Debunking 6 Common Credit Myths.

Credit can be hard to understand, after all we don’t learn about in school. This confusion is often made worse by common misconceptions you hear from well meaning friends and family. VIDrives is a dedicated team of credit, financing and vehicle specialists that are here to help you understand, navigate and improve your credit– Read on for our guide to the top 6 Credit Myths.

Myth #1: Checking your score hurts your credit

Don’t worry, this isn’t true! You can request and receive your credit score without triggering penalty on your credit profile. However, when you apply for a loan, credit card, or line of credit- this may affect your credit score when a third party requests your credit report.

If you’re interested in checking your credit score, look for a tool in your online banking, or one of the two national credit bureaus- Equifax and Trans Union.

Myth #2: Cosigning does not affect your credit

Even if you co-sign on a loan, you may have the responsibility for that debt in the event the other party misses payments. Your credit will be affected just like theirs.

Myth #3: Cancelling credit cards improves credit health

We understand the logic of this, but it doesn’t exactly work this way. A big part of how your credit score is calculated is utilization, and clipping a credit card decreases the amount of credit available to you- which increases your utilization- you’re better off paying down the balance and not touching that card. Additionally- closing the credit card will not remove it from your credit report- and will stay on your profile for up to 6 years.

Myth #4: Higher Income means a Higher Credit Score.

Credit scores generally reflect how well you’ve paid your bills, not how much money you have available to pay your bills. It can be easier to improve your credit with a higher salary, but only because that makes it easier to pay down, or pay off your loans. Additionally, creditors may approve you for larger loans when you have a higher income.

Myth #5: Paying the minimum keeps your credit score up

While making payments won’t lower your credit score, the interest accrued may- over time increase your utilization and hurt your score. Keep making your payments of course, but it’s important to ensure that you’re taking other measures if you hope to increase your credit score.

Myth #6: Divorce takes away your former spouse’s bad credit habits.

This isn’t necessarily true. Your joint accounts won’t automatically split after a divorce is finalized- so it’s important to contact your creditors and ask them to convert your joint accounts into individual accounts- to ensure that your former spouses money habits no longer affect your credit. Additionally, closed Joint accounts may continue to report on your credit bureau.

Still have questions?

Not to worry! Check out our blog for more information about financing and credit, or take advantage of our complimentary options review to help you understand your own credit- It’s free and won’t affect your credit score.

5 Simple Steps to Winter-ize your ride.

Here on the Island, we’re lucky enough to (usually) have our winter delayed until around late November, still it’s better to be prepared for the cold weather before you’re caught in a snowstorm. Here are some easy steps that you can take to take care of your vehicle, so it can take care of you this winter.

𝐒𝐭𝐞𝐩 𝟏: Seasonal Maintenance Check Up

Vehicle Maintenance isn’t seasonal, but as the weather get’s colder and the rain get’s heavier- it’s important to take extra care.

At your next oil change, ask your regular service department to checkout your:

– Battery Strength

– Electrical Systems

– Belts and Hoses

– Heating and Cooling System

– Brakes and Braking System

– Fluids (Antifreeze, Brake Fluid, Wiper Fluid etc.)

– Lights

– Fuses

𝐒𝐭𝐞𝐩 𝟐: Make sure your tires are up to the task.

In BC Winter Driving Laws go into effect on October 1st, on some highways that means you’ll need winter tires.

Winter tires provide shorter stopping distance and better traction control when the roads are hazardous, but they wear down faster during warmer days. When you make your appointment for a 𝙒𝙞𝙣𝙩𝙚𝙧 𝙈𝙖𝙞𝙣𝙩𝙚𝙣𝙖𝙣𝙘𝙚 𝘾𝙝𝙚𝙘𝙠-𝙐𝙥 let them know you want to install your winter tires, if you don’t have winter tires most service departments can find some for you!

𝐒𝐭𝐞𝐩 𝟑: Keep it Clean

We know washing you car in the winter isn’t fun, but it’s important to keep your vehicle in top shape. slushy snow and rock salt can damage the bodywork and paint on your car, to prevent this- make sure you’re cleaning the painted part of your car and the underside to prevent rust and paint damage, to keep it protected longer consider a wax or an undercoat.

Check our our guide to cleaning your own ride.

𝐒𝐭𝐞𝐩 𝟒: Replace your wiper blades

Snow is heavy, and winter blades make pushing snow and ice much easier. Check your owners manual for which types of winter blades are the best fit for your car, or swap your blades during your 𝙒𝙞𝙣𝙩𝙚𝙧 𝙈𝙖𝙞𝙣𝙩𝙚𝙣𝙖𝙣𝙘𝙚 𝘾𝙝𝙚𝙘𝙠-𝙐𝙥. As an added bonus they heavier duty blades will be helpful for fall and spring showers.

𝐒𝐭𝐞𝐩 𝟓: Prepare a Winter Emergency Kit

All the steps mentioned above can be helpful for avoiding breakdowns, flat tires, and collisions but in the event that something happens you and your passengers can be left stranded out in the cold waiting for help.

At minimum your vehicle should have:

  • -Jumper Cables or Booster Pack
  • Jerry Can with Extra Fuel
  • Water or Antifreeze (for the car)
  • Bottled Water and Granola Bars
  • Flashlight
  • Warm Blanket, Gloves and Extra Socks

𝐈𝐟 𝐲𝐨𝐮’𝐫𝐞 𝐰𝐨𝐫𝐫𝐢𝐞𝐝 𝐚𝐛𝐨𝐮𝐭 𝐭𝐡𝐞 𝐬𝐚𝐟𝐞𝐭𝐲 𝐨𝐫 𝐫𝐞𝐥𝐢𝐚𝐛𝐢𝐥𝐢𝐭𝐲 𝐨𝐟 𝐲𝐨𝐮𝐫 𝐯𝐞𝐡𝐢𝐜𝐥𝐞 𝐭𝐡𝐢𝐬 𝐰𝐢𝐧𝐭𝐞𝐫, 𝐰𝐞 𝐜𝐚𝐧 𝐡𝐞𝐥𝐩 𝐲𝐨𝐮 𝐮𝐩𝐠𝐫𝐚𝐝𝐞!

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