Category

Credit Score
There is no question after you file a consumer proposal or personal bankruptcy, your credit score is going to take a beating. Credit scores range from as low as 300 to 900, with most Canadians in the 600’s and 700’s. After you file a consumer proposal, expect your score to drop into the low 500’s,...
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Sometimes you need to increase your credit score in a hurry. For example, maybe you are buying a house and your mortgage broker has told you your score is too low. Here are four quick tips which will give practically everyone’s score a boost. Access all your credit card and line of credit statements and...
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 Here in Canada, your credit score always matters — even when you are applying for a mortgage with an alternative lender or a private mortgage lender. It’s true they specialize in helping borrowers with damaged credit, but they still want to see signs of rehabilitation and repayment performance in the applicant’s track record. And...
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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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Rebuild your credit well before buying a home Because we are credit specialists as well as mortgage agents, at Ross Taylor & Associates we help many clients who are trying to improve their credit history. Some have gone through consumer proposals, debt settlements, or even personal bankruptcy. Not everyone. Some others hit hard times in...
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Rebuilding Credit Wants to Buy Home This morning I received an email from a reader who is re-establishing his credit history and interested in buying a home next year. Hello Ross, I need your help on credit building. I think everyone’s situation is unique, in my case I have paid all collections but there is...
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Use credit cards like debit cards with benefits Only use your credit card when you know you can pay the balance in full as soon as you are required to do so. If collecting Air Miles or cash dividends or travel rewards is your thing – for sure – charge your daily spending to that...
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Can Credit Cards be Cheaper Than a Line of Credit? Sometimes people ask me how they can arrange an unsecured personal line of credit. (PLC) Their reasons for a PLC are usually along the lines of a lower interest rate, no annual fees, reasonable repayment conditions, and potentially higher limits. These days it is actually pretty tough for a...
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