Building Credit During Economic Uncertainty | Refresh Financial

Official blog of Refresh Financial

[VIDEO] Building credit during economic uncertainty

While this is an extremely challenging current climate for many Canadians, there is a silver lining—interest rates are at an all-time low, providing a significant opportunity to those who have the financial means to take advantage. 

This short video is less than 4 minutes long but will show you how to:

  • Take advantage of the low-interest rates of the current economic climate
  • Increase your appeal to lenders and set yourself up for future financial success
  • Reduce your monthly expenses

 

Ultimately, if your credit score is below 600, the odds are not in your favour for lender approval. Lenders are wary of anyone with a low credit score, as it makes them a risky borrower. With a low credit score, you might not be eligible for the low interest rates, or worse, you might be denied altogether.  In times of economic strain, banks tend to tighten up on general lending, and while you can’t control the selection criteria of lenders, you can get yourself to the top of the list.

How? By increasing your credit score of course!

If you’re still employed and can afford it, building credit now while we are still in the midst of the pandemic means you’ll be in a better position to take advantage of the deals, bargains, and overall more affordable purchases that will come when coronavirus is behind us. 

Please note, building your credit score is only recommended for those who have the means to do so comfortably without putting themselves or their family at financial risk. That means you have a stable source of income or a good amount of savings. You could even take cash you save from eliminating unnecessary expenses and apply these savings toward building your credit. 

If you are in a financial position to work on building your credit during the COVID-19 crisis, Refresh Financial offers an easy, set-it-and-forget it credit building solution called the Credit Builder Loan. You pay into a savings program which holds your money until you are ready to access it, instead of going into debt. Each payment you make is reported to the credit bureaus, ultimately boosting your credit score. It won’t take long before you’ll have a nest egg of cash and a prime credit score to go with it. It’s a win-win that will unlock ultra-low interest rates.

Confused? Don't be. This quick video will quickly explain the Credit Builder Loan for you!

 

Build your credit score FAST with a custom credit building solution from Refresh. 

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