CarApproval.ca

“If you believe something needs to exist, if it's something you want to use yourself, don't let anyone ever stop you from doing it.” —Tobias Lütke

Shopping for a car? That's so exciting! Whether it's your first or you're back to the game, here are some tips to keep you in the loop.
If you're in Ontario Canada, don't hesitate to contact me to get you the best deal on your next vehicle!

Have you ever wondered how do credit reports get scored?

Here's a simplified breakdown on what exactly impacts it.
In Canada there are two credit reporting agencies, Equifax and TransUnion. These agencies create credit reports and credit scores for Canadian consumers based on the information that creditors supply to them. Unfortunately, not every creditor reports their information to each of these agencies. A creditor may report to one agency and not the other. Creditors may also only update the credit agencies with your current information once a month—or less often in some cases. Consequently, Equifax and TransUnion may not have exactly the same credit information about you, nor do they use the exact same software to calculate credit scores. This will mean that each of these agencies will generate a different credit score for you based on the information that they have on record for you and how their software evaluates the information they do have for you.

Your occupation and your income are not part of the credit scoring formula. Even if you are rich and famous, it doesn’t matter. Your occupation may or may not be reported to the credit reporting agencies when a creditor or lender requests a copy of your credit report, and your income is never reported—there isn’t even a place to put it on your credit report. Having a stable job and a good income is very important to lenders, but it has nothing to do with your credit report or your credit score. Your credit report only shows your payment history and credit behaviour, not your payment potential.

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CAR APPROVAL WORKS WITH ALL TYPES OF CREDIT AND FINANCIAL SITUATIONS. WE WORK WITH OVER 25 BANKS AND CAN HELP SECURE AN APPROVAL FOR ANY VEHICLE!