Varying between 1 and 9, the credit rating is a score that allows banks and other financial institutions that lend you money to determine the level of risk that you represent for them.
The closer your rating is to the number 1, the more it means that you pay your bills on time, that is to say within 30 days or less. The closer it is to 9, the more it means that you have difficulty meeting your financial commitments, the number 9 meaning that you have filed for bankruptcy or a request for a consumer proposal.
There are several factors that can influence your credit rating. Do not confuse the rating with the score, which varies between 300 and 900. Letters are also added in front of your credit rating number, the most common being the letter R, meaning that you have revolving credit. You make regular payments by paying variable amounts depending on the balances you have to pay. These may therefore vary from month to month.
As you can imagine, one of the first factors that influences your credit rating is the frequency of your payments. The faster you pay and give more than the minimum amount required, the better your credit score will be.
Besides payment histories, another thing that influences your rating is the number of credit cards you have. The more you have, the more it has a negative impact on your rating.
Ditto for requests for credit inquiries. The multiplication of requests has a negative effect on your results and can work against you when applying for any loan of money over 0 from the bank, for example. Indeed, most financial institutions refuse to lend money to consumers who do not have a good credit rating.
Fortunately, there are money loan solutions for people with bad credit. Indeed, private companies such as pretargentrapide lend money to individuals who do not have a good credit rating, without requiring a credit check.
If you or someone close to you has a bad credit history or has recently gone bankrupt, do not hesitate to contact us to apply for a quick cash loan; it will be our pleasure to process your request. Once you are approved, the funds are deposited into your account. It’s quick and easy. Call us now.