[et_pb_section fb_built=”1″ admin_label=”Banner Image with Heading and Text” module_class=”vertical-align” _builder_version=”4.16″ background_color=”#e7dff3″ use_background_color_gradient=”on” background_color_gradient_type=”circular” background_color_gradient_stops=”rgba(91,37,175,0.44) 15%|rgba(91,37,175,0) 70%” background_color_gradient_overlays_image=”on” background_color_gradient_start=”rgba(91,37,175,0.44)” background_color_gradient_start_position=”15%” background_color_gradient_end=”rgba(91,37,175,0)” background_color_gradient_end_position=”70%” background_image=”https:\/\/nomoredebts.org\/wp-content\/uploads\/2020\/09\/looking-at-credit-score-on-the-laptop_hero.jpg” min_height=”550px” bottom_divider_style=”wave2″ bottom_divider_color=”#e7dff3″ bottom_divider_height_tablet=”70px” bottom_divider_height_phone=”50px” bottom_divider_height_last_edited=”on|phone” background_last_edited=”on|phone” background_size_phone=”cover” background_position_tablet=”top_right” background_position_phone=”center_right” da_disable_devices=”off|off|off” global_colors_info=”{}” da_is_popup=”off” da_exit_intent=”off” da_has_close=”on” da_alt_close=”off” da_dark_close=”off” da_not_modal=”on” da_is_singular=”off” da_with_loader=”off” da_has_shadow=”on”][et_pb_row custom_padding_last_edited=”on|phone” admin_label=”Row” _builder_version=”4.16″ background_enable_image=”off” max_width=”100%” custom_margin=”||||false|false” custom_padding=”||90px||false|false” custom_padding_tablet=”” custom_padding_phone=”||80px||false|false” global_colors_info=”{}”][et_pb_column type=”4_4″ _builder_version=”4.16″ global_colors_info=”{}”][et_pb_text admin_label=”Heading” _builder_version=”4.16″ text_font=”|600|||||||” text_font_size=”42px” text_line_height=”1em” text_orientation=”center” background_layout=”dark” module_alignment=”center” custom_margin=”||26px|||” animation_direction=”top” text_text_shadow_style=”preset2″ global_colors_info=”{}”]<\/p>\n
Credit Scores<\/p>\n
[\/et_pb_text][et_pb_text admin_label=”Text” _builder_version=”4.16″ text_font_size=”22px” text_line_height=”1em” text_orientation=”center” background_layout=”dark” module_alignment=”center” custom_margin=”||||false|false” custom_padding=”||||false|false” animation_direction=”bottom” text_text_shadow_style=”preset2″ global_colors_info=”{}”]<\/p>\n
Discover how credit works and what to watch out for.\u00a0<\/p>\n
[\/et_pb_text][\/et_pb_column][\/et_pb_row][\/et_pb_section][et_pb_section fb_built=”1″ custom_padding_last_edited=”on|phone” admin_label=”Intro Paragraph” _builder_version=”4.16″ background_color=”rgba(91,37,175,0.15)” custom_padding=”0px||130px|||” custom_padding_tablet=”||117px||false|false” custom_padding_phone=”||74px||false|false” top_divider_style_last_edited=”off|desktop” bottom_divider_style=”ramp2″ bottom_divider_color=”#ffffff” bottom_divider_repeat=”1x” bottom_divider_flip=”horizontal|vertical” bottom_divider_style_tablet=”” bottom_divider_style_phone=”” bottom_divider_style_last_edited=”on|phone” bottom_divider_height_tablet=”70px” bottom_divider_height_phone=”100px” bottom_divider_height_last_edited=”on|phone” bottom_divider_flip_tablet=”” bottom_divider_flip_phone=”horizontal” bottom_divider_flip_last_edited=”on|phone” da_disable_devices=”off|off|off” collapsed=”off” global_colors_info=”{}” da_is_popup=”off” da_exit_intent=”off” da_has_close=”on” da_alt_close=”off” da_dark_close=”off” da_not_modal=”on” da_is_singular=”off” da_with_loader=”off” da_has_shadow=”on”][et_pb_row _builder_version=”4.16″ width_tablet=”80%” width_phone=”80%” width_last_edited=”on|desktop” custom_padding=”0px|||||” global_colors_info=”{}”][et_pb_column type=”4_4″ _builder_version=”4.16″ global_colors_info=”{}”][et_pb_dmb_breadcrumbs font_icon=”%%20%%” use_home_icon=”off” use_home_text=”on” show_custom_taxonomy_crumbs=”off” _builder_version=”4.21.0″ body_text_color=”rgba(102,102,102,0.8)” link_text_color=”rgba(42,209,61,0.8)” custom_padding_tablet=”” custom_padding_phone=”20px||||false|false” custom_padding_last_edited=”on|phone” animation_direction=”left” global_module=”6437″ saved_tabs=”all” global_colors_info=”{}” link_text_color__hover_enabled=”on|hover” link_text_color__hover=”rgba(90,39,178,0.4)”][\/et_pb_dmb_breadcrumbs][et_pb_text _builder_version=”4.16″ header_2_font_size=”30px” global_colors_info=”{}”]<\/p>\n
A\u00a0<\/span>credit report<\/strong>\u00a0is a summary of how you pay your financial obligations. It contains information based on what you have done in the past. Lenders use it to verify information about you, see your borrowing activity and find out about your repayment history.<\/span><\/p>\n Your\u00a0credit score<\/strong>\u00a0is based on information in your credit report and is used by lenders to predict the likelihood that you will repay future debt. Your credit score changes frequently and it is up to each lender how they interpret and use your credit score.\u00a0<\/p>\n Credit ratings are a pillar in the credit granting industry. Lenders use your score and report to determine how much they will be able to lend you, what interest rate you’ll have to pay, and if there are any other terms or conditions they’ll impose. Here are insights into how this system works.<\/span><\/p>\n [\/et_pb_text][\/et_pb_column][\/et_pb_row][\/et_pb_section][et_pb_section fb_built=”1″ next_background_color=”#e4f8e0″ _builder_version=”4.16″ _module_preset=”default” custom_padding=”0px||100px|||” bottom_divider_style=”curve2″ da_disable_devices=”off|off|off” global_colors_info=”{}” da_is_popup=”off” da_exit_intent=”off” da_has_close=”on” da_alt_close=”off” da_dark_close=”off” da_not_modal=”on” da_is_singular=”off” da_with_loader=”off” da_has_shadow=”on”][et_pb_row _builder_version=”4.16″ _module_preset=”default” custom_margin=”||0px||false|false” custom_padding=”||0px||false|false” global_colors_info=”{}”][et_pb_column type=”4_4″ _builder_version=”4.16″ _module_preset=”default” global_colors_info=”{}”][et_pb_text _builder_version=”4.16″ _module_preset=”default” custom_padding=”||0px|||” global_colors_info=”{}”]<\/p>\n There is a specific set of factors that determine your credit score, but the first 2 carry the most weight. The good news is that you have a lot of control over all of them. If you’re struggling with any one part, please contact us and we can help you get back on track. Knowing your own credit score isn’t that useful. It changes frequently and you’re not lending yourself any money.\u00a0<\/p>\n Your payment history\u00a0<\/strong>\u2013 do you generally make your payments on time? Paying on time is crucial for a good credit rating.<\/span><\/p>\n How much you owe<\/strong>\u00a0\u2013 your outstanding balances compared to your credit limits. Even if you have a high limit on a credit product, you shouldn\u2019t need to use the full available limit on an ongoing basis.<\/p>\n [\/et_pb_text][\/et_pb_column][\/et_pb_row][et_pb_row column_structure=”1_2,1_2″ make_equal=”on” module_id=”get-cell-phone” module_class=”custom_row” _builder_version=”4.16″ width_tablet=”80%” width_phone=”80%” width_last_edited=”on|phone” custom_padding=”0px||0px||false|false” global_colors_info=”{}”][et_pb_column type=”1_2″ module_class=”vertical-align second-on-mobile” _builder_version=”4.16″ animation_direction=”left” custom_css_main_element=”margin: auto;” global_colors_info=”{}”][et_pb_text _builder_version=”4.16″ header_2_font_size=”30px” global_colors_info=”{}”]<\/p>\n <\/strong><\/p>\n How long your credit file has been open\u00a0<\/strong>\u2013 a young person with negative information in their credit file and a slightly older person with no credit file will both have some difficulty obtaining credit.<\/span><\/strong><\/p>\n How many times you have applied for new credit<\/strong>\u00a0\u2013 how many inquires are registered on your credit file and what is the nature of those inquiries? Your credit score reflects how often you apply for new credit and how you handle the accounts that you\u2019ve opened recently.<\/p>\n The type of credit you have\u00a0<\/strong>\u2013 consolidation loans, personal loans, lines of credit, credit cards, deferred interest \/ payment plans, etc. all impact your credit score differently. The impact may be positive or negative, depending on your overall credit file.<\/span><\/p>\n Collection items or judgements<\/strong>\u00a0registered against you affect your credit score negatively.<\/p>\n <\/p>\n <\/p>\n <\/p>\n [\/et_pb_text][\/et_pb_column][et_pb_column type=”1_2″ module_class=”first-on-mobile” _builder_version=”4.16″ animation_style=”slide” animation_direction=”right” animation_intensity_slide=”2%” custom_css_main_element=”margin: auto;” global_colors_info=”{}”][et_pb_image src=”https:\/\/nomoredebts.org\/wp-content\/uploads\/2020\/09\/credit-report-in-canada_2colm.jpg” alt=”Credit Report Score 765″ title_text=”credit-report-in-canada” align_tablet=”center” align_phone=”” align_last_edited=”on|phone” _builder_version=”4.22.0″ max_height=”500px” max_height_tablet=”600px” max_height_phone=”” max_height_last_edited=”on|phone” custom_margin=”0px||124px||false|false” custom_margin_tablet=”31px||1px||false|false” custom_margin_phone=”||-7px||false|false” custom_margin_last_edited=”on|desktop” custom_padding=”||0px||false|false” border_radii=”off|200px|20px|200px|20px” box_shadow_style=”preset2″ global_colors_info=”{}”][\/et_pb_image][\/et_pb_column][\/et_pb_row][\/et_pb_section][et_pb_section fb_built=”1″ custom_padding_last_edited=”on|phone” _builder_version=”4.16″ _module_preset=”default” background_color=”#e4f8e0″ custom_margin=”0px||0px||false|false” custom_margin_tablet=”||-90px||false|false” custom_margin_phone=”||-70px||false|false” custom_margin_last_edited=”on|phone” custom_padding=”50px||50px||true|false” custom_padding_tablet=”71px||162px||false|false” custom_padding_phone=”27px||144px||false|false” da_disable_devices=”off|off|off” global_colors_info=”{}” da_is_popup=”off” da_exit_intent=”off” da_has_close=”on” da_alt_close=”off” da_dark_close=”off” da_not_modal=”on” da_is_singular=”off” da_with_loader=”off” da_has_shadow=”on”][et_pb_row _builder_version=”4.16″ _module_preset=”default” global_colors_info=”{}”][et_pb_column type=”4_4″ _builder_version=”4.16″ _module_preset=”default” global_colors_info=”{}”][et_pb_text _builder_version=”4.16″ header_2_font_size=”30px” global_colors_info=”{}”]<\/p>\n An overall credit rating is composed of more than just the factors that determine your credit score. This means that if your credit score isn’t as high as you need it to be, you can demonstrate credit worthiness to a lender in other ways too. That can help with a credit application. So in addition to the above, here are 9 factors that affect your credit rating:\u00a0<\/span><\/p>\n 1. Save Regularly<\/strong><\/p>\n Have savings that you add to on a regular basis and that is proportionate to your income. Have rainy\u2013day savings as well as long\u2013term, retirement savings. When you have savings, it shows that you have a balanced approach to managing your money and can get by in a pinch.<\/p>\n 2. Show Stability<\/strong><\/p>\n Consistency and stability generally leads to better payment history.\u00a0Maintain a stable address and employment circumstances. Even if you need to change employers, if the type of work you do stays the same, let lenders know that when you apply for credit.\u00a0<\/p>\n 3. Manage Routine Banking Properly<\/strong><\/span><\/p>\n Use your bank account properly. Overdrafts and NSFs can signal financial difficulty. If you find yourself overdrawing your account, ask if you qualify for overdraft protection, or better yet, establish a realistic budget to keep your spending within your means.<\/p>\n 4. Bring Balances Down<\/strong><\/span><\/p>\n Pay more than the minimum payment due each month on a credit card and work on bringing the balance owing down. Limit your use of the card until it is paid in full.<\/p>\nCredit Scores<\/h2>\n
Credit Ratings<\/h2>\n