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The Well

Jeff | Credit Score Education Centre

10 Ways A Good Credit Score Can Improve Your Life

August 2, 2016

Did you know that for the first time ever, Borrowell and Equifax have partnered to give Canadians their Equifax credit score for FREE? It only takes 3 minutes and it won’t affect your credit score!

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Having a good credit score is the key to unlocking a world of financial benefits – but only 14% of Canadians know their credit score. By understanding your credit score and how it’s managed, you can take simple steps to improving it and your financial standing.

Here are 10 ways that a good credit score can improve your life!

#10 – Improve Your Chances of Landing the Perfect Rental

In Canada, the competition for apartment, condo and home rentals is at an all time high! Landlords are able to be very picky about which application they accept, and a major component of that analysis comes down to having strong credit.  If there are multiple people making an offer on the same unit for the same price, there is a chance that the applicant with the highest credit score will win the offer, all else being equal. Quite simply, having a good credit score gives you a better chance of having your rental application selected and renting the home of your dreams.

#9 – Get the Best Deal on Auto Financing

Whether financing or leasing your vehicle, your credit score plays a major role on the terms you can borrow at.  With a good credit score, you can borrow larger amounts at a lower interest rate. This can save you thousands over the term of the vehicle. Have your eye on a sexy convertible? You guessed it, a good credit score can make that hot ride more attainable (and less expensive).

#8 – Land the Job of Your Dreams

Most employers make it a practice to check applicants’ credit when they apply for a job as part of a background check. Employers use this technique to check for financial responsibility and for history of repayments. Having a good credit score can help you line up the job you desire.

#7 – Don’t Pay Too Much for Insurance

Did you know that some insurance companies look at your credit score when determining whether or not to insure you?  Additionally, the rates and premiums offered can be influenced by the quality of your credit score.  No one likes paying high insurance rates! Having a better credit score will ensure you have access to lower rates.

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#6 – Meet Your Perfect Spouse

OK, so I know this sounds like a weird one!  But did you know that in this modern dating world, people are considering their mate’s credit scores when making dating decisions?  One study found out that 40% of adults say knowing someone’s credit score would affect their willingness to date that person! So if you’re looking to improve your chances of meeting the partner of your dreams, don’t forget the importance of knowing and improving your credit score.

#5 – Avoid Identity Theft

As our lives become more and more digitized, the possibility of identity theft increases.  It’s a terrifying thought to think about someone stealing your identity.  Monitoring your credit score is a good way make sure that your identity is safe.  If you get your credit score for free from Borrowell, they will refresh your score every 3 months, so you can make sure that nothing negative has occurred to your score as a result of theft.

#4 – Get The Best Cell Phone Plan

Cell phone companies like Bell and Rogers routinely check customer credit scores in determining cell phone plans.  When you buy the latest smartphone plan from them, you’re really taking out financing to pay for the cost of the device and service. A small portion from each cell phone bill goes towards repaying the cost of the device.  Having a good credit score can help ensure you have access to the best plans and devices.

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#3 – Get the Best Credit Card Rewards

Credit cards provide a convenient way to pay for every day items and online purchases. Your credit score plays a leading role in determining your credit limits (how much you can borrow), your interest rate on balances and the benefits of the card you can qualify for.  Having a good interest rate also gives you options to refinance your credit card balance at lower rates.

#2 – Avoid Security Deposits on Your Utility Bills

Setting up a new hydro or cable account? They’ll be looking at your credit score too. Having a good credit score will help prevent you having to pay large security deposits to secure the utilities you need. Having a good credit score will keep literally you warm all winter!

#1 – Take Control of Your Personal Finances

Knowing your credit score is your first step to taking control over your financial future.  Only 14% of Canadians check their credit score once a year. Your bank knows it. You should know it too.

Borrowell believes that every Canadian should know their credit score as the first step to improving it and improving their financial standing.  Get your Equifax credit score for FREE at Borrowell.com – it only takes 3 minutes and it won’t affect your credit score.

Improving your credit score can be the first step to living the life you’ve always dreamed of!

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