Does Flexiti affect credit score?

_{Flexiti affect credit score, does Flexiti affect credit score, Ontario}

Using Flexiti can slightly ding your credit score due to a hard credit check, much like a temporary glitch. Plus, timely payments don’t boost your credit history as they’re not reported. Miss a payment, and collections could haunt your credit for six years. Watch out for high interest if you miss the promo period. For any queries, reach out via phone, text, or live chat.

Show Table of Contents

_{Flexiti’s impact on your credit score explained.}

Flexiti Affect Credit Score Question

Does Flexiti affect credit score? I’m curious if using Flexiti for financing affects my credit score in any way, positively or negatively.

From: Anonymous Question
Location: Thunder Bay, Ontario (ON)
Category: credit rebuilding

Flexiti Affect Credit Score Answer

Using Flexiti might give your credit score a little nudge downward because of the hard credit check during your application. Think of it like a temporary hiccup. Plus, even if you’re a rock star at paying on time, since Flexiti doesn’t report your payments to the credit bureaus, it won’t give your credit history the boost it deserves. Now, if you miss a payment and your account heads to collections, that can leave a mark on your credit report for up to six years, which nobody wants. And those interest rates can be on the steep side if you don’t clear your balance during the promo period, which might lead to some tricky debt situations.

From: Insider Adam

Office of the Superintendent of Bankruptcy (OSB) Answer

Using Flexiti for financing can affect your credit score. When you apply for financing, Flexiti may conduct a credit inquiry to assess your creditworthiness, which can result in a hard inquiry. A hard inquiry can temporarily lower your credit score. Additionally, how you manage your Flexiti account, such as making on-time payments or accumulating debt, will also impact your credit score positively or negatively. For specific regulations regarding consumer credit, refer to the Interest Act and the Credit Business Practices Regulation under the respective acts linked.

From: OSB Helper

Related Questions to Does Flexiti Affect Credit Score

Here are the top 5 frequently asked questions related to the impact of Flexiti on credit scores, formatted in markdown:

1. Does Flexiti perform a hard credit check?

• Yes, Flexiti does perform a hard credit check before approval.

2. How does Flexiti affect my credit score?

• Flexiti affects your credit score through the hard credit check, but the impact is usually small and temporary.

3. Does Flexiti report payments to credit bureaus?

• No, Flexiti does not report your credit account or payments to credit bureaus.

4. What happens if I miss payments on my Flexiti card?

• If you miss payments and the debt is sent to a collections agency, it will be reported on your credit report and can significantly lower your credit score.

5. Can using Flexiti help build my credit score?

• No, using Flexiti does not help build your credit score because it does not report payments to credit bureaus[1][3].

If you have a question about debt see our debt questions or ask your own debt related question.

References

_{Table of article references}