Fast Loan Cambridge Ontario 101: Why Your Credit Score Went Down

Last Updated on October 6, 2023 by Andrew

Your credit score is one of the most important numbers that will rule your life. These three digits tell creditors, utility companies, and the like whether you’re worthy of getting a fast loan Cambridge Ontario. It’s why you should work on having a good score. It’s also vital that you monitor it to check if it goes down. If it does, look for the reason and work on it. 

3 Reasons Your Credit Score Dropped

• Missed or Late Payments: Missing a payment or sending it late is a black mark on your credit score. Lenders prefer applicants who pay on time, and missing payments will make you look unreliable. 
• Multiple Hard Inquiries: Lenders will check your credit report whenever you apply for a loan. Applying for multiple loans means several inquiries, and this could pull down your score drastically. Lenders consider simultaneous credit inquiries as a red flag. 
• Growing Debt Balance: Let’s say you’ve gone on a shopping spree and maxed out your card. This adds to your current debt and means a higher credit utilization ratio. Lenders will look at it and wonder if you can manage an additional loan. So start paying off your debt. You can use auto finance to consolidate it.  

Lowest Interest Rates You Can Find 

Premier Loans Canada offers affordable loans for everyone. Our company provides as much as $100,000 in loans. We offer low-interest rates and affordable monthly payments. We also have extended loan terms and flexible payment plans. We don’t conduct credit checks so the approval process is faster. You can log on to our website to apply or call our toll-free number at 1-855-965-1650.

For more information visit us on:

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