Rapport Student Pack

Making the most of your money

It’s back-to-school time again. If you’re attending university or college this year, Rapport Credit Union has created a bundle of financial products specifically for students.

The idea is to give you everything you need to manage your finances while you’re in school, including a break on fees and interest charges.

Rapport Student PackThe Rapport Student Pack includes:

✓ Empower chequing account
    • no monthly fee
    • no minimum balance
    • 35 free transactions per month

✓ Student Line Of Credit
    • up to $10,000
    • interest-only payments extended to 1 year after graduation
      (normally 6 months)
    • payments can be made anytime

✓ Student Mastercard®
    • no annual fee

And there’s a limited-time special offer: students who sign up for the Rapport Student Pack before November 1, 2017 will have the cost of their Rapport Credit Union share waived - a value of $50.

In addition, when you become a Rapport member, you automatically get our full team of financial specialists, advisors and advocates behind you to help you learn more about managing your money.

Whatever your situation, Rapport Credit Union is here to help you make the most of your money over the course of your school year.

For more info on becoming a member you can visit our website, rapportcu.ca, drop into a Rapport branch, email us (help@rapportcu.ca) or contact Member Assistance at 1 888 516 6664.

Sign up before November 1 and Rapport will waive the cost of your member fee - a value of $50!

 

A better credit rating could get you a better rate.

Financial institutions and credit card companies rely heavily on your credit report when they are determining your interest rate. Employers, cell phone providers and other businesses will often look at credit reports when making a decision.

What is a credit score?
A credit score is a judgment of your financial health that tells lenders what type of risk they are taking on if they lend you money. The higher the score, the lower the risk. The two main Canadian credit-reporting agencies, Equifax and TransUnion, report scores on a scale between 300 and 900, with anything over 600 being good. So what can you do to make sure these factors are giving you the highest possible score? First, get a copy of your credit report from both agencies. They will provide your credit report either free (by mail) or a more detailed version for a fee. Ensure the information is accurate; if not, contact the credit agency to get it corrected.

Your Payment History
This information reports spending, balance history and how often you have missed a payment. What can you do? Pay off your balances/bills in full by the due date or at least make your minimum payments. Do not miss payments and verify all the transaction activity on your statements. Use your credit cards regularly so there is recent positive payment information in your history.

Your Bankruptcy and Collection History
A key factor is whether you have had any collections or bankruptcies recorded against you. Having either of these will lower your score significantly.

Your Outstanding Credit Balances
This is a critical element of your credit score and a combination of factors is considered. Total outstanding balances, number of accounts and your available credit are part of the equation. Having too much available credit can harm your score if lenders believe you have the potential to spend more than you can pay back. However, total outstanding balances should not exceed about 35% of your total credit limit, having more than this may signal you are living beyond your means. Therefore, think twice about closing a zero balance account, as it will decrease your credit available so your total percentage of outstanding balances will increase.

Your Account History
This refers to how long you have had open credit accounts. If you choose to close an account – close a more recent one. The longer your credit history the better your credit score, assuming your payments are on time.

Your Inquiry History
The number of recent inquiries into your credit report determines your risk profile. The more credit application inquiries, the more risky you look. Research has shown people seeking new credit accounts are more risky than those who are not. It does not mean every credit inquiry will harm your score. The best way to manage this part of your score is to apply for credit only when you need it.

Your Credit Mix
If you only have credit cards on your credit report, your score will be lower then if you had a mix of personal loans and credit cards. To improve your score even more, pay down installment loans as fast as you can. Your credit score is one of the ways a lender or other business checks on your financial health. Just like your physical health, it is your responsibility to check and maintain your credit score. If you have questions about your credit report contact us - we’re here to answer your questions and help you improve your financial health.

Useful Credit Score Links:
Equifax Canada: 1 800 465-7166 • www.equifax.ca
TransUnion Canada: 1 800 663 9980 • www.transunion.ca

You're young. Let's make the most of it.  Money tips for millennials

Save More

  • ✓ Short term goals for vacations, large purchases, clothing and gifts
  • ✓ Emergency fund in case of the unexpected such as job loss
  • ✓ Retirement - its never too early to start

Limit Credit

  • ✓ Credit card debt accumulates quickly. Don’t buy more than you can afford
  • ✓ Break the habit of paying the minimum due. It does nothing but charge interest
  • ✓ Pay the credit card bill on time and in full each month - our financial advocates can help you figure out how

Free Money

  • ✓ If you’re still in school apply for scholarships, grants or bursaries
  • ✓ Take advantage of student or group discounts. Use Groupon to save on entertainment
  • ✓ Use a credit card that offers cash back rewards

Reduce Spending

  • ✓ That $5 latte everyday sure adds up. Make coffee at home and treat yourself once a week instead of everyday
  • ✓ Review your cell phone bill - do you use all your data each month? do you need that long distance plan
  • ✓ Have a girls or guys night in at home instead of spending money at bars, clubs or restaurants

Budget

  • ✓ Your Rapport financial advocate can help you with your budget
  • ✓ First we determine your typical monthly expenses
  • ✓ Then we consider how much money you have available each month and subtract those expenses
  • ✓ If you have money left over, save it or pay down debt. If you’re short at he end of the month, cut back spending on areas where you can - for example: eating out, entertainment, gym membership, etc.

Choose happy money!

Choosing Rapport Credit Union instead of a bank offers many advantages - in fact, we were created around meeting the needs of customers (members) and delivering a higher level of service - not generating massive profits and paying massive management salaries and bonuses.

Rapport Credit Union, like all credit unions in Canada, is owned and governed by its members - people just like you. When you become a Rapport member, you automatically become a part owner and you have a say in our decisions and our future because you can vote on most major decisions. All members are invited to attend the annual general meeting and can nominate (and vote for) members to be on the Rapport Board Of Directors.

Credit unions typically place a high value on community involvement and on investing to improve the communities they participate in. Rapport is no exception. We believe that we have an obligation to help our members become knowledgeable about their money and to help them feel comfortable making money decisions. That’s why our financial planners and advocates are always available to meet with you to discuss your financial plan or explain anything that you’d like to understand more about - without any fees or charges.

Our goal is to help you achieve what we call ‘life on your terms’; to build your financial independence over time so that you can live the life that will make you happy. We think that happiness is wealth, not the other way around.

Rapport is a great place to keep your money happy:

  • Lower fees

  • Lower interest rates on personal loans

  • Smaller branches with faster personalized service

  • Free advice on money matters like budget planning, investing, RESPs, RRSPs, TFSAs and much more

  • Large ATM network - over 3,500 across Canada

Visit rapportcu.ca to learn more.

FUN MONEY FACT*:
A 4-litre pickle jar filled with dimes could be as much as $840.00. Oddly enough, fill it with quarters and you’ll only end up with about $10 more than the dimes. So putting your spare change in a jar (or whatever) can add up - not a bad way to save a little cash.

* information originally published by Yorkton This Week

Download this content as a PDF Newsletter (3.70MB)

 

Apply Today

Find Branch/ATM

Enter address, postal code or branch name

Newsletter

Sign up to receive our newsletter and stay current.

Expand/Collapse