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Posts from the 'Repair Your Credit' category
The best way to manage your financial affairs in any situation, either after bankruptcy or simply just starting out, is to take control of your own financial health. Make it a priority to monitor your personal situation by regularly checking your credit reports (which are free if requested via snail mail) and reviewing your personal financial goals and objectives. By getting accurate and up to date information regarding your financial report card, you will make the decisions that are right for you Step 1) Deal Actively with any outstanding debts you...[more]
After suffering financial difficulties it is important to start rebuilding your credit. What is a credit score? Your credit score is what new lenders check before they approve a loan. It is provided by a credit reporting agency who collect information on your repayment history from your previous lenders. Good repayment histories lead to high scores and the ability to borrow more. Poor histories, including late payments, collections and consumer proposals lower your score and can result in a loan being refused. In Canada...[more]
What is a Secured Credit Card? Secured credit cards are credit cards that require a deposit to be put down against the credit limit. Dependent on the card the credit limit will either be a percentage of this deposit, or the same as the deposit. This deposit will be placed in an untouched high interest account and will be returned in full, upon cancellation of the card (assuming you don’t default on your payments). It's difficult today to get by without a credit card. If you want to stay in a hotel, rent anything, or...[more]
In Canada there are two main credit reporting agencies; Equifax and TransUnion Canada. They collect information from creditors on repayment histories and produce credit reports which new lenders can look into before offering you credit. Both agencies operate Canada wide, but how long consumer information can stay on your credit report differs from province to...[more]
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In today’s world credit is king, and you have to be careful with your credit rating. Many people damage their rating through completely preventable things. Below are five common ways that people damage their credit rating without even realising.
- Shouldering too much debt No matter what you earn, there is a cap on the total amount of debt you can be in. Even if you are making all of your payments, a large amount of unpaid debt will lower your rating and make it difficult to get more loans