Common Credit Score Myths
Credit scores are an area of personal finance that seem a lot more mysterious than they actually are. Many people believe that improving them is a matter of trial and error, and as a result there’s a lot of “credit score advice” floating around that can end up doing more harm than good. Here are…
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Preserve Your Rebuilt Credit
After being discharged from bankruptcy, most people work very hard to rebuild their credit. It’s awesome hearing stories of people who have learned from their past mistakes. It’s important to be vigilant when trying to rebuild your credit. Just one NSF (non-sufficient funds) cheque or automated withdrawal or a late/missed payment could be disastrous to…
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Provinces Ranked By Consumer Debt
According to recent data collected by Equifax Canada, Canadians demand for credit reached a record high for the first three months of 2017. In an article recently posted by Global News, it was reported that credit inquiries rose by 3.6 percent in the first three months of 2017 compared to the final months of 2016, with…
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Bankruptcy and Your Financial Future
A major reason why debtors are hesitant to file bankruptcy is the effect it will have on their financial future. It’s a fact that filing bankruptcy will have a negative effect on your financial future, but not doing anything about your debt can have even larger consequences. When you want to apply for a mortgage,…
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Credit Scores – Defined
On a basic level, a credit score is like a report card. Each purchase you make on credit affects a 3-digit score set between 300 and 900. The higher your score, the better your financial reputation. So, what is a FICO or Beacon report? Those are just other names for your credit score. The bottom…
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Where do I get credit score information in Canada?
The two largest credit-reporting agencies in Canada are Equifax and TransUnion. These agencies receive information about you directly from your credit grantor, which is based solely on that grantor’s experience with you. This information is then compiled by the Agency in a credit report that is made available to the “members” of the credit granting…
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Invisible Credit Score
I recently had a discussion with a woman who was trying to get a credit card through her local area bank, and to her surprise, she found out that she had invisible credit. She thought that since her name was on her husband’s credit card, that it was okay to cut up her old credit…
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How are credit scores calculated?
If you’ve found yourself with a bad credit score, you may be concerned with how you got to this point and how to recover. There are several factors that could have resulted in your bad credit score. Let’s take a look at those factors. Payment history: Your payment history is one of the major factors that…
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Four Steps To Rebuilding Your Credit
If you owe past due amounts on credit cards and loans and are having trouble meeting your monthly bills, filing for bankruptcy can provide you with the fresh start you need to get back on track financially. Most people worry about how filing will impact their credit score, but eliminating your debt can actually have a positive…
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Bankruptcy and Credit: Will I still be able to get credit in the future?
Thousands of Canadians file bankruptcy every year, and most of those Canadians have similar concerns. One common concern is that they will end up with terrible credit after the bankruptcy process is complete. It’s true, bankruptcy will adversely affect your credit score. When you want to apply for a mortgage, credit card, or any type of…
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