Types of Loans
This type of loan is used commonly by undergrads, or post graduates.
What is Student Loan
This type of Score canNOT be approved for a credit card, and is required to pay a fee
300-579
This type of card allows users a small percentage back with eligible purchases.
What is Cash Back?
This type of Debt is common with homeowners, stretching over years and years - and is quite celebrated once paid off.
What is Mortgage?
This type of loan has a limited amount of money, and can be replayed fully, or with a minimum every month.
What is a Credit Card?
This score has a hard time paying back debts, yet is a frequent borrower
580-669
This type of card allows users to get "points" or other options with hotels, airports, etc.
What is a Travel Card?
This is usually a loan for a vehicle or a vehicle for someone (A child, parent, etc.)
This type of loan is usually/always applied to medical, hospital, and other expenses.
What is a Medical Loan?
This score is the average score
670-739
This card is issued by different company's, and offer different rewards or perks.
(Think Scheels!)
What is Store Credit?
This type of Debt happens when you "borrow" a set amount of money, (for an immediate purchase, or multiple immediate purchases), and only rely on the minimum payment, slowly building interest over time.
What is Credit Card Debt?
This type of loan gives lenders a lower 'default' by the borrower. If the borrower can't repay the loan, then the lender can sell the asset to recover what's due.
What is a Secured Loan
This score is likely to receive the BEST rates from lenders.
800-850
This card has lower credit limits and interest rates, commonly used by college or Uni students.
What is a Student Card?
This loan usually isn't payed off till well into adulthood, being used in your early 20's to 'jumpstart' your career.
What is Student Loan Debt?