Credit Score introduction
Aside from day-to-day purchases, the ability to access credit is essential when it comes to the most important financial transactions you will make, like purchasing a car or securing a mortgage. Your ability to get credit is impacted by your credit score, and a bad score can severely limit your ability to get credit through traditional lenders, like the banks. But just what is a credit score?
Think of your credit score as your financial resumé. It is a tool financial institution’s use to gain understanding of your spending behaviour and ability to repay any credit you are extended. Your score is impacted by factors like your repayment habits, amount borrowed and existing debt.
Managing your credit score can feel like an overwhelming task but we’re here to help. That’s why goeasy has assembled the Credit Score 101 e-book. This comprehensive guide will give you the knowledge to better understand and manage your credit score.
- What is a credit score?
- What is a credit report?
- How is a credit score calculated?
- What hurts your credit score?
- How do you build or improve your score?
- What is credit monitoring?