Credit Snapshot
Assess your relationship with credit
Your relationship with credit matters...
Based on your credit report, credit agencies and lenders calculate a credit score: a number between 300 and 900 that is used as an indicator of your credit worthiness
Obviously whether or not you pay your debt back as agreed impacts your credit score, but there are other factors that can negatively affect your rating that you may not be aware of
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Living in a state of maxed out credit. The Financial Consumer Agency of Canada recommends not using more than about 35% of your overall credit available on a consistent basis
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Having more credit than you need. Lenders like to lend money to those who can live within their means and don’t depend on an increasing use of credit to stay afloat
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The type of credit you hold. Having a credit history with more than one type of credit (e.g., line of credit, installement loan) improves your credit score
Use the credit snapshot tool to estimate how much of your total credit your are using
Credit Snapshot Tool
Credit Description:
Current Balance ($) :
Credit Limit ($):
Annual Interest Rate (%)
Enter all of your credit items (credit cards, lines of credit, overdraft etc.) and see insights about your credit dependency and what it costs you below
Credit Analysis
$1,000
Total Credit Balance ($): The combined total of all of your credit balances
Total Credit Available ($): The total amount of credit available to you
$10,000
Percent of Credit Utilized (%): The percent value of the the amount of credit you are using of the amount available to you
10%
Credit Details
#1
Visa Card
Estimated Monthly Payment:
$16.67
Credit Utilization:
10%
Credit
Balance:
$1,000
Credit Limit:
$10,000
Annual Interest Rate:
20%
The Credit Snapshot Tool is a web tool supporting Wealth Strategies for the Everyday Goddess and is intended for illustration purposes only
How much do you rely on credit?
Enter your credit details to calculate the amount credit of you are using and understand how much it is costing you