6 Reasons Why We Need to be Talking About Credit | Refresh Financial

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6 Reasons Why We Need to be Talking About Credit

Most people don’t know their credit score. Many of those people avoid looking at their credit score for fear of what they might find. Some avoid looking because they’ve been led to believe requesting your credit report will harm your credit or work against any of your credit repair efforts, and some don’t check their own credit score because they’re convinced they don’t need to unless they’re looking to borrow. Whatever the reason is, you can’t avoid looking at, dealing with, and talking about credit, and here are six reasons why:

1. Not talking about credit could force you to delay major life plans

If you wait to face your credit until you’re in the market to borrow money, it might be too little, too late. There is always the possibility of finding items on your credit report that come as a complete surprise to you. Whether it’s something you’ve long forgotten, something you didn’t think would have an effect on your credit score or instances of identity theft, surprises happen. They can also take some time to deal with which means a longer route to credit repair. Don’t leave yourself in a position of having to wait months or even years to purchase your first home or car, just because you’ve avoided checking your credit. Do it now. Clean up anything that needs it, so when you do find yourself in the market to borrow, you’re all set to do so.

2. While you’re avoiding the topic of credit, your credit score could be getting worse

If you’re avoiding checking your credit because you’re afraid of what you might see, you could be making it worse. Most of us go through credit issues, and many of us have a feeling of failure or regret that stems from it. You are not alone, almost every healthy adult in North America has experienced the fear you’re experiencing. You have a choice now: face the truth and start to repair it, or ignore it and make it worse. I think you know what the better option is, and who knows? It might not be as bad as you think.

3. Being aware of and talking about your credit doesn’t harm your credit score

If you’re avoiding getting your credit report because you think it will harm your credit, don’t worry. Obtaining your own credit report is called a soft inquiry - that is, an inquiry into your credit background that is not for the purposes of potentially borrowing money. When you get your credit checked for a credit card, a loan or a mortgage, that is a hard inquiry and can have an effect on your credit score. Checking your own credit will not harm your credit rating at all.

4. It’s easy to obtain your own credit report

As a Canadian, you are entitled to one free credit report per year from Equifax and TransUnion. To grab your credit report and find out your credit score, follow these links: TransUnion and Equifax. However, these don't include your credit score. But you can keep track of your credit score with a credit monitoring program like Refresh offers. It allows you unlimited access to both your credit history and score, helps you guard against identity theft, and also gives you valuable insight with a detailed credit and debt analysis. You can find it here.

5. Your credit score has an impact on so many aspects of your life

Without decent credit, you might find yourself having trouble booking hotel rooms, renting a car, booking flights or even just taking business trips that will eventually be reimbursed. It affects your ability to buy a home, and it can also have an effect on your ability to rent a home. You can have trouble obtaining banking products you want, and you’ll find buying a car difficult. Credit seeps into so many areas of our lives that it is as important to talk about as our health, where we send our kids to school, or who we might vote for in an upcoming election. If you face your credit and get it under control working towards credit repair, it will improve your life overall.

6. You will save money

Those with better credit get better interest rates, and you don’t get better credit by ignoring the topic of credit. As we covered yesterday, a lower interest rate on something as simple as a credit card can be the difference between six years to pay off a debt and 3 years, saving you thousands of dollars in interest.

Even if your credit is in bad shape now, it’s not that difficult to learn how to fix your credit. You will never be able to learn how to fix your credit though, if you don’t bring up the topic, look at your credit report and clean it up as best you can.

The bottom line is that if you take control of your credit and learn how to fix your credit, you’ll take control of your life. It really makes all the difference in the world.

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    I would like to thank Refresh Financial for helping me get out of a bad spot. I never thought it was possible and almost gave up on things and then I saw Refresh Financial and and gave it a try. At first I was unsure of things but to see my credit score now makes me a believer in this program.

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    “I am now in a position where I am able to obtain credit (just bought a brand-new car and refinanced my mortgage for a fantastic rate) and it took little to no time at all. I would 100% recommend Refresh to anyone looking to rebuild credit with as little hassle as possible.”

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    Refresh helped me regain credit following a nasty divorce, which left me with a very poor rating. They were able to remarkably help me go from a 480 to a 600 score, in just over a year. Thank you Refresh!”

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    I have watched my credit score jump since being with Refresh and I have already recommended it to friends and family. Thank you for helping me build my credit faster for my future and my children’s future :)”

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    At first I was skeptical because I wasn’t getting funds upfront and had to make payments when I really needed the money. I’ve been in the program a year now and have noticed my credit has improved drastically!”

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    I have been a client of Refresh Financial for approximately 3 years. Since being a client they have improved my credit immensely. Definitely recommend this company to anybody that needs help re-establishing credit.”

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    Refresh Financial is an amazing program to help people get back on their feet. I was rock bottom with nowhere to turn. My credit was beyond poor. I would recommend them to anyone. If I can do it surely anyone else can.”

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    “Great company to deal with for rebuilding credit, very simple process to get started. Good service if you ever have questions.”

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    This business truly cares about its clients. The customer service is always quick to return calls or emails. Their online portal functions very well so as a customer you are always updated as you progress with your loan.

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    “Refresh Financial has made us more aware of how to take care of our financial situation and be more responsible, and making payments on time is rewarding in the end for credit. Thank You sincerely.”

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    This company has been nothing but fantastic. They have gone above and beyond to help me. This program has given me the relief and peace of mind I need. I would certainly go back to them and give them names of people who could use this.”

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    The financial services products are excellent for new immigrants, low-income earners and small business owners. Loans, savings and credit building all in one solution is a perfect fit to help with financial goals and stability.”

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    “After successfully going through a credit rebuilding loan, I was able to use my built-up equity to purchase a newer vehicle and I have since been approved through a financial institution for a loan.”

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    “I made some poor credit choices when I turned 18 and have always had this lingering thought of how am I ever going to better my score. Since being with Refresh I have realized that I took the right step towards bettering my future.”

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    “Thank you Refresh, and my relationship manager for giving me the tools for a better score with a secured card and two credit builder loans. I feel absolutely confident I’m on a better path to financial success. I am happy to be a long term client.”

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    I’m so excited I’ve joined refresh! I’ve already seen a huge increase on my credit after the first month! The staff are a delight and make this so easy to understand. I strongly recommend Refresh Financial even if you have good credit this will give you a boost and you’re saving money with the reverse loan!”

    – Wayne B