How a Quarterly Credit Check Can Help You Get a Car Loan

Posted on July 19, 2016 by

There are many factors that contribute to bad credit. Often these factors are ones which we cannot control such as a job loss or injury. Regardless of your financial circumstances tracking your credit score on quarterly basis is a guaranteed way to improve your bad credit. When it comes to your credit score ignorance and assumptions are not your friend. How can you track what is harming your credit if you don’t ever look at your report. The time to know your credit rating isn’t at the car dealership when you’ve been turned down for a car loan due to bad credit. A person should remain aware of what’s on their credit report not just to maintain a good credit rating, but to also protect themselves from other harmful or even fraudulent activity. Knowledge is power, so tracking your credit in a quarterly credit report is a highly beneficial routine. Here is an easy guide to obtaining your quarterly credit report, avoiding unnecessary hits on your credit, and expanding your options when applying for an auto loan. Obtain a Copy or Copies of Your Credit Report In Canada, we have two credit bureaus. Obtaining a copy of either or is a step in the right direction. We advise that you get a copy from both TansUnion and Equifax as it is not uncommon to have discrepancies on your reports. On one you may not have any clear indicators of cause for poor credit, the other may show otherwise. Avoid confusion and frustration by getting a copy of both quarterly. You can seek out more information and can contact each of these agencies to request a copy of your credit report by calling them at TransUnion Canada: 1-866-525-0262 and Equifax Canada: 1-800-465-7166 or visiting their websites. You can request a basic report by mail for free which will provide you with details about any current credit you have and any inquiries made on your account. However if you wish to have your credit score you must pay a small fee to have them include this information for you. What Does a Credit Report Tell You Your full credit report will tell you a few different things but by the end of it you will have a clear idea of what you are doing right and what you need to work on. Your credit score will appear as a numeric value between 300-900 that represents the potential risk for a lender. The higher your credit score the lower the risk you are as a borrower. In addition to your credit score you will also have an “R” rating associated with your file. This rating is assigned based on your credit history. Your rating ranges from 1-9, 1 being ideal. Your rating is determined by the following: Payment history The amount you owe Credit usage Credit experience Acquisition of new credit Types of established credit If you wish to track your credit very closely you can do so by using the Equifax Credit Online Watch Tool. Ideally you want your credit score to be as strong as possible when applying for new credit. If you are struggling with a poor credit and need a loan, Quick Car loans can connect you with one of our lenders who specialize in your specific credit and financial needs. With your approved car loan, you can improve bad credit by effectively managing this loan. Making payments consistently on time will lower your risk level and in turn improve your credit score and rating. Though it is always important to maintain a good credit score, Quick Car Loans is able to help you with your immediate car financing needs. Our experienced lenders can help you no matter what the credit issue you’re facing is. Not only can we help you get a car financed with bad credit but we also have lenders that have options for past and present bankruptcies, no credit, divorce and new to Canada. Just fill out our easy online application and one of our representatives will work diligently to get you driving home in your new wheels today.