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Credit History: Improve Your Credit Score In Easy Steps |
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Credit history is something we all need to consider when we are ready to apply for a loan. Banks don't like losing money, and so when it comes time to lend, they make sure they are lending to someone who is likely to pay them back. This is where your credit history will come into play. Your credit history is a record of all your past financial transactions that were recorded or reported to the major credit agencies. This often includes loans, credit cards, and other debt. |
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Boost Your Credit Score With These Tools |
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While a good credit score can mean the difference between saving or spending hundreds or even thousands of dollars over the term of a loan or the life of a credit card, what can consumers with less than good credit do to rebuild their credit score? Here are a few ideas that may help alleviate some of the stress brought on by the recent downturns in the economy that might have caused some to lose their good rating.
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Credit Scores range from 300-900 with the average Canadian having one around the 720 range. Borrowers at the higher end of the scale get better rates, and those at the lower end get the less desirable rates due to their higher lending risk. It is interesting to note that only about 11% of Canadians have a Beacon Score above 800 and nearly no one has a perfect score of 900. If your Beacon Score is below the magic number of 650, lenders will consider you a "B" client and will view you as someone with serious credit issues. |
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