{"id":1299,"date":"2024-01-16T11:01:04","date_gmt":"2024-01-16T11:01:04","guid":{"rendered":"https:\/\/advisor.wellington-altus.ca\/towerwealthadvisory\/?p=1299"},"modified":"2025-02-17T22:00:59","modified_gmt":"2025-02-17T22:00:59","slug":"credit-scores-when-was-the-last-time-you-checked","status":"publish","type":"post","link":"https:\/\/advisor.wellington-altus.ca\/towerwealthadvisory\/2024\/01\/16\/credit-scores-when-was-the-last-time-you-checked\/","title":{"rendered":"Credit Scores: When Was the Last Time You Checked?"},"content":{"rendered":"\t\t
\n\t\t\t\t\t\t
\n\t\t\t\t\t\t
\n\t\t\t\t\t
\n\t\t\t
\n\t\t\t\t\t\t
\n\t\t\t\t
\n\t\t\t\t\t\t\t\t\tIt has been said that\u00a0\u201cthere are two things you should never be without: your reputation and your credit rating. You can destroy them both in an instant and spend the rest of your life trying to get them back.\u201d<\/em>\n\nOver the summer, the long-term credit rating of the world\u2019s largest economy was downgraded for only the second time in history. Fitch downgraded the U.S. rating from AAA to AA+. A country\u2019s credit rating is an independent assessment of the country\u2019s creditworthiness, which can give investors insight into the level of risk associated with a nation\u2019s debt, as expressed by a letter system. Canada maintains a similar credit rating to the U.S. of AA+ (Fitch). A downgrade is generally seen as a signal of concern about a nation\u2019s creditworthiness. However, given the suggested political \u201cdysfunction\u201d over the spring debt ceiling debate, the recent downgrade may be less related to the U.S.\u2019s ability to pay its debt and more related to its willingness to do so.\n\nThis is a good reminder that, as individuals, we also have \u201ccredit ratings,\u201d as expressed through our credit score \u2014 a numerical range between 300 and 900, with a score of over 700 considered as good. The two main Canadian credit bureaus, Equifax and TransUnion, keep track of your credit through public records of lenders like banks, collection agencies and credit card companies and assign a score based on your credit history and your ability to pay bills on time and in full.\n\nWhen was the last time you checked your score?<\/strong>\u00a0There may be reasons to make this a priority, especially if you haven\u2019t checked lately.\n\n\"\"\n\nEstablishing good credit can take time.<\/strong>\u00a0One common issue seen with older couples is that one spouse may have a good credit rating, but the other will have none. If the spouse with the good credit rating passes away, the other often has difficulty qualifying for a loan or obtaining a credit card. Building a good credit score takes time.\n\nYou may uncover or protect against fraud.<\/strong>\u00a0Periodically accessing a credit report may be valuable not just to check your credit score, but also to help guard against identity theft. A credit report may list accounts that you haven\u2019t opened, which may uncover possible fraud. The credit bureaus also offer monitoring services that can notify you if there are changes to your credit position. You can also add security measures, such as a fraud alert, when financial providers issue new credit in your name. Some of these services incur fees, but the cost may be worthwhile as fraudulent activity becomes increasingly sophisticated.\n\nYour credit score matters.\u00a0<\/strong>Many young people may have limited experience with credit and do not realize that having a good credit history can make life easier. It is important because your score determines how lenders assess your credit capacity \u2014 the higher the score, the greater the likelihood that you\u2019ll be approved for mortgages, loans or credit. It is also often checked when applying to rent a property and is sometimes checked during the job application process.\n\n

The information contained herein has been provided for information purposes only. Graphs, charts and other numbers are used for illustrative purposes only and do not reflect future values or future performance of any investment. The information has been provided by J. Hirasawa & Associates and is drawn from sources believed to be reliable.\nThe information does not provide financial, legal, tax or investment advice. Particular investment, tax, or trading strategies should be evaluated relative to each individual\u2019s objectives and risk tolerance. This does not constitute a recommendation or solicitation to buy or sell securities of any kind. Market conditions may change which may impact the information contained in this document. Wellington-Altus Private Wealth Inc. (WAPW) and the authors do not guarantee the accuracy or completeness of the information contained herein, nor does WAPW, nor the authors, assume any liability for any loss that may result from the reliance by any person upon any such information or opinions. Before acting on any of the above, please contact me for individual financial advice based on your personal circumstances. WAPW is a member of the Canadian Investor Protection Fund and the Investment Industry Regulatory Organization of Canada.\n\u00a9\ufe0f 2023, Wellington-Altus Private Wealth Inc. ALL RIGHTS RESERVED. NO USE OR REPRODUCTION WITHOUT PERMISSION<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"

It has been said that\u00a0\u201cthere are two things you should never be without: your reputation and your credit rating. You can destroy them both in an instant and spend the rest of your life trying to get them back.\u201d Over the summer, the long-term credit rating of the world\u2019s largest economy was downgraded for only […]<\/p>\n","protected":false},"author":68,"featured_media":3017,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_oasis_is_in_workflow":0,"_oasis_original":0,"_oasis_task_priority":"","_exactmetrics_skip_tracking":false,"_exactmetrics_sitenote_active":false,"_exactmetrics_sitenote_note":"","_exactmetrics_sitenote_category":0,"footnotes":""},"categories":[40],"tags":[81,165,145],"class_list":["post-1299","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-articles","tag-investment-insights","tag-saving-strategy","tag-wealth-planning"],"_links":{"self":[{"href":"https:\/\/advisor.wellington-altus.ca\/towerwealthadvisory\/wp-json\/wp\/v2\/posts\/1299","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/advisor.wellington-altus.ca\/towerwealthadvisory\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/advisor.wellington-altus.ca\/towerwealthadvisory\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/advisor.wellington-altus.ca\/towerwealthadvisory\/wp-json\/wp\/v2\/users\/68"}],"replies":[{"embeddable":true,"href":"https:\/\/advisor.wellington-altus.ca\/towerwealthadvisory\/wp-json\/wp\/v2\/comments?post=1299"}],"version-history":[{"count":3,"href":"https:\/\/advisor.wellington-altus.ca\/towerwealthadvisory\/wp-json\/wp\/v2\/posts\/1299\/revisions"}],"predecessor-version":[{"id":1675,"href":"https:\/\/advisor.wellington-altus.ca\/towerwealthadvisory\/wp-json\/wp\/v2\/posts\/1299\/revisions\/1675"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/advisor.wellington-altus.ca\/towerwealthadvisory\/wp-json\/wp\/v2\/media\/3017"}],"wp:attachment":[{"href":"https:\/\/advisor.wellington-altus.ca\/towerwealthadvisory\/wp-json\/wp\/v2\/media?parent=1299"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/advisor.wellington-altus.ca\/towerwealthadvisory\/wp-json\/wp\/v2\/categories?post=1299"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/advisor.wellington-altus.ca\/towerwealthadvisory\/wp-json\/wp\/v2\/tags?post=1299"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}