My Borrowell Review
Your credit score is a 3 digit number, often between 300-850, that can affect whether you get a house, a car or even a job! Obtaining a credit report is important information. And, if you’re a Canadian it’s free and accurate to get your credit score with Borrowell!
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I never knew how easy it was to keep track of your credit score and check it often, until I started using Borrowell! I have been using this free credit report service for years now and have been able to drastically improve my score thanks to the information and their financial services. So, I thought I would share a Borrowell review for you!
Checking your credit score in Canada can be expensive! It typically costs about $20 just to take a look… until Borrowell! Borrowell has teamed up with Equifax to offer Canadians free access to their credit reports. They also work with major banks to offer personal financial services to help people save money! It’s a one-stop shop for many of your credit and financial needs!
Borrowell Credit Score
What is credit? Credit is borrowed money that you are obligated to pay back over a certain period of time. A credit score is a number that indicates the likelihood of someone paying back the money they have borrowed. Many credit bureaus issue these scores based on different evaluation systems and factors.
Common factors that are used to calculate credit score of a person include: credit payment history, current debts, time length of credit history, credit type mix and frequency of any applications for new credit.
What Determines Your Credit Score?
When you borrow money, your lender sends this credit information to a credit bureau which in turn prepares a credit report defining how well you have managed your debts.
From the credit report prepared, the bureau determines your credit score based on factors such as a) previous credit performance, b) current level of debt, c) the time credit has been used, d) types of credit available and e) pursuit of new credit.
In short, your credit score is much affected by your credit history of paying off debts. This factor can also boost your credit rating because the past shows that you can pay off your debts quickly and efficiently!
Curious about your credit score yet? Check it for free, anytime with Borrowell! It’s 100 percent safe, your information is fully protected and checking your credit score with Borrowell, doesn’t harm your credit rating!
Importance Of Checking Your Credit Report
While you apply for a credit card, loan or mortgage your credit rating is checked. So, credit reporting makes it possible for banks to issue credit or debit cards, stores to accept checks because depending upon your credit score, they can easily determine the level of risk in lending to you.
A good credit score can also save you money! Mostly lenders ask for a higher interest rate to one who has a bad credit score as compared to a person having high credit score.
Tips to improve your credit score:
1. You should make your loan payments on the stipulated time with the correct amount.
2. Try avoiding overextending your credit. In case you are getting different credit cards issued by banks via mail, you might tempt to use them but is would never help you out.
3. You should not ignore overdue bills and if you face any problem while repaying your debt, you can call your creditor to make repayment arrangements.
4. Always be aware of the type of credit you hold because credit from financing companies can affect your credit score.
5. Try to keep your outstanding bills as low as possible and dont extend your credit continuously to your limit.
6. You should limit your number of credit applications.
7. Since credit is not built overnight try to provide your creditors with longer time frame to review and longer history of good credit that builds up your credit performance.
8. If you aren’t approved for typical credit cards, and don’t have any current debts, try applying for a secured (prepaid) credit card through Borrowell. Then, spend a little money on it each month and pay it back before the end of your billing cycle. This can dramatically improve your credit score, no matter how bad it is!
What’s A Good Credit Score?
Credit score is just a three digit number but it has a great importance especially when you’re thinking of applying for a loan.
One of the best ways to improve your credit score is credit score repair. It takes time, but it is possible!
If you have a history of late payments, have went through debt consolidation or even claimed bankruptcy, all of this will negatively impact your credit score, but not forever! If you don’t pay your bills and the information is sent to the credit bureau, it typically stays on your report for up to 7 years in most states. But if you claim bankruptcy, it can hurt your score for up to 10 years! But even a low score now, can be raised!
Most credit score ranges from 300-750 but average credit score lies within 600-750. A great score is above 700.
No matter how low your score is now, you can begin working to improve it and within a year, you’ll see it increase!
Below are some of the guidelines that I used to help improve my credit score with Borrowell Credit!
- Pay your bills on time or on due date.
- Don’t apply for credit too often. Too many and frequent inquiries can lower down your credit score.
- Don’t open too many unnecessary accounts. Remember a zero balance account is taken into consideration.
- Pay off credit card balances in full or at least 75 percent.
- Check your credit score periodically at least once in six months.
- If you aren’t approved for any credit, try applying for a secured, prepaid credit card.
I started using Borrowell three years ago, and have been able to raise my score! In fact, over 1,000,000 Canadians use Borrowell to get their free credit scores!