Understanding Your Credit Score and Credit Rating
A credit score is a calculated numerical indicator that lenders use to determine whether a person meets their standard of financial responsibility. In Canada, credit scores generally range from 300-900. The closer your score is to the 900 mark, the safer lenders will feel lending to you, as… Read More
What is the Minimum Credit Score Required For a Mortgage Approval in Canada (2017)?
Ah, the credit score. One of the most important financial lifelines you can have and one that can be the difference between you getting approved or denied for various credit products. In fact, the health of your credit score is almost as critical to maintain as your actual… Read More
What is Credit Card Churning?
This blog post is based on the Financial Post’s article “Inside the risky world of credit-card churning: How people use reward programs to get endless free perks” written on April 28, 2016. Any quotes in this blog post are credited to the Financial Post. There is a very… Read More
How Will a Consumer Proposal Affect My Credit?
Filing a consumer proposal will damage your credit rating and financial health; there is no way around it. Anything other than on time regular payments towards your credit accounts will negatively affect your credit rating and result in a black mark on your credit report. Potential new creditors or lenders… Read More
Increasing Your Credit Score Quickly
Like all things personal finance, you have complete control over your credit score and can make small or large changes to your financial habits to either negatively or positively affect it. If you have any type of credit account, this includes personal loans, student loans, mortgages and credit cards then… Read More
How to Read a Credit Report
Please keep in mind that this article is meant to be a quick overview of this topic. Should you have any more complex questions, we highly recommend that you check out the Financial Consumer Agency of Canada’s article on credit reports here. Your credit report represents… Read More
Near Prime Loans
In the months following the economic downturn of 2008, lenders tighten their lending practices as they felt the risk of lending to anyone without stellar credit had greatly increased. Prime consumers (people with high credit scores) became the only ones able to qualify for the financing they wanted. But, as time has passed and… Read More
Can Your Personal Credit Affect Your Ability to Qualify for a Business Loan?
The short and simple answer to this question is yes your personal credit can affect your ability to qualify for a business loan. The good news is that there are many different variables that affect your ability, as a business owner, to get approved as well as countless alternative lending… Read More
The Truth about Ruining Your Credit
No one really likes to talk about the debt they have or the credit card balance they’re currently carrying, it’s not a pleasant topic and for some it’s downright depressing. Don’t worry we don’t think you need to start discussing your debt with everyone in your life but you… Read More