Frequently Asked Questions

Is credit score the only factor a lendor will look at in order to lend you money?

It is an important factor but not the only one. They also look at your income, job, assets and costs.

How long the negative information stay on my credit report?

The negative information can be kept on your credit report for 6-7 years. The length of time may vary based on the province or Category.

What is the best way to build your credit history?

One of the best way to build a credit history is to apply for a credit card or finance a car and make the payments on time.

Can checking my credit report to approve my car loan application affect my score?

Checking your credit report in order to approve you for a car loan does not affect your credit score and is considered a “Soft hit”.

How can having an auto loan affect my credit score?

It is always better to have a mix of credit products such as line of credit, credit card, auto loan, mortgage and other loans but you need to ensure you can afford to pay back what you borrow.