Do loans and bursaries affect a student's credit report?

Student loans are similar to car loans and mortgages. You repay an amount with interest over a set period of time. When you repay your student loan according to the terms of your repayment plan, you develop good credit habits. This will have a positive impact on your credit report. Plus, your student loan repayment will become part of your payment history, which counts for 15% in calculating your credit score.

Can a line of credit help me build my credit report as a student?

If you respect the repayment terms of your line of credit and maintain a utilization rate of 30% or less, this can help build your credit report as a student. Repayment of your student line of credit will form part of your payment history, which counts for 15% in calculating your credit score.

What is the maximum limit on a student credit card?

The limit is determined by the financial institution. It varies according to a number of criteria, including your income, expenses and credit history (even for students). However, the limit on student credit cards is often between $500 and $1,000.

How can I save money as a student?

There are many ways to save money as a student. You can reduce your current and unnecessary expenses, save money with credit card reward points, obtain government loans and grants, save your money in a high-interest savings account, and more. Building your credit report when you're a student can save you money later on. For example, to get a better interest rate on a future mortgage.