My grade 10 English teacher once wrote on one of my marked assignments, “Richard, you might not do so well in University where the teachers won’t get to know you as well.” Yikes! Thanks Mrs. Hanson…

This was especially funny because she was also the drama teacher and she told me that she would bump my high C+ to a B if I signed up for the school play. Yes, this may be considered sucking up but I don’t care but it sure worked out! Not only did I enjoyed the lead role in the play, I also got by with a B in
English! 

Who knew that when it comes to the banks, it also helps to do a little sucking up! Here is how it works. When you go and apply for some type of credit, the banks will pull your Equifax credit report, your TransUnion Credit report or both.  Your bank will then merge that information with any internal account history. Although the following will not build your credit score, a good internal history will definitely help improve your position on any future credit applications. 

Multiple accounts or items of business with the same bank

Now I’m not suggesting that you waste your money on extra fees or take an inferior financial product just to suck up but the more history you have with them, the better. Just like your credit score, the more positive history you have(which really means the more money the banks have made off you), the more likely it is that they will see you as risk when extending additional credit.

 

How is your saving history? 

TFSA, RSP or Savings accounts that you regularly deposit money will show you are have good financial habits. Savers are less likely to miss payments because they have some savings to cover them in the event that any life emergencies happen. The amount you contribute is not as important as getting started. So what are you waiting for!   

Making multiple payments is a great way to suck up. Canadians that make multiple payments or additional payments on their mortgage, car loan, line of credit or credit card have been proven to be less of a credit risk. Less risk means lower rates, which means better savings for you! Once again, extra payments won’t increase your credit score but will reflect positively in the banks internal system.

Although having a high credit score and well established credit is important, it turns out a little sucking up can go a long way to get you next approval with the best discounted rates!

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