HOW TO READ YOUR CREDIT SCORE

Your credit score is one of the most important

numbers of your life. It's important like your phone number and your bank account balance

 Lenders check your credit score to decide whether to approve your application.

You should check your credit score, too,

so you have an idea of what your creditors

and lender will see when they pull your credit score.

GETTING YOUR CREDIT SCORE


You can order your credit score from a variety

of sources. First, you can check your

credit score for free through one of

these services:

CreditKarma.ca,  CreditKarma.com, 

CreditSesame.com, CIBC, Scotiabank.com,

 Royalbank Canada, Quizzle.com,  WalletHub.com, LendingTree.com, 

Some credit card issuers make your

credit score available either on your

billing statement or online at their website.

Finally, you can purchase your credit

score from any of the major Credit

Bureaus Equifax,  TransUnion  and Experian

if you live in the US.


How Are Credit Limits Determined?

You will not be able to get a lender to 

divulge all of its secrets when it comes to

 how your your credit limit is set.

These are a few factors likely to be considered

 how your credit limit is set.

Credit Scores,   Length of Credit History, 

Your Income

Your Existing Debt Obligations,  Overall

 National Economy

Even though your credit limits are 

determined in large part by your own

 behaviour, external forces like the national

 economy can play a role as well.

A Good to Excellent credit likely qualifies you 

for a new credit with a higher limit and lower

 interest rates

A Bad to Fair credit likely qualifies you for a

 new credit with a lower limit and higher interest rates



TIP OF THE DAY


Borrowing and repaying your credit card

 bill on time, in addition to not carrying a 

large balance is one of the most important

 things you can do to build up a great credit score.

However having at least one account with

 a high balance can hurt your score even 

if your overall utilization is low.

Make sure your score wont suffer by 

spreading out a low utilization across 

all your accounts.

WHAT IT MEANS

Credit scores are a three digit number ranging

from 300-900.

 300 being the lowest score and 850 or 900

being the highest score depending on whether

you are checking Equifax or Transunion

This is how i moved from 500 credit score to 871 Transunion score

What is an APR?

You’ve probably seen the term Annual Percentage Rate (or APR) used in ads, offers in the mail or your credit card statements. But what exactly is an APR? And how does it affect you?

WHAT IS AN ANNUAL PERCENTAGE RATE?

The Annual Percentage Rate (or APR for short) is a number that credit card companies use to calculate interest on your outstanding balances.


 You. can think of it as the price you pay for borrowing money on your credit card.

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