The need to rebuild or improve credit is increasing for many consumers in the Okanagan. It is important, because whenever you visit any creditor or are making large purchases, they will inquire about your credit history. Lenders, be it your landlord, banks or other financial institutions, will give preference to people with high credit scores. Higher credit scores result in lower interest rates when borrowing, lower rates save you money...lots of money.Â
So, if you've faced bad debts in Penticton or the South Okanagan in the past and are now planning to rebuild your credit, you are actually aiming to increase your credit score. If you have bad credit, your credit score will be very low, while a high credit score means you are excellent at repaying loans on time. Â Â Â Â Â Â
With a bad credit report, it may mean that you cannot qualify for some loans. In fact, even if you have an average credit score, you might get the loan, but may have to pay higher interest rates for it.Â
Not to worry though, it's never too late to make amends. Let us know if you can use some help meeting your credit needs. We can help.Â