Insurance providers, credit card companies, and lending institutions use the borrower’s credit score to determine how much they can lend and what interest rate to give. Title loan companies are a bit more flexible with credit scores since the applicant will be pledging a collateral. However, a poor credit rating could still be the reason why your refinance car loan Moose Jaw Saskatchewan was denied. Here’s why your score is lacking:
Reasons Your Credit Score is Low
There are several factors that affect your credit score, like your payment history, credit card balances, available credit and how you use your credit limits, credit inquiries, and numerous open accounts. Late payments, going over your credit limit, and multiple hard credit inquiries will pull down your score. Having minimal to no credit history can also damage your rating.
Some people are surprised to hear that their previously good score was marked down due to inactivity. Key items or accounts could disappear from your credit report when there’s no activity for an extended period of time. For instance, a credit card that’s rarely used will be dropped from your history. This is detrimental to your fast loan as FICO won’t have enough data to compute your score. It’s the same principle that hinders people who don’t have an established credit history yet. You will still be considered risky by lenders because there isn’t enough information about you.
Lowest Interest Rates in the Industry
Apply today at Canadian Equity Loans and enjoy low interest rates. One of the country’s top companies, they offer as much as $50,000 in loans. They also have low monthly payments and extended loan terms. The company also accepts early payouts without penalties. You don’t even have to worry about credit or employment checks. Sign up on their website or call their toll-free number at 1-844-586-6311.
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