Why is my credit score so important?

Alex England

Last Update hace 2 años

Most people don’t realize how important their credit score is until they come across a financial product they can’t obtain, due to their low score. A credit score is a three-digit number ranging from 300-900, based on a level analysis of a person’s credit files, to represent the creditworthiness of an individual. It’s a temporary snapshot of your credit report at the time your inquiry took place and changes frequently. Having a low credit score can affect your chances of obtaining a personal loan, car loan, mortgage or even sometimes, renting a place or obtaining a cellphone contract.

The beauty of a credit score is that there are always ways you can improve it. Whether you’re looking for a way to boost your score a few points in order to qualify for that much-needed loan, or trying to qualify for lower interest rates, longer repayment periods on loans and even a better chance of getting approved for other financial products you’re interested in.

When you’re in a consumer proposal, it significantly impacts your credit score. Once you exit using our FastTrack loan you will see an instant increase between 30 – 70 points. Complimenting this with our Score-Up product and changing your spending habits, your score will continue to increase and help you on your way to a positive financial future. 

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