The Importance of Having Good Credit

Your credit score impacts your quality of life far more than you may realize.

Sure, it affects your ability to acquire loans, but it may also impact your capacity to start a business, rent an apartment and even land that dream job!

Need advice regarding your credit rating in Ottawa? Contact us today at Bernier & Associates for a free financial consultation, or to plan a debt consolidation or consumer proposal in Ottawa.

Let’s Take A Look At The Importance Of Having Good Credit:

• Buying or renting a home - Lending institutions are more cautious than ever about handing out mortgages. A low credit score means you will have more difficulty obtaining a mortgage. But your credit score may also affect your ability to rent! More and more proprietors will use your credit score to help determine what kind of a tenant you may be.
• Loans - A low credit score will likely mean having to make a larger down payment and pay higher interest rates on a car loan. You may end up paying thousands more for a vehicle than if you had good credit! If you dream of starting your own business, a low credit score will also affect your ability to obtain small business loans.
• Insurance - Nowadays, insurance companies often consider your credit score when calculating your insurance premiums. A low credit score often means higher premiums.
• Jobs - It’s also true that many employers today will run a credit check on prospective employees. Credit scores are no longer just about your ability to pay off loans; they also help create a first impression. And we all know how important first impressions are!

Need Advice on Your Credit Score in Ottawa?

Contact us today at Bernier & Associates for a free financial consultation, or to arrange debt consolidation or a consumer proposal in Ottawa.

And Here Are a Couple of Tips on How to Maintain Good Credit:

• Don’t abuse credit cards! The rule is simple: don’t put on plastic what you can’t afford. Credit cards should only be used when they offer extra consumer protection, when they allow you to purchase something without having to carry a lot of cash and when you’re building credit. Don’t accumulate a balance! Using credit cards as high-interest loans are almost guaranteed to land you into financial hot water in no time.
• Pay on time. No matter if it’s a utility, the internet or phone bill; loan, mortgage or credit card payment; income tax debt or rent, make sure to meet your obligations on time. Delays and non-payments will only negatively affect your credit score.

Contact us at Bernier & Associates! We can help you get your financial situation in order with debt consolidation or a consumer proposal in Ottawa. Call us today!