What is the difference between bad credit and no credit in Canada?
If you have just realized you are having credit issues after the bank refused to give you credit after your recent credit application, you are in for a rude awakening regarding your credit. Many Canadians today are having the same problem so you are certainly not along on this issue. With the recent recession and economical turmoil. Many Canadians are having credit related problems when it comes to financing a home or a car these days. There is a distinction between having bad credit versus no credit or even new credit. We are going to look into the difference between the bad and no credit today.
First of all if you are having bad credit issues that means you were once considered a good credit case, but with the slide of your credit score over time you are now been treated as a bad credit loan applicant. Usually a bad credit loan applicant's credit score is well under 640 and it is usually due to slow payment, late payment, missing payment or over extended credit over time. It is not something that happens over night rather over long period of time usually range from 6 month to 12. But don't worry just like your credit score can slide over time; it can also increase over time with good credit behavior.
On the other hand no credit usually means you have no traceable credit history in Canada, you could have recently emigrated from another country which your credit score does not transfer. Or you have been living in Canada for some time but never needed to apply for a Visa or any loans, or very little bills for that matter. Since the credit bureau of Canada has no record of your credit history, you are been considered as a no credit applicant. So which one is better? It is hard to say since it's all based on each individual, but generally speaking having bad credit is better than having no credit. With both scenarios you can gradually increase your credit score with good payment history and behavior.
So the next time you are running into this situation don't worry. All hopes are not lost yet; you can gradually gain your credit score back, thank you for reading this article it is brought to you by Bad Credit Car Loans Toronto, the latest online credit processing center for city of Toronto. Visit us online for more information at http://www.badcreditcarloanstoronto.ca or http://www.badcreditcarloanspickering.com
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