How late payments impact your credit score and access to credit?
Even if you miss one bill payment, you can lose as much 150 points. While it’s not always so dramatic of a drop, it’s still essential that you pay things off before the deadlines. You may not qualify for prime credit cards, low-interest loans, and decent mortgage rates. This is because when your credit score is less because you’ve missed a payment or are late, this becomes a red flag to lenders. To keep your credit score healthy, make sure to pay your bills on time.
Best Bank for Students in Canada
When you’re going through college, you want to save every penny you can. Having a bank account that doesn’t have huge costs attached to it is one of the perks of being a student. The bank knows that someday, you’ll be potentially looking for loans because you’re making good money. So low-cost bank accounts for students are to their benefit. Here are competitive offers that might make your life easier while you’re focused on your studies.
Prime Rates Canada and Their History
It’s expected that the Bank of Canada’s target overnight rate will reach at least 2.00% by the end of 2022. As a result, Canadian bank prime rates will likely be at least 4.20% by the end of the year. Looking back at the decades before now, there have certainly been some higher interest rates based on economic problems. History shows us that things are ever changing and what we’re experiencing now with Prime rates isn’t permanent. Learn more!