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Prêts pour personnes ayant un mauvais crédit

Qu’est-ce qu’un prêt pour mauvais crédit?

Hey there, fellow Canadians! If you've been scratching your head, wondering why your credit score seems to be headed south and dropping for no reason, don't worry; you're not alone. Many of us have faced the same problem at some point. So, let's grab a cup of hot coffee and chat about why your credit might not be so top-notch and what steps you can take to improve it!

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Why Did My Credit Score Drop?

Oh, so we’re taking part in the discussion of the mystery of vanishing credit score points! Several factors can contribute to a sudden drop in your credit score. Here are some common reasons:


  • Late or Missed Payments: Your payment history plays a big role in your credit score. If you've missed a payment or paid your bills late, it can hurt your score. Usually, people with high credit scores may see a bigger drop than people with low credit scores.


  • High Credit Card Balances: Utilizing a large portion of your available credit can hurt your credit score. Try to keep your credit card balances low to maintain a healthy score. You must try to keep the amount you charge to your card below 30% of the total available limit.

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Why is My Credit Score Low After Getting a Credit Card?

Congratulations on getting your hands on a shiny new credit card! While it might seem counterintuitive, your credit score might temporarily dip after getting a new card. Here's why:


  • New Credit Inquiries: As mentioned earlier, applying for a new credit card leads to a hard inquiry or a hard credit check, which can lower your credit score slightly.


  • Credit Utilization: If you use your new credit card extensively right away, it can impact your credit utilization ratio. Aim to keep the balance you keep on your credit card low compared to your credit limit, and always try to pay the balance in full.


  • Short Credit History: If you're new to credit and the credit card is your first account, your credit history is relatively short. Lenders usually prefer a longer credit history to assess your creditworthiness and how much credit you can take on.

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Why is My Credit Score Dropping?

If you've noticed a gradual decline in your credit score over time, it's important to get to the root of the issue. Some common reasons for a sustained drop include:


  • Financial Hardships: Unforeseen circumstances like job loss, medical emergencies, or a pandemic can lead to financial difficulties, affecting your ability to pay bills on time.


  • Maxing Out Credit Cards: High credit card balances compared to your credit limit can negatively impact your score. This is exactly why you should try to avoid maxing out your cards.


  • Defaulting on Loans: Defaulting on loans or declaring bankruptcy can really damage your credit score.


  • Inaccurate Information: Errors on your credit report can lower your score. It's crucial to check your credit report regularly and dispute any inaccuracies you find. Credit report errors are made by a lender or creditor reporting to a nationwide credit bureau.

Qu’est-ce qu’un prêt pour mauvais crédit?

One thing you should always remember is that your credit score is like a report card of your ability to manage your finances, reflecting your creditworthiness to potential lenders. Understanding where the challenges are with your credit is the first step toward improvement. It's essential to be patient and consistent in adopting healthy financial habits.

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To boost your credit score:

  • Pay Bills on Time: Set up reminders or automatic payments to ensure you never miss a payment.


  • Reduce Credit Card Balances: Aim to keep your credit card utilization under 30% of your credit limit.


  • Limit New Credit Applications: Only apply for credit when necessary, and avoid unnecessary hard inquiries.


  • Review Your Credit Report: Regularly check your credit report for errors and address them quickly.


Improving your credit takes time, but with responsible financial behaviour and a little patience, you can rebuild your credit. Stay positive, and remember, you're not alone in this journey!


Alright, time to finish up our Hot Coffee! Until next time, take care!

Low credit score? You can still get approved for a personal loan from easyfinancial even with low or no credit history

Mettre les Canadiens sur la voie d’un meilleur avenir financier

Nous nous sommes donnés pour mission d’aider nos clients à rebâtir leur crédit et leur admissibilité à des taux bancaires.

400+

établissements

au Canada

800M

clients

servis

93%

Taux de

satisfaction

60%

des clients améliorent

leur cote de crédit.

1sur3

passe à un

taux préférentiel

Mettre les Canadiens sur la voie d’un meilleur avenir financier

Nous nous sommes donnés pour mission d’aider nos clients à rebâtir leur crédit et leur admissibilité à des taux bancaires.

400+

établissements

au Canada

800M

clients

servis

93%

Taux de

satisfaction

60%

des clients améliorent

leur cote de crédit.

1sur3

passe à un

taux préférentiel

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Avez-vous des questions? Nous pouvons vous aider.

What credit score do I need for easyfinancial?

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This is determined on a case-by-case basis. We use many factors to approve applicants for a loan, including monthly income and credit score. We factor in your debt-to-income ratio (50%), debts in collections, car payments, and monthly debt obligations. Those with bad credit (300-720) are encouraged to apply.

What is a soft inquiry and how is it different than a hard inquiry?

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A soft inquiry is when your credit report is pulled for informational purposes and does not affect your credit score. A soft inquiry is simply a review of your credit report that's used to determine if you are eligible for a pre-approved offer and may be used to verify who you are.  When a company conducts a soft inquiry, this is only visible to you, and is not seen by other lenders therefore it will not negatively affect your credit score. 

A hard inquiry is when a credit report is requested from the credit bureau for the purpose of evaluating you as a borrower. A hard inquiry can affect your credit score and can be seen by other lenders. However, keep in mind that hard inquiries are only one of the five major factors that help determine your credit score.  Other factors such a payment history and credit utilization play a much bigger role in determining your credit score. 

What documents are needed to get an approval?

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We require the following documents:

2 recent pay stubs

  1. Last 90 days of banking information 

  2. 1 recent bill addressed to your current home 

  3. A piece of government photo ID