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When you’ll need your Credit Score, and why it’s so important
1 October

When you’ll need your Credit Score, and why it’s so important

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Car Loans Canada

Below are some of the reasons you will need to know your Credit Score

Get a Car Loan

Your credit score will impact what type of vehicle you can get approved for, the total amortization, and A.P.R (Interest Rate). Knowing your score ahead of time can save you time and give you the knowledge you need to know what you may qualify for, ahead of time.

Applying for a Rental Unit

Your credit score will play a very large role in whether a landlord approves or denies your rental application. Most landlords will list their credit requirements upfront. So make sure to check your score for free and see if you meet the requirements before you apply.

Employment

More and more employers today are checking credit scores to determine a candidate's overall eligibility for certain roles and positions. Some of these include the Federal Government, Uber, Lyft, School Boards, or any employer that may require a security clearance. Your credit score can also indicate how responsible you are, how diligent you are with finances and how serious you take your commitments.

Renting a Car

That's right, digital car rental companies like Turo will investigate your Credit when you create an account to determine whether you are eligible to rent vehicles on their platform.

Airbnb

In order to become a renter or a host, Airbnb will look into your credit score to determine if you are trustworthy and eligible to host or rent in the Airbnb community.

Apply for a Credit Card

Your credit score will directly impact what your credit card options are. A better score will increase the likelihood that you will qualify for premium credit cards and cards that offer the most rewards and points.

Getting a Personal Loan

A lender will consider your credit score when determining if a secured or unsecured loan is right for you. It can also determine your eligibility, overall worthiness, interest rate, and the terms in which they off you in the event of an approval.

Applying for a Business License or Franchise

Franchisors and authoritative bodies will most likely conduct a credit check when processing your application. Don’t let a poor credit score hold you back from pursuing your goals and dreams.

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Automotive    Finance    Car Loans
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