Credit

Credit score, the financial barometer that quantifies an individual’s creditworthiness, is a three-digit number that banks and lenders evaluate to make decisions about loan approval, interest rates, credit limits, and more. But what are the common factors that affect a credit score? 1. Payment History: The Unseen Guardian of Your Credit Score Your payment history … Read more

Credit card settlements can often be seen as a lifeline for many individuals grappling with overwhelming debt. However, it’s essential to understand how credit card settlement affects your credit score before making this significant financial decision. What is Credit Card Debt Settlement? To ensure a clear understanding, let’s first define what credit card debt settlement … Read more

Demystifying Credit Inquiries: How Excessive Requests Can Damage Your Credit Score The process of improving financial health can often feel like an uphill climb, fraught with challenges and confusing intricacies. One such complexity is understanding the impact of credit inquiries on your credit score. This article aims to shed light on this topic, enabling you … Read more

A line of credit constitutes an arrangement between a potential borrower and a financial institute like a bank or credit union. This arrangement allows the borrower access to a specified sum of money, which they can utilize as needed. The unique aspect of this financial tool is that the interest is only levied on the … Read more

The Ghosts of Past Tickets: Unpaid Fines and Credit Score It’s a common fallacy that disregarding parking tickets will cause them to magically dissipate. Reality, however, often paints a different picture. Resting on our vast experience, parking tickets rarely disappear into thin air. Instead, they are more likely to reappear as blemishes on your credit … Read more

Dispelling the Myth of High Credit Score Contrary to popular belief, maintaining a high credit score is more than just making timely payments. Many individuals are under the illusion that they have good credit simply because they promptly cover their minimum monthly dues. However, credit scoring is a multifaceted process that takes into account various … Read more

Do You Need to Review Your Credit Score Before Consulting a Professional? In the realm of financial management, a common question that often pops up is: Should I check my credit score before speaking to a professional? While your credit score plays a crucial role in defining your financial standing, it’s not always necessary to … Read more

A Comprehensive Guide to Removing Collections from Your Credit Report in Canada If you’re among the many Canadians who have had an encounter with debt collections, you know how it can wreak havoc on your credit score. Your worry might be about how you can remove collections from your credit report in Canada. This article … Read more

Life After Debt: I’ve Decided To Get Credit Again, How Do I Manage It? After resolving a bankruptcy or a consumer proposal, the thought of applying for new credit can stir different emotions in different people. Some may feel uneasy, while others may view it as a necessary step towards a fresh start. No matter … Read more

Is Zero Debt Beneficial for Your Credit Report? Many individuals harbor the misconception that maintaining a nominal level of debt positively influences their credit report. Contrarily, they presume that complete freedom from debt can harm their credit score. This article delves into the complexities of these notions to provide you with a comprehensive understanding of … Read more

Improving Credit in Canada A good credit score serves as a testament to your financial health and can significantly influence your ability to secure favorable financial services and interest rates. However, for many Canadians, achieving a high credit score might seem like an uphill battle. This article is here to reassure you that it’s entirely … Read more

Rebuilding Credit Worthiness Credit is a significant factor that financial entities use to evaluate a prospective borrower’s reliability. Financial institutions, such as banks and lenders, give credit based on the perceived trustworthiness of the lender. This trustworthiness is gauged using a numerical representation known as a credit score. A high credit score signifies a positive … Read more

How is My Ability to Obtain Credit Influenced by My Partner’s Credit Score? A credit score is a numerical depiction of an individual’s creditworthiness, derived from an evaluation of their credit history and current financial status. Each person possesses a unique credit score, which remains isolated from the credit ratings of their family members, spouses, … Read more

Will My Bad Credit Score Impact My Significant Other? In today’s economic climate, many people find themselves struggling with bad credit scores. This situation can be especially worrying when it comes to sharing finances with a significant other. This article aims to provide a comprehensive guide on how to prevent your bad credit score from … Read more

When it comes to financial matters, there’s often a degree of confusion regarding the intricacies and implications of tax payments. One of the most common questions that individuals grapple with is: Does not paying taxes affect your credit score? This article will provide you with an in-depth analysis of this question and more, offering clear-cut … Read more

The Implications of Tax Debt on Your Credit Score in Canada Tax debt is a significant issue in Canada, with a shocking estimated $50 billion going uncollected. If you’re among the Canadians who are unable to clear their tax obligations promptly, you might be wondering, does owing taxes affect your credit score in Canada? This … Read more

Credit Score Merge Following Marriage Consider a couple preparing to tie the knot. One has an impeccable credit history, while the other’s score is far from stellar. The question that arises is, Do Credit Scores Merge after Marriage? The answer to this question impacts their financial lives, especially when they dream of homeownership. Understanding Credit … Read more

Nearing the end of the month, many of us have received phone calls or emails from various financial firms promoting credit repair loans or so-called ‘savings’ loans. The question that pops up in everyone’s mind is, “Are these Credit Repair Loan or ‘Savings’ Loans worth it?” Understanding the Offerings These companies, from the outset, seem … Read more