Winnipeg Free Press

Winnipeg Free Press (Newspaper) - January 12, 1976, Winnipeg, Manitoba 12 Winnipeg free press monday january 12, 1976 Young adult May hit snags trying to establish credit the los Angeles times although it has t yet eliminated the use of Cash the plastic credit ears is about As much a part of daily Lii e today As the Toothbrush. Most of us take our charge accounts and instalment purchases for granted and encouraged by merchants and lenders regard credit As a natural right. But what if you arc a Young adult with no credit history or a woman whose husband s name is in the credit files but not hers or just someone new to town attention All Videon Cable to subscribers Lucky you you could win one of 3 free trips for two to Las vegas plus in Cash each prize trip consists air fare for to via Frontier airlines 737 Jet from Winnipeg to Las vegas. Accommodations for two for five Days and four nights at the luxurious Frontier hotel a first class hotel right in the Las vegas strip. Enjoy All the amenities the Frontier hotel has to offer including Tennis swimming. Also included is your Las vegas run time Booklet. Choose your departure Date from Winnipeg any sunday until april 28. One trip for two will be awarded each month end in january february and March. To qualify be a Videon subscriber at the time of draw. Phone Videon Cable to 284-1222 and order your Cable to , All Videon subscribers automatically qualify for the free trips plus Cash awards. Vid Elun 651 Stafford Street non subscribers May enter the personally registering at 651 Stafford Street. One entry per household Only. How do you establish your credit and if your record is marred by some skipped payments or even a bankruptcy How do you rebuild your credit rating wrestling with these prob lems is a bit tougher now than it was just a few years ago. Back in the 1960s the Economy was expanding and both Banks and retailers were eager to extend credit to almost anyone. Millions of unsolicited cards were mailed out some of them addressed to bankrupts per sons Long deceased infants and even put dogs. The current recession has changed creditors attitudes dramatically. Companies admit they Are tightening their standards and Are re fusing applicants thai they would have approved in the past. The reasons Are simple. Businesses whose profits Are Down Don t like to take risks and adopting a Liberal credit policy involves the very real risk of hot being repaid. On top of that Many credit managers Are uncomfortably aware that they May be partially responsible for the Ris ing tide of personal bankruptcies because they made it too easy for some financially naive Consumers t o overburden themselves with debt. So to protect their own interests and those of their customers a lot of credit managers Are saying no these Days. That does t mean you won t get credit however. It just Means you have to know a Little More about How the system works what credit managers Are looking for where your credit file is kept and what your Legal rights Are. The easiest Way to see How credit decisions Are made is to look at a situation most of us have been in the Young person new to the labor Force who wants to establish his or her credit. I would advise someone like this to Start off by applying for a department store charge says Lyman Juckett senior vice president United califor Nia Bank and head of the los Angeles Bank s con Sumer lending. Because a department store s credit office must approve every charge Purchase Over a set minimum the store can control its risk blocking usage of an account that is past due or that has exceeded its credit limit. This control makes depart ment store credit managers More Likely to extend credit to first timers Juckett says. The card should be used several of course for purchases that the consumer would have made in any the Bills paid promptly before any finance charges accrue. Retailers like Banks cred it unions finance companies and Many other businesses that Deal with Consumers re port monthly to Central cred it reporting agencies. Once you have an account with any of the firms that sub scribe to a credit Bureau you have a credit history. An alternative to a depart ment store charge account or an additional source of i 8 1 save like you be never saved before during. simply bring two of each from the list below into any Perth s location. Pay regular Price for the first item and Only 1c More for the second. Because of this special Low Price offer we cannot allow mix and match. Dresses Plain Slacks regular one piece. Pay regular Price for one Only 1c More for second. Ladies9 Pant suits pay regular Price for one Only More for second pants pay regular Price for one Only 1c More for second. Pay regular Price for one Only 1 More for second. Skirts Plain pay regular Price for one Only 14 More for second. Sweaters pay regular Price for one Only 1c More for second. Abo 30% off regular Price on drapes suedes Loose rugs. There s a Perth s drive in Plant in your neighbourhood. Downtown locations 484 Portage ave. Mary Yarchuk manager 774-4139 chateau 100. 72 Donald is. Hatty pc tons. Manag i 943-2978 Cumb Polind House. 360 Cumberland ave. Louie Jii Binville. Manager 943-6012 Elmwood East Kildonan 821 Henderson Highway Bill Mandiuk. 334-4358 Springfield shopping Centre 1171 Rothesay a e. Dieter Oelke. Manager 338-8646 St. Vital St. Boniface 511 is. Mary s Road Leo Benardin manager 247-2732 in Aba Village shopping Centre Ollie Amundson. Manager 256-755s fort Garry pet Bina High to Kite Riberd Rudy Nachtigall. Manager 475-0294 River Heights Grant Park shopping Centre Freddie potters. Managed 453-5298 Transcona Crossroads shopping Centre David Stasiuk. Manager 222-4858 Tuxedo Tuxedo shopping Centre Mike in blk. Manager 489-6045 St. James Polo Park shopping Centre Chuck Golding. Manager 783-5476 Perth Whitehall Plant 1860 King Edwatd St. Shirley Zug Brukl. Manager 786-7961 Westwood courts of St. James shopping Man Bob Schledwitz. Manager 837-3528 Westwood shopping Centre Leo Shulman manager 832-3497 North Winnipeg main Mcadara Nellie eager. Manager 339-7322 Northgate shopping Centre Nick Libby. Manager 338-0448 Garden City shopping Centre Marie Sanders. Manager 338-3374 for pickup and delivery Call 783-7261 available at Perth s drive in plants Cash Cany stores or from your route Salesman. This offer available in Winnipeg Only. Credit is an Oil company charge card. These used to be among the easiest types or cards to add to your Wal let but with the Rise in Gaso line prices and consequent doubling of monthly Gas Bills Many Oil companies have raised their credit Stan Dards. If you Are in the Market for a car you May find that you can finance part of the Purchase Price even if you have no prior credit history. The reason is that the car is collateral for the loan so the Lender has More to rely on than your simple Promise to repay. It you do finance your car you should shop around for the loan to be sure you Are getting a favourable interest rate acid that the Lender re ports to a credit Bureau. Some used car lots that carry their own finance con tracts Are not members of credit bureaus. An Auto loan promptly re paid is one of the Best cred it Juckel says. If you can t begin your credit history any other Way you might consider taking a passbook loan. This is Sim ply a loan secured by a Bank or credit Union savings account. You can borrow As much Money As you have in the account and pay an in Terest rate two per cent or so above what the account earns. Since the lending institution already has your Money if you Don t repay the pass Book loan there s just about no Way you can Tail to qualify for the loan. To the cred it Bureau however it counts As a reference adding to your file. How to Check similarly you might be Able to obtain an unsecured loan if someone with established credit such As a Parent or other relative is willing to co sign for it. That Means if you fail to pay they must make Good. A co signature makes the loan More attractive to a Lender. But to the credit Bureau it s your loan so your file is the one that benefits by the repayment. Frequently the creditor s As interested in evidence of your character As in the dry details of your financial situation says Ernest l. Bur land general credit manager for Sears Roebuck and co in the West. In the Case of the person with no credit says Burland we lean heavily on indications of his or her stability. Checking and savings accounts indicate some Money managing ability plus some Cash Reserve. In a Young adult we would t expect a Long employment his tory but even a steady history of part time work while in school would even the person with no credit history is better off than the individual whose credit file shows slapped payments court judgments or a bankruptcy. In today s Economy these persons Are going to have a particularly Tough time getting credit but it is not impossible. If it s just a Case of having missed some payments when thing s were tight Many creditors will probably Over look the blot on your credit record. If you be been taken to court by a creditor and you be paid him the credit Bureau will probably have a record of the judgment but 7iot of your payment. That s because you must file a no Tice of satisfaction with the court after you be paid the judgment it in t the Credi Tor s responsibility. The clerk of the court can Tell you How to file the notice. Even if the lawsuit occurred several years ago you can still file it to Clear your record. A bankruptcy is the most serious problem despite the ads you May Sec offering easy credit to except for a few retailers who charge High prices to cover the added risk most stores will reject an application from a former bankrupt. There Are exceptions How Ever say Burland of Sears and Juckett Ucb. An individual who has gone through bankruptcy will probably have Little difficulty in getting a secured loan such As on an automobile once he or she has re established himself financial says Juckett. But an unsecured personal loan will be very difficult. Most charge accounts and credit cards Are the major determinant on an unsecured loan is the reason for the bankruptcy Juckett adds. If it was be cause of an illness or other Good reason that one thing. But if it looks to the credit manager like the bankruptcy was just to Dodge some legitimate debts that quite an other. The Best thing the applicant can do is level with the credit Burland agrees noting that he recently approved a Sears card for a Man who had gone through bankruptcy two years ago when his marriage collapsed. The Man has re married started his own business and bought a Home. He called me to explain his situation and my reaction was that anyone who is that open and sincere should be accommodate the account has a Low limit partly be cause the Man was Only ask ing for enough to re establish himself. You can if you want to find out what is in your files at the credit bureaus in your area. The Federal fair cred it reporting act gives you that right along with the right to demand a re investigation of anything in the file that you disagree with and to insert a 100-word explanation of negative data. Most major creditors re port to computerized credit bureaus. These credit bureaus contain Only information on your Bill paying history not medial data or gossip about your personal life. They do record court actions involving you however. If you withhold payment because you Are fighting with a creditor Over a Bill say because the merchandise was defective make sure you Tell the firm that your failure to pay is a result of the dispute. Under the new fair credit Billing act the creditor cannot then Tell a credit Bureau that you Are late with your payment Winch could damage your credit rating. If you apply for credit and refused because of the information from a credit Bureau s files the creditor must Tell you that the credit Bureau data was involved and must Supply the name and address of the Bureau. You then have the right to find out what s in the Bureau s files for free. If you just want a look because your Are curious and have not been denied credit the Bureau will probably charge you about s5. Hints from Heloise by Heloise Cruse dear friends a Friend of mine recently left with her Darl ing Nizie Muir la old nips Yiirs Lee. Yura Lee lives in Singapore but was Here for a visit and is she Ever a Culie. Like most babies she was crawling All Over the place but you could always Tell where she was because she had Little Bells around her Ankles. In this country we put them on children s shoes but what about when they Are in the House and Bare foot i just could t get Over this cute idea. They were around each ankle and looked like a Little ankle Bracelet with a Small Bell. So All of you mothers with children at the crawling and getting into everything stage think about this. To u can always Tell where your Little Darlings Are and maybe catch them before they get into too much. Hi3uhse dear Heloise cookies or cakes we have grown tired of and could t finish i grind up by putting through the food grinder or pulverize with a rolling pin. I use those crumbs As one would use Graham crackers for pie crust by adding butter or Marga Rine and pressing into the pie pan. Mrs. N. H. Packard this is also a Good Way to use the cookie crumbs that have collected in the Bottom of your cookie Jar. Save them in a plastic bag in your Freezer until you have enough for a pie crust Heloise Semi annual reductions men s 4 Laclef leather fashions men s tables shoes handbags bags Silver jewellery accessories Etc. Etc. Pelle opposite convention Centre dial 943-9654 leathers ;