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What is the difference between a good or bad credit score?
Credit score plays a major role in financing. Your credit score is a number that lenders use to measure how responsible you are in managing your debts. There are five major factors that affect your credit score. The two most important factors are making your payments on time each month (Payment history) and how much you owe regarding your total available lines of credit (credit utilization).
A good or bad credit rating can be measured based on your credit points. There are two companies in Canada; Equifax Canada and TransUnion Canada that provide Credit Reports. You can make a request through writing and send it by mail to both companies for a report of credit rating. Equifax will then give you a score between300 to 900. A sample of a credit score rating scale is shown below:
What Causes A Bad Credit Rating?
Making minimum payments each month can affect your credit report. Money lenders will look into your credit report and if they see that you are struggling, they might reject your loan application. Some people believe that if they haven’t borrowed money in the past, then they would have an excellent credit rating, but that’s not true. However, if you just moved to Canada and haven’t borrowed any money, then you just have no credit history at all for them to refer to.
Here Are Some Of The Things That Can Hurt Your Credit Score
◾ Having too many bank accounts.
◾ You have high account balances.
◾ Your loan balance is higher than the original loan amount.
◾ Having too many credit cards or loans within the past 12 months.
◾ You have a bad credit history.
How To Fix A Bad Credit Score?
You might be thinking about how to fix a bad credit score and turn it into a good one. The first thing you should do is check your credit reach. It is important to check your report as this will allow you to save your credit score. Make sure your reports are truthful. Furthermore, it is up to you to keep your credit card balance at 50% or lower you have excessive credit card debt, your credit score will not be what you want it to be. Another common problem that you might want to fix is your unpaid collections on your credit report. Parking ticket dues or unpaid cell phone bills for example once you pay the unpaid bills, your credit score will start to improve. Late payments can affect your credit score greatly. So, if you want to improve your credit score, be sure to pay your bills on time.
A good tip to improve your credit score is to manage and pay off all your current debts immediately. After this, pay attention to your new balances and pay them off right away. Improving a bad credit rating cannot be done overnight so be patient and clear all your debts as soon as possible. Doing this will increase your credit score.
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Get approved for bad credit car loans Vancouver at Car Title Loans Canada. We don’t require credit checks. Instead, we base the loan amount on the value and condition of your vehicle. To start the loan process, you need to submit the loan application online and get approval in minutes. Also, once you are approved, you get to keep your car and drive home with the cash in your hands. What matters to us in solving your problems, not your financial past. If banks or other financial institutions reject you then look no further, we are here to help you. Apply online today!
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Contact Car Title Loans Canada (toll-free) 1-877-804-2742 to apply for a bad credit car loans Vancouver today!
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