Understanding Your Credit Score

The terms bad credit and good credit are thrown around a lot in today’s society, with not much explanation as to what qualifies a person to have good credit or bad credit, so here at AAR Financial we’ll make it as simple for you as possible!

 

Establishing Credit

There are many ways you begin establishing credit, whether it be taking out a car loan, getting a credit card, taking out a loan, or financing a retail purchase such as furniture, you are beginning to build a credit history and are on your way to establishing a credit score!

 

Credit Score Determining Factors:

  1. History of payments: making your payments on time without any NSF’s or late payments will boost your credit score.
  2. Debt: any balances on credit cards that are above 50% of your limit will harm your credit. Make sure to keep your balances on your credit cards under 30% of your limit to remain in good standing and not harm your credit score.
  3. History of credit: showing that you have previous credit history gives lenders more likely to borrow to you as they can see that you have borrowed in the past and how your payments were made.
  4. Inquiries: anytime a business does a credit check on you, this is considered an inquiry. Receiving multiple credit checks in a short amount of time can harm your file.

 

Credit Reports

Credit reports are a full report showing a detailed history of your borrowing history – whether your payments were made on time or not, which are sent to Canadian Credit Bureaus which then are compiled into a document which is your credit report. You are able to obtain your credit report from Equifax or Transunion, although there is a cost. Credit reports let us know whether you are able to make your payments in a timely fashion, and also what other commitments you have made and how you dealt with them. Credit reports also show information regarding your history, such as bankruptcy.

 

300 – 559

Poor

560 – 659

Fair

660 – 724

Good

725 – 759

Very Good

760 +

Excellent

Canadian Population (%)

4%

10%

15%

14%

57%

 

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Within the construction industry as their overdraft

Within the construction industry as their overdraft

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Strategic and commercial approach with issues

Strategic and commercial approach with issues

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Many businesses, large and small, have a huge source of great ideas that can help them improve, innovate, and grow, and yet so many of these companies never think of using this amazing corporate asset. What is this highly valuable asset? Its own people. Says Morgan Fraud, the author of The Thinking Corporation, “Given that we are all capable of contributing new ideas, the question becomes how do you successfully generate, capture, process and implement ideas?” Becoming an organization capable of answering this question can benefit in a number of ways:

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  • Higher business values:
    The link between profits and business value means that the moment a corporation creates a new sustainable level of profit, the business value is adjusted accordingly.
  • Lower staff turnover:
    This, combined with the culture that must exist for innovation and creativity to flourish, means that new employees will be attracted to the organization.
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Seven weeks working ‘pro bono’ with a charity

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Many businesses, large and small, have a huge source of great ideas that can help them improve, innovate, and grow, and yet so many of these companies never think of using this amazing corporate asset. What is this highly valuable asset? Its own people. Says Morgan Fraud, the author of The Thinking Corporation, “Given that we are all capable of contributing new ideas, the question becomes how do you successfully generate, capture, process and implement ideas?” Becoming an organization capable of answering this question can benefit in a number of ways:

  • Growth through innovation/creativity:
    Rather than be constrained by ideas for new products, services and new markets coming from just a few people, a Thinking Corporation can tap into the employees.
  • Increased profits:
    The corporation will experience an increase in profits due to savings in operating costs as well as sales from new products, services and ventures.
  • Higher business values:
    The link between profits and business value means that the moment a corporation creates a new sustainable level of profit, the business value is adjusted accordingly.
  • Lower staff turnover:
    This, combined with the culture that must exist for innovation and creativity to flourish, means that new employees will be attracted to the organization.
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A digital prescription for the pharma industry

A digital prescription for the pharma industry

[stm_post_details]

Many businesses, large and small, have a huge source of great ideas that can help them improve, innovate, and grow, and yet so many of these companies never think of using this amazing corporate asset. What is this highly valuable asset? Its own people. Says Morgan Fraud, the author of The Thinking Corporation, “Given that we are all capable of contributing new ideas, the question becomes how do you successfully generate, capture, process and implement ideas?” Becoming an organization capable of answering this question can benefit in a number of ways:

  • Growth through innovation/creativity:
    Rather than be constrained by ideas for new products, services and new markets coming from just a few people, a Thinking Corporation can tap into the employees.
  • Increased profits:
    The corporation will experience an increase in profits due to savings in operating costs as well as sales from new products, services and ventures.
  • Higher business values:
    The link between profits and business value means that the moment a corporation creates a new sustainable level of profit, the business value is adjusted accordingly.
  • Lower staff turnover:
    This, combined with the culture that must exist for innovation and creativity to flourish, means that new employees will be attracted to the organization.
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Harvest great ideas from your company’s best assets

[stm_post_details]

Many businesses, large and small, have a huge source of great ideas that can help them improve, innovate, and grow, and yet so many of these companies never think of using this amazing corporate asset. What is this highly valuable asset? Its own people. Says Morgan Fraud, the author of The Thinking Corporation, “Given that we are all capable of contributing new ideas, the question becomes how do you successfully generate, capture, process and implement ideas?” Becoming an organization capable of answering this question can benefit in a number of ways:

  • Growth through innovation/creativity:
    Rather than be constrained by ideas for new products, services and new markets coming from just a few people, a Thinking Corporation can tap into the employees.
  • Increased profits:
    The corporation will experience an increase in profits due to savings in operating costs as well as sales from new products, services and ventures.
  • Higher business values:
    The link between profits and business value means that the moment a corporation creates a new sustainable level of profit, the business value is adjusted accordingly.
  • Lower staff turnover:
    This, combined with the culture that must exist for innovation and creativity to flourish, means that new employees will be attracted to the organization.
[stm_post_bottom][stm_post_about_author][stm_post_comments]
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Three Social Media Hacks for the Busy Entrepreneur

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The new wordpress theme called Consulting WP has been lauded by critics for its presentation. The theme is made by Style Mix Themes, who have been key players in the theme industry for a long time. People were excited to see what they would come up with next; their specialty has always been designing industry specific themes. This time they have focused on the consultation industry and have hit a home run.

There are many great things within the theme which are the cause of its popularity. The biggest factor is the appearance of the theme; it disrupts theme design clichés without being unprofessional. The different possible color combinations are also being appreciated by many companies. The theme continues to rise in popularity and many other companies have expressed an interest in deploying it on their new websites. The creators of the theme are happy with the response and have vowed to create further themes exploring the same concepts

  • Growth through innovation/creativity:
    Rather than be constrained by ideas for new products, services and new markets coming from just a few people, a Thinking Corporation can tap into the employees.
  • Increased profits:
    The corporation will experience an increase in profits due to savings in operating costs as well as sales from new products, services and ventures.
  • Higher business values:
    The link between profits and business value means that the moment a corporation creates a new sustainable level of profit, the business value is adjusted accordingly.
  • Lower staff turnover:
    This, combined with the culture that must exist for innovation and creativity to flourish, means that new employees will be attracted to the organization.
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[stm_post_details]

The new wordpress theme called Consulting WP has been lauded by critics for its presentation. The theme is made by Style Mix Themes, who have been key players in the theme industry for a long time. People were excited to see what they would come up with next; their specialty has always been designing industry specific themes. This time they have focused on the consultation industry and have hit a home run.

There are many great things within the theme which are the cause of its popularity. The biggest factor is the appearance of the theme; it disrupts theme design clichés without being unprofessional. The different possible color combinations are also being appreciated by many companies. The theme continues to rise in popularity and many other companies have expressed an interest in deploying it on their new websites. The creators of the theme are happy with the response and have vowed to create further themes exploring the same concepts

  • Growth through innovation/creativity:
    Rather than be constrained by ideas for new products, services and new markets coming from just a few people, a Thinking Corporation can tap into the employees.
  • Increased profits:
    The corporation will experience an increase in profits due to savings in operating costs as well as sales from new products, services and ventures.
  • Higher business values:
    The link between profits and business value means that the moment a corporation creates a new sustainable level of profit, the business value is adjusted accordingly.
  • Lower staff turnover:
    This, combined with the culture that must exist for innovation and creativity to flourish, means that new employees will be attracted to the organization.
[stm_post_bottom][stm_post_about_author][stm_post_comments]
[stm_sidebar sidebar=”527″]

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[stm_post_details]

The new wordpress theme called Consulting WP has been lauded by critics for its presentation. The theme is made by Style Mix Themes, who have been key players in the theme industry for a long time. People were excited to see what they would come up with next; their specialty has always been designing industry specific themes. This time they have focused on the consultation industry and have hit a home run.

There are many great things within the theme which are the cause of its popularity. The biggest factor is the appearance of the theme; it disrupts theme design clichés without being unprofessional. The different possible color combinations are also being appreciated by many companies. The theme continues to rise in popularity and many other companies have expressed an interest in deploying it on their new websites. The creators of the theme are happy with the response and have vowed to create further themes exploring the same concepts

  • Growth through innovation/creativity:
    Rather than be constrained by ideas for new products, services and new markets coming from just a few people, a Thinking Corporation can tap into the employees.
  • Increased profits:
    The corporation will experience an increase in profits due to savings in operating costs as well as sales from new products, services and ventures.
  • Higher business values:
    The link between profits and business value means that the moment a corporation creates a new sustainable level of profit, the business value is adjusted accordingly.
  • Lower staff turnover:
    This, combined with the culture that must exist for innovation and creativity to flourish, means that new employees will be attracted to the organization.
[stm_post_bottom][stm_post_about_author][stm_post_comments]
[stm_sidebar sidebar=”527″]

Looking for a First-Class Business Plan Consultant?