If you have plans of taking out a loan in the future, perhaps for purposes of buying a home or car, then you want to pay close attention to your credit score as that has direct influence on the interest rate the bank will offer you.

Your credit score is not just a mere number. It lets the lender know if you are worthy of being given credit or not. It lets them know how risky a decision is lending money out to you. It determines, amongst other factors, the rate of interest you get on your loan.

Check out the following score bands as referenced from ClearScore: • 767 - 999: EXCELLENT • 681 - 766: GOOD • 614 - 680: FAVOURABLE • 583 - 613: AVERAGE • 527 - 582: BELOW AVERAGE • 487 - 526: UNFAVOURABLE • 0 - 486: POOR Try your best to payback money borrowed on time.

Look at your credit score as an endorsement for honoring your payments. The more you honor your payments, the higher the reward.

A TFSA is a long-term investment hence a cash-based TFSA with a bank is a bad idea. I will keep talking about a TFSA because it is that important.

I understand that due to individual circumstances, we may not all be able to invest in a TFSA right now. But let it be that those who are able actually do so CORRECTLY. Hence the kindly reminder not to use your TFSA as an emergency fund account.

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As much as (some) debt is considered bad debt, we cannot deny the fact that most of us cannot afford to buy homes/cars cash like we do with purchases that are not as expensive. As a result, we need to have good credit scores. What strategies are you using to build up yours?

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Please make sure to automatically re-invest the dividends that get paid out to you, esp. in your TFSA. This allows for compounding interest to take its full effect on your investments.

Other ETFs such as the STXNDQ, reinvest dividends automatically so that once you hold the ETF, you won't have to do anything–funds will be returned back into the ETF. For the ETFs that do not automatically re-invest dividends, it's possible to set it up yourself on EE.

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