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#456233 - 01/10/17 07:11 AM How Your Credit Score Affects
excellhomes Offline
Member

Registered: 12/13/16
Posts: 10
Loc: Toronto
Credit score in now a important factor to get decisions. Any help about how credit score affects will be appreciated.

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#456237 - 01/10/17 08:00 AM Re: How Your Credit Score Affects [Re: excellhomes]
Vermont Offline
Major Contributor

Registered: 04/12/08
Posts: 7605
Loc: Vermont's North-East Kingdom
Originally Posted By: excellhomes
Credit score in now a important factor to get decisions. Any help about how credit score affects will be appreciated.

I think it works the same in the Canadian Provinces as it does here in the States: the higher the Credit Score (FICO base range = 350-850) the more likely the Applicant is to receive Approval AND the higher the score, the lower the Interest Rate.

Is there something specific that confuses you, and on which you have a question ?
_________________________
Dale C. Hittle of GOLDEN RULE PROPERTIES in Glover, Vermont
Where We're Always Striving To Put Together "THE FAIR DEAL"

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#456296 - 01/13/17 07:24 AM Re: How Your Credit Score Affects [Re: excellhomes]
excellhomes Offline
Member

Registered: 12/13/16
Posts: 10
Loc: Toronto
Thanks @Vermont for your kind reply!
Can you please explain me how can some one improve his credit score for quick approval.

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#456300 - 01/13/17 08:47 AM Re: How Your Credit Score Affects [Re: excellhomes]
Vermont Offline
Major Contributor

Registered: 04/12/08
Posts: 7605
Loc: Vermont's North-East Kingdom
Originally Posted By: excellhomes
". . . Can you please explain me how can some one improve his credit score for quick approval . . ."

That will depend upon what the cause(s) of the low credit score.

If it's an excessive debt to income ratio, that's hard to rectify in the short run, begin by ceasing to create more debt;

If it's late payments, then someone has to begin habitually paying their bills on time, or ahead of the due dates;

If it's delinquencies where the applicant has demonstrated an intent to simply abandon his/her responsibilities to service the debt, then contact has to be made to establish a re-payment schedule, and then perform.

Some people simply have too many open credit cards, and even if they have ZERO balances, that represents "potential debt", and 50% of each card's limit, or so, will be counted (by formula) as actual debt. Cancelling credit card accounts will become a necessity . . . . but closing accounts hastily will also have a short term negative influence on the credit score, and may take 3 to 6 months before it ceases to play a role in the calculation. As a starter, the applicant must STOP opening new accounts.

Nothing is "quick" but it starts with identifying the underlying cause(s) of a low score, and then methodically addressing it; but no one else can do it except the applicant.
_________________________
Dale C. Hittle of GOLDEN RULE PROPERTIES in Glover, Vermont
Where We're Always Striving To Put Together "THE FAIR DEAL"

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