Category

Credit History
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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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 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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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 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 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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