Your credit score assesses your ability to fulfill the financial commitment of borrowing credit at a particular time based on your economic history, as reported to the credit bureau. It is important to remember that your credit score is dynamic, meaning that it will change as your financial circumstances change.
While most financial institutions offer similar products and collect similar information during approvals, credit granting policies vary by product and from one credit grantor to the next.
Regardless of an institution's credit-granting policies, your overall credit rating will be one of the most critical factors in determining if you're approved for credit at any given time.
Applying for credit shouldn't be a shot in the dark. Many things can help you with your credit applications. Credit can be a valuable financial tool, making life more comfortable and long-term goals more attainable.
We've prepared some information to help you understand the credit-granting process to establish a healthy credit rating. Establishing and maintaining a healthy credit rating is one factor in determining the type and amount of credit you may be qualified for.
The credit granting process (which includes a review of your credit bureau history) can sometimes uncover aspects of your financial situation that you weren't aware of. Sometimes an application is declined due to a combination of marginally weak factors, not just one major factor. In cases like, we can make suggestions that will improve your eligibility at a later time.
Here's some reasons why.
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