Ride Time–Bad Credit Doesn’t Make You a Bad Person

Automotive Finance, Bad Credit, Credit Education, Ride Time

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Bad Credit

Everyone Deserves Access to Transportation

In late 2014, The Economist published a piece asking a fairly simple question: why is everyone so busy? When John Maynard Keynes was working on his seminal economic theses in the 1930s, he believed the grandchildren of that generation would only work “around three hours a day,” and out of interest in the work rather than necessity of the pay. The technological gains of the Industrial Revolution had already whittled down so much of the duration and physicality of the typical work day, and Keynes had no reason to believe this trend would curtail as we moved forward in the 20th century. Social psychologists of the time were occupied with the pending crisis of what to do when people have way too much free time—a concern many of us would love to trade today for the reality of our busy lives.

The underlying reasons for this incessant busyness are legion. We live in a hyperconnected world where everyone is expected to be “on” at all times. Our ability to stay connected has created a societal expectation to always be connected, regardless of personal preferences or life goals. In a cruel twist of irony, even some of our applications designed to aid in productivity have simply resulted in a doubling down of obligations and responsibilities. But regardless of the specific reason for each individual’s hyperactive schedule, one thing is clear: the typical Canadian is busier than they have ever been, and this time crunch sometimes distracts us from paying attention to the smaller details. Unfortunately, credit agencies pride themselves on nothing but those smaller details.  

According to The Balance, there are 15 of these “smaller details” that really take a toll on our credit scores, such as:

  • Paying late
  • Forgetting to pay small balances
  • Having an account sent to collections
  • Defaulting on a loan
  • High credit card balances
  • Maxed-out credit cards
  • Closing older credit cards

Individually, these oversights don’t seem like big deals. Our lives are so busy and complicated in 2017 that any responsible adult could miss a due date or lose a healthcare bill in the mail. After all, who hasn’t forgotten to pay that Westman bill right away? However, taken together these oversights add up to significant deleterious impacts on credit scores, and credit rating agencies such as FICO tend to not care about your personal story. In many ways, personal credit markets are set up to punish the slightest offense without taking extenuating details into account. This can force responsible, ethical adults into accepting predatory loans from less-than-savory lenders. While they may seem like acceptable solutions in the short term, predatory lending practices, such as payday loans or loans with unreasonably high interest rates and payment terms, can rapidly force innocent people into an escalating and seemingly inescapable cycle of debt. This is a feature, not a bug for the predators; they seek vulnerable individuals who have a mistake or two on their credit report precisely to trap them in this vicious cycle.

You shouldn’t be compelled to choose between this rock and a hard place. At Ride Time, we understand that a low credit score doesn’t make you a bad person. Prudent people all across this country get caught up in the whirlwind of work and life, and an oversight or two are completely understandable. That’s why we work with over 15 lenders to guarantee our customers get the best rate for their needs. We have access to lenders that very few other dealerships have and can almost get you approved if you have had a job for 3 months, make at least $1500 per month before deductions, and own a valid driver’s license.

Our team is trained to seek out the best financing deal for you regardless of any previous oversight or two. For us, it isn’t just about helping you get into the car you want; it’s about reassuring you that one or two slip-ups in the past shouldn’t derail your ability to work, live, and explore the world around you.  

So don’t feel trapped by intransigent credit agencies, unreasonable credit card companies, or predatory lenders out there. Our lives have become so jam-packed with work emails, soccer practices, and any leisure time we can fit in, that we all forget a detail or two from time to time. Ride Time doesn’t believe those details should cut you off from the car you need to carry on your daily life. If you agree, come down and chat with us soon!

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