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Credit IQ

Having Good Credit IQ

Having a good credit IQ is essential when it comes to managing your finances. Taking out loans and making big purchases requires a basic understanding of credit. After bankruptcy, it can be difficult and scary to get your finances in order. However, the more knowledge you have about credit, the easier it will be to get back on your feet! Understanding how to manage your money is an important part of having a good credit IQ. We would recommend reading through our money management section loan sections before taking the plunge into all things credit. In order to prevent bankruptcy, we want to ensure that you have a good credit IQ. Below you will find an overview of information on all things credit.

Understanding What Credit is and How to Have a Good Credit IQ.

Understanding what credit is and how to improve your credit intelligence, are great steps towards attaining financial security. If you don’t know what credit is or how it works, it is going to be difficult to get a hold of your finances. Credit is very important when it comes to purchasing a vehicle, buying a home, or taking out a loan. In order to fully understand credit, you must know how it works. For example, how to make payments, where the money is coming from, how your purchases affect your credit score, why you need credit, and types of credit. Having a strong grasp on credit is vital to your financial stability moving forward. For more information on what credit is and how to attain good credit intelligence, continue reading here. 

How to Have Good Credit?

Having an adequate credit score is necessary for life in Canada. The better your credit score is, the more deals you’ll get when purchasing big-ticket items. In order to have good credit, you need to have a history of properly using some form of credit. After bankruptcy, building up your credit score is an important step in financially recovering. There are a variety of ways that you can improve your credit score. The best way to build credit is by making payments on time and in full each month. However, there are several other ways to mend your credit score. For instance, limiting the number of hard credit checks on your account. For more information on achieving adequate credit, continue reading here. 

credit-iq-transcan-leasingCredit Reports & Credit Scores.

Understanding what a credit report is and the differences between credit scores are helpful in improving your credit intelligence. The more you know about how your credit score is calculated, the easier it will be to maintain good credit. Furthermore, it is important to understand who the two main credit bureaus are in Canada. Having a basic knowledge of credit reports and credit scores is extremely helpful in preventing bankruptcy. Learn more about credit reports and credit scores here.

Learn About Credit to Prevent Bankruptcy.

Learning about credit is an important part of reducing your chances of bankruptcy. Contact us at Transcan Leasing today if you need additional help getting a car loan or if you have any questions. Feel free to reach out to us if you have any further inquiries about credit. We are more than happy to help you during this process. Be sure to check out our other resources in the Transcan Leasing credit education center. 

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