Our credit rating, tint the perception that the financial services industry has to our regard. Hence the idea of the cure, but this is not always obvious.
The problem is the opacity that surrounds the method of calculation of our score, as the credit agencies disclaim any responsibility if mistakes were to tarnish our record.
The problem, it is also the commercial exploitation of that particular nerve, the accumulation of our personal information that we pass to the machine the sausage, without consent.
Our reputation stands on three small numbers (300 to 900), which is nothing ordinary. Recently, we had the demonstration. Since the beginning of the month of July, the canada mortgage and housing corporation (CMHC) will not insure more mortgages for borrowers displaying credit rating is below 680, compared with 600 previously.
In general, the lower our credit rating is stellar, the less one has access to the best borrowing terms. This may impede the search for a rent and increase our insurance premiums.
Rating, rating, rating…
Be sure to maintain a good credit rating is essential. It does not mean to be on the lookout for the slightest variations, it is useless. It is necessary to know the factors that influence it and check it from time to time if there are no errors or signs of fraud.
Hundreds of factors affect our score. To add to the complexity of the case, the more scores we assigned to it. In fact, our profile is available in several variants depending on the market segments. The lender automobile will not have the same information about us as the mortgage lender, for example.
When we pay for our score, this is not the one that serves to qualify us for a loan, it is another. This one is not used for large-thing, if not to make us pay. This is to tell you how the agencies are entitled to get the maximum juice our personal data.
The factors that count
In the face of such opacity, the best you can do is pay your bills and repay your loans on time. This is the most important determinant of the folder.
The other item that weighs the most, it is the use that you make of your credit capacity. In other words, the more you borrow close to the limit, the higher your score will be undermined.
It is also recognized that it is necessary to maintain long-term lines of credit. The fact of clinging to the same credit card or maintain a margin has a positive effect on the note.
The applications for new loans, affect temporarily the rating. The other hand, the more one has experienced different types of credit (personal loan, mortgage, map, margin), the better will be our case, as long as you don’t default.
- Access to your credit file is free, but not access to the score. Your file contains your credit history, you can easily see the elements that clochent, is there a.
- The two agencies hold on your file, Equifax and TransUnion. Do the steps with the two. If you detect errors in your records, a procedure is provided for the correct.