Questions for UofT Students

[Guest Aplusdent]

What kinds of things will go against/for you for a credit check? Is there any free way of finding out what your credit is like (that's safe)?

[Guest jenleemo]

Your bank is the most accurate & reliable source of information for this.

 

As for my 2 cents, you can check with Equifax for your credit report. The banks generally are interested in records of declared bankruptcy, credit cards not paid on time, collections, stuff like that.

[Guest jugule]

Hey,

Did anybody apply for a line of credit?

[Guest TheChosenOneDDS]

Does anybody have any opinions on joining Canadian Forces to pay off the tuition?

 

Unless you are interested in the military, i think it is a waste of time. This is me though, I don't speak for all. I speak for those who are rich or who will most likely become rich. U lose your summers, dental school is tough enough, why bother. You have crazy commitment. Not worth the 4 years after u grad because don't forget, you are now 4 years behind in establishing a practice. It might help with specializing but i think it is unnecessary. Join the military because you believe in Justice and serving your country that has given you so much (i.e. by taxing us 49%+ of our hard earned money and giving it to the lazy ass runaway from home lowlife as a kid who still begs/scams for money on the street because they can.)...

 

Put it this way, if I had to pay my tuition on my own. At the rate I was working and the money i was making had i not gone for specialty, i would have paid back the debts in about a year or year and a half. And I only worked two weeks but just by working 40 hours a week at a busy dental office for say 48 weeks. I take about a month off taking new years and hannukah etc. into consideration. While still having income to spare for spending...SO NO, the army is not worth it unless you actually want the training, experience, etc.

 

Do not forget you have to wake up like at dawn to do exercises all summer, while a lot of your buddies just chill or at least have time at night to be with their family and friends. And guess what, in ten years they will still be richer than you.

 

Now back to real topic

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Many people wrote a lot about credit cards etc.

 

Ok to verify, if you pay minimum amount on your statement at the end of the month, the only benefit is that it doesn't affect your credit. You get interest on it.

 

retarded one brought up a point about paying everything with ur credit card and use ur line of credit to pay for it....

ok, good and bad, by using ur cc, you establish credit. Even by taking out a line of credit you can establish credit ONLY IF YOU CAN PAY IT BACK lol.. do not forget you still are getting interest on the money...if u spend so much on the CC and use ur LOC to pay it, when you have to payback the LOC you have interest...so you have to pay more than you actually spend....

 

But yeah sure use ur CC to pay for tuition if you can (i'm not sure if you can), just make sure you can pay that credit card bill. On another note know that the more reward the card has the more annual fees it has also, and when you are a starving student who is on an LOC, you are better off investing that money you waste on annual fee into a GIC or something...so you can make some of that "interest" back. This way at least when it comes time to pay the back ur LOC it won't be so tough. But if you must, look for credit cards that have the most benefits with no annual fee or very low ones. i.e Don't get a platinum card, although i doubt most of you can afford to since I do not think most of you make over 30,000 annually.

 

My point, Credit cards are evil so you have to be very careful. At least have some sense of control over your money. You don't have to budget (alloting x amount to spend at/on y criteria/case) just make sure you know where it goes when you spend it.

 

Besides the last thing you want to do is ruin your credit. You can't borrow more money for your practice nor a house, in the future...Many of my classmates will @#%$ it up because they thought they are given all this money and it is easy to pay back etc. Same people are those who are going into residency to "attempt" to be a specialist, setting back their practice, career, financial and family establishment and stability.