Credit

Lending institutions rely heavily on a borrower’s credit score when considering whether to extend credit or not. This score not only determines your eligibility for a loan but also influences the interest rate you’re offered. However, it is not the only factor lenders consider. Understanding your borrower risk profile is equally important. This guide will … Read more

Financial freedom starts with a good credit score. However, life’s unpredictability and certain financial decisions can sometimes lead to a downward spiral, leaving your credit score in ruins. Fortunately, it’s never too late to start rebuilding. Today, let’s explore six practical steps that can help you re-establish or fix your credit in Canada for free. … Read more

Credit Cards, when used correctly, can be very useful. They can help you out of a financially tight spot while you’re waiting for payday. They can afford you all kinds of cool benefits and rewards. And if you pay off your balance in full every month, you won’t incur a penny in interest. But let’s … Read more

So many people with high credit card debts don’t realize how dangerous their situation is because they can still meet the monthly payments. They assume that, as long as they are able to pay, they are not in trouble. However, a change in income or an unexpected bill can mean that you are suddenly unable … Read more

Too much debt and failing to repay your debts can both affect your credit rating. The longer you go without repaying what you owe on schedule, the more your credit rating can take a hit. Your credit rating is one of the important numbers in your life that can open or close doors to you, … Read more

Credit cards are a great tool, allowing you to spread the cost of a large purchase, gain reward points for your spending and helping you to make ends meet at times when you may not have money in your bank. But just like other forms of borrowing, credit cards have the capability to become scary … Read more

How to Use a Credit Card Without Going Into Debt Credit cards come with a bad reputation. When you see reports of Canadians racking up a total of $100 billion in credit card debts, you can understand why people are cautious. In many ways, they are one of the biggest debt traps out there. It’s … Read more

Watch Out For These Sneaky Credit Killers Are you worried about your credit? Here are some of the key issues that you need to be aware of that can hurt your rating. Your credit score is important. It’s how lenders will determine whether you are reliable and a good choice for them. Need Help Reviewing … Read more

Using Your Credit in a Responsible Manner Consumers have a love-hate relationship with credit cards. On the one hand, they’re a key cause of debt. Many people fall into the debt traps that credit cards put down. However, it’s easily argued that the reason credit card debt exists is that most consumers don’t use credit … Read more

Information Listed On Credit Reports Most people are aware that they have a credit file, but few people know what’s on it. Knowing what information is on your credit report is important, particularly if you want to apply for credit or if you’ve been turned down for credit. However, accessing this information isn’t always straightforward. … Read more

Before we get into how you calculate your credit score, let’s first define exactly what a credit score is for those who don’t know. To put it simply, your credit score is a 3-digit number that indicates how likely you are to be accepted for credit. Based on your credit report, it shows lenders how … Read more

How to Check Your Credit Score and Report For Free Firstly, let’s identify what information is in a credit report for those that aren’t familiar with them. It’s vital to know that each credit agency will hold different information about you, so to get a complete oversight of your report, it might be worth checking … Read more

Most Canadians use credit cards. In fact, they can be extremely beneficial if you know how to use them properly. When you apply for a credit card, you get given a credit limit. This is the maximum spend you can make with the card. Now, it’s not uncommon for a credit card company to get … Read more

How to Get the Lowest Interest Rates Sometimes you need to take out credit. You might, for instance, want to buy a house, finance a car, or start a business, and can’t do so out of cash reserves alone. Naturally, you want to borrow at the lowest price possible. Unfortunately, going into debt can be … Read more

Tips on Reading Your Credit Report Whether you’ve recently paid off substantial debt, are continuing to pay on a mortgage, or simply want to know what state your credit is in, you need to understand the things to look for when reading your free credit report. In Canada, Equifax and TransUnion are required by the … Read more