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
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 Existing Debt Obligations, Overall
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
A Bad to Fair credit likely qualifies you for a
new credit with a lower limit and higher interest rates
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
300 being the lowest score and 850 or 900
being the highest score depending on whether
you are checking Equifax or Transunion
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?
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