Aspiring to come🇰🇪
You will 💎
Yessss, same mistakes here!
Oh really? I hope you were able to correct them by now 👍
Hi daimond,
Hope you know me as i already used comment on your previous videos. I got offer letter for masters of organizational management now in Moncton they are not giving masters of management in Moncton. If i have to take that i need to go to the Sussex campus. Could you please advise me on this. Should i go for organisational management ?
Yes MOM is good I actually got that but when I saw M and M I called my school to change it and Sussex is cheap like Moncton too. For me it’s cool
@@diamondsinnations will we get 3 year stay back for both the courses?
With the new law yes. But when I got mine years ago it was one year PGWP
Thanks so much
You're welcome!
I want to move to canda please whats the best way to....im so confused
I think the study route is very direct and also DIY
Please ma, do I need updated bank statement at port of entry into Canada or I can use the bank statement use for application before approve .
For me I used the updated one for port of entry as I had more money in my account
Please let me know the cost of living in St. John.
It’s fair 💎🙏 cheaper than Moncton
Thank you so much, I will be coming to NBCC Woodstock Campus in Fall 2024 , your videos are giving me a clear picture. Do you mind sharing your contact with me? Thank you.
Thank you 🙏 I am always here for you
Please which course are you offering
God bless you
Amen and thank you
what are the names of those settlement agencies you mentioned please?
MAGMA and Moncton cares in NB. Every province has theirs
how do I know the once for Ontario?@@diamondsinnations
@atelicollins3025 you can ask around or search on google map. This is one of the
www.costi.org/programs/program_details.php?sid=42&pid=9&id=171
I need some clarification, more like a personal DM
Oh I am not licensed for it
Na true o hahahhaaa
Oh yes 👍
Thanks for the insightful advice
My pleasure! 😇
How did you build the credit score
Use card and ensure I pay back a week before the due date
How much would you require to relocate to Canada from Nigeria
It depends on what you are relocating as
@@diamondsinnationsplease universities with high acceptance rate
@favourclinton9654 ok I will update
Hii do you have any idea about Crandall University Sussex Campus?
It’s good 👍
@@diamondsinnations Thank you!!!
Where are you in Canada?
New Brunswick
Thank you for this information
My pleasure 😇