Category: Credit History

Ask Ross Toronto questions and answers

Ask Ross Toronto questions and answers Sometimes readers send in questions we think will be of interest to many people. Here are a couple from the AskRoss mailbag: Dear Ross, with prices so high in the Greater Toronto Area, which  nearby markets do you think have the best balance of affordability and value?  I try to stay …

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Why you should pay off a consumer proposal early

Why you should pay off a consumer proposal early Before you filed your consumer proposal (CP), your debts were out of control. Your CP gave you relief from your creditors, collectors and even garnishments. It was a very responsible way to deal with your debts – creditors appreciate that. How well are you balancing your income …

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Pay off consumer proposal early – led to best mortgage possible

Pay off consumer proposal early – led to best mortgage possible. It seems to be happening more often these days where chartered banks might not renew the mortgages of borrowers who included the bank’s credit cards and lines of credit in a consumer proposal or personal bankruptcy. Earlier this year Cindy and Miles Baird were in distress …

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Buying a home after a consumer proposal

Buying a home after a consumer proposal. We’re told that a consumer proposal or bankruptcy gives us a second chance to get things right. A fresh start. But what does that mean when it comes to buying a home? Will you qualify for a mortgage after you complete a consumer proposal? We received an email …

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When you co-sign, the borrower now controls your credit history

When you co-sign, the borrower now controls your credit history I met a couple recently who want to refinance their house to pay off some debts. Their home is worth $900,000 and their current mortgage is $450,000, so with lots of equity to play with you would think this will be really easy. The debts …

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Rebuilt credit quickly to qualify for mortgage

Rebuilt credit quickly to qualify for mortgage About a year ago a reader in Alberta sent me a message lamenting his poor credit score, and asking what he and his fiancee would have to do to qualify for a mortgage. Their desire was to own a home within a year. He wrote as follows: “Hello …

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You must review your credit history before a mortgage

You must review your credit history before a mortgage It’s remarkable how often we find surprises in people’s credit history when it is time to apply for a mortgage. When the clock is ticking on a conditional offer to purchase, it can be very stressful trying to clear up errors at the last minute. It typically …

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Repair bad credit for future mortgage

Repair bad credit for future mortgage Janet bought her first house with me last month, despite having no credit score whatsoever! She has decent income, but after some bad debts which were racked up by an ex-boyfriend several years ago, she never bothered to rebuild her credit history. Gun shy. This means that when she …

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Two credit cards are better than one

Two credit cards are better than one The other day a reader wrote in and asked “is it bad for my credit rating to have an inactive credit card?  I prefer to only use one and use the back up card only if I misplace the one I regularly use”. I replied “Good question. It’s …

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Mortgage refinance eliminated $240,000 debts

Mortgage refinance eliminated $240,000 debts Last month I met a middle aged couple who had accumulated more than $240,000 of unsecured debts via thirteen different credit cards and lines of credit. Their minimum monthly payments on this staggering debt load was well over $5,000– which is about how much their combined take home pay is each …

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Ten reasons to have good credit

Ten reasons to have good credit As soon as my kids turned eighteen, I made sure they had two different bank issued credit cards. And from that day on, we began building their personal credit history. They all now have superb credit, and between them have enjoyed pretty much every benefit listed here. Your bank may …

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Timing of Credit Check for Mortgage Application

Timing of credit check for mortgage application We are working with a young power couple buying their first home. They have been doing lots of research and asking some very interesting questions. Today one of them asked me       ” When it comes to doing our credit check, is it more advantageous for …

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