I’ve been a busy bee over the last few months. With the development and launch of two new websites next month, and the move to a new firm, the summer has had it’s challenges and kept me away from writing. Today however I have some information I think will directly benefit you, and I didn’t want to wait to share it.
Why you should check your credit score today
Credit is something that is taken into account any time you want to borrow money. There is a certainty regarding your credit which is this: The worse your credit is, the higher the interest rates you pay are. If you want to ensure you pay the least possible, keep reading.
I had a friend ask me to pull his credit, which is a standard operation for every client of mine. What we discovered was that he had a debt in collections. The just under $500 debt had been delinquent for more than a year and it was for an account he had never heard of. We did some research and found out that he had co-signed a loan for a friend who was new to Canada a few years back. My friend never received any bills, or notices, but was on the hook if the person defaulted for the loan which was the eventual result. This debt sat on the credit report for more than a year, pummeling his score to below the bank’s threshold over that time period. The result was that my friend was being denied for the most basic credit applications, despite having an income more than $70K per year and almost no debt.
After contacting the old friend who was now living across the country, we were able to have the debt paid in full. This is just the first step in the months long battle to reclaim precious credit points lost. To complement and accelerate to rehabilitation of credit, I suggested a secured credit card from Home Trust, which will establish another trade line to draw from and earn credit depth.
If you’re looking at borrowing money in the future, the time is now to check your credit report and make sure you’re in shape to pay the least amount of interest.
Stay tuned for links to my new websites and future updates from weteachfinance.com