GUIDE TO
BUILDING
CREDIT
WHAT’S A CREDIT SCORE?
Your credit score is a numeric value used to determine many of the most important financial factors you’ll experience in life, from getting a vehicle, to qualifying for a mortgage and even that new job. And it’s not just you. Recent stats say that 71% of Canadian families carry some debt. So yes, a good credit score is a very good thing to have.
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Well done, your credit is excellent and all financing options are available to you.
This is very good credit. Your financing options will be plentiful.
You’ve got good credit. You may not get the lowest interest rate offered, but if you keep on your credit history you’ll have zero issues.
This credit rating is considered fair. Your history of repaying debt is imperative to showing you’re still in charge of your financing to potential creditors.
Officially the hit or miss zone. Your credit needs some work and WE CAN DEFINITELY HELP!
is based on the timeliness of your payments on any credit you are currently using.
is based on your amount of debt. The magic number is keeping your balance of credit use in 30% of the total limit.
is based on the length of time a credit account has been open and the time since the last action was taken on the account, such as a payment.
is based on new credit subscribed to and inquiries made on your credit.
is based on the various types of credit you’re subscribed to.
WHAT
MAKES
BUILDING
YOUR
CREDIT SO
IMPORTANT
Credit scores are more than just a number. They are the quick (and often only) snapshot that lenders look to, to decide if they should loan you money. The lower the credit score, the riskier you’re seen as a borrower. That means a higher interest rate or no loan at all.
But building credit isn’t always on your mind. You didn’t mean to miss that one credit card payment, and it seemed so easy to finance that bedroom set. But these decisions affect your credit. You wouldn’t even think about it. Until you need to borrow again. No one ever wants to be declined for a loan. Start hearing those magic words “yes” and “you’re approved.” With the right tools and support we can help build your credit in as little as six months.
