Tag

credit history
CMHC'S IMPACT 700450X THUMBNAIL (1)
With a shell-shocked COVID-19 Canadian economy as backdrop, CMHC moved to tighten lending standards for insured mortgages. New rules for CMHC-insured mortgages are intended to reduce the risk of increasing mortgage defaults in Canada, to contain likely fallout from the COVID-19 pandemic and to make mortgage qualification harder for insured mortgages.
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_buy a home completed consumer proposal 700450X THUMBNAIL
After a consumer proposal has been fully paid, many think about buying a home. If already homeowners, they may be concerned about their upcoming mortgage renewal, or wonder whether a mortgage refinance is now possible. The question all have is how long do they need to wait after the consumer proposal is finished.
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_completed consumer proposal 700450X THUMBNAIL (3)
A horrible credit score after finishing a consumer proposal isn't necessarily your fault. Many who've completed a consumer proposal are surprised to learn that numerous mistakes on their credit report are doing serious harm to their credit score.
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mortgages 101 700450X THUMBNAIL
Most first-time buyers lack sufficient funds to purchase their home outright and require loan financing (a mortgage) to make it work. In this article, we cover the basics of getting your first mortgage.
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Financial Q&A
A running thread of reader questions and our answers and research about the impact of COVID-19 on your finances.
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Save 100k good hygiene
Many services are available to give Canadians free access to their credit scores, but the problem is they all provide different results. No industry standards exist to ensure credit score consistency. The solution is to worry about overall 'credit hygiene' rather than any specific credit score. We provide nine strategies to manage credit hygiene and...
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Rebuilding Credit After a Consumer Proposal or Bankrupcy
Published: • 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...
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consumer proposal 700450X THUMBNAIL
Consumer proposals are an important part of the Canadian insolvency process, and are the main alternative to filing for bankruptcy. We answer 5 of the most common questions about consumer proposals.
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improve credit in canada fast
Situations often arise where a new mortgage application, or car loan/lease, is impacted by a credit score that's lower than expected. Frequently errors, or reported items negatively affect your score, but these can be quickly fixed. A couple of case studies show how.
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Published: •  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...
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https://askross.ca/alternative-mortgage-lenders-canada-bad-credit-private-second-mortgages/
The media paints alternative lenders as shadowy, less-than-reputable lenders who prey on desperate homebuyers. We look at the important role that alternative and private lenders play in the market and compare them with traditional "A" lenders, such as banks.
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When You Co-sign, The Borrower Now Controls Your Credit History
Published: • Co-signing Someone Else’s Mortgage Leaves You Vulnerable To Potential Credit Problems 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...
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No credit history 700450X THUMBNAIL
With Careful Planning and Execution, You Can Go From Zero To a Great Credit Score Quickly Five months ago, Arun Kumar from Right at Home Realty referred his clients Raj and Nindy to me for a pre-approval for a mortgage for their first home. Raj has a good job making $71,000 per year, and Nindy was...
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review credit history 700450X THUMBNAIL
Discovery of errors on a credit report at the last minute could have cost homebuyers the home they wanted if sellers didn't generously extend the deadline. With only 5 days to waive the financing condition, there's no time for credit report surprises.
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two credit cards 700x450X THUMBNAIL
Using Two Credit Cards to Optimize Your Credit History 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 backup card only if I misplace the one I regularly use”. I replied “Good question....
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Rebuilding Credit Wants to Buy Home 700x450X THUMBNAIL
How can you buy a home in the near future and build your credit at the same time? 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...
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Pre approved mortgage denied because of consumer proposal
Consumer Proposal can de-rail a pre approved mortgage Today’s question came from a reader in Alberta who is currently in a consumer proposal and also wants to buy a new home. “I moved to Alberta in 2007 for a family crisis and have had some personal hurdles to overcome in regards to employment – as a...
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Consumers Spend Too Much On Housing
Buying As Much House As You Can Afford, and Not Working to a Budget Can Set You Up for Failure In our zeal to qualify for a mortgage, we strive to meet the debt service ratios used by all major mortgage lenders. The rule of thumb the lenders use is your mortgage payments, property taxes...
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Managing first credit card
My teen has racked up debt on their first credit card! “Dear Ross: As a parent of an otherwise wonderful and responsible 18 year old daughter, I am struggling how best to deal with the fact that she has already run up a $750 balance on her first credit card, and she has only had...
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7 Secrets About Credit 700x450X THUMBNAIL
Published:   •  Important tips about your personal credit history 1. Your credit score changes all the time You can check your own credit score at either Equifax or Trans Union’s website. The report will remain available to you online for a month – but remember, it is changing all the time, as new information...
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Build and maintain an awesome credit history 700x450X THUMBNAIL
Why is it important to build and maintain an amazing credit history? When the time comes to borrow money (buy a car, buy your first home, sign a rental agreement, etc.) you will be offered the best terms and lowest interest rates if your credit score sings like an angel. And if you ever find...
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Rebuild Credit Score 700x450X THUMBNAIL
Published:   •  William Asks: I’m Paying Off a Consumer Proposal. Was It a Mistake To Stop Using My Secured Credit Card? I am currently paying off a consumer proposal. My situation is, after filing for a proposal I got a secured BMO MasterCard. I used that card for about one year into the CP....
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Credit Score Needs a Quick Increase
The fastest way to see a boost in your credit score Hi Ross, I have a client who wants to close a couple of NEW credit card accounts for the purpose of adjusting their overall credit balance to credit limit ratio. Is that a good idea? Don’t close the cards unless a lender insists. The...
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Must keep the house no matter what
When you’re in debt keeping the house is not always possible – but it often is! So many times when I meet homeowners in debt stress, the first thing they say is they intend to keep their house – come hell or high water. “Find us a solution Ross, but we insist on tying your...
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Can He Remove a Derogatory Item From His Credit Report_ 700x450X THUMBNAIL
Consumers ask "What does it take to get negative items removed from your credit report?".
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Homeowners Eliminate Debts Without Declaring Bankruptcy
Refinancing your home may not cut it anymore Our consumerist society often gulls people into spending beyond their means. In my business, I meet these folks every day. As recently as a few years ago, many would simply refinance their homes; pay off their credit card debt, and begin the vicious cycle all over again....
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Beware of being scammed by someone you trust Dear Ross, I have worked in a busy gentleman’s club for three years as a bartender. Last year I began dating Sam the owner, and he suggested I put together the money to buy the club, as it was ‘printing money’. I was very intrigued. He also...
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Ellen Roseman’s Fight Back – All about everyday ways that life will cost you and what you can do about it Just released last month, Ellen’s new book Fight Back – 81 ways to help you save money is flying off bookstore shelves. Lots of practical advice to save money and win those battles we...
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If I ask for a pre-approval, will it reduce my credit score? Dear Ross, we are looking around for our first home, and we want to know how much mortgage we will qualify for. If we ask for a pre-approval, will you have to check our credit history? Is that a ‘hard inquiry’, and will...
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Best Prepaid Card in Canada 700x450X THUMBNAIL
If you are trying to build or rebuild credit, there is a big difference between a prepaid credit card and a secured credit card. We discuss why a secured credit card is better, and which one is the best deal.
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How Does Bankruptcy Affect Business Owners? Acknowledgement: Many thanks to Karen Adler, CIRP, who reviewed and improved this series of posts. Karen is  a federally-licensed Trustee in Bankruptcy with Rumanek and Co. Karen has contributed to the educational materials and development of the national CIRP Qualification Program for trustees, and conducts seminars on bankruptcy and consumer...
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Published: • Reader asks: “Will An Accidentally Missed Payment Hurt My Credit If I Paid In Full As Soon As I Knew?” Hi Ross, I have a Royal Bank Avion card which I have not used in several months. In fact, I rarely use my RBC bank accounts, and as a result, I have no...
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#SchoolLenders – Personal finance expert Gail Vaz-Oxlade and Ross Taylor chat on Twitter about irresponsible lender practices Most of us know Gail from her famous television series entitled “Till Debt Do Us Part”. She speaks with passion and conviction and is on a mission to better our lives and educate lenders about the wrongs in...
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AskRoss recommends the best personal finance blogs – July 15, 2011 Here are this week’s articles which deserve a broader audience. They cover topics such as how much do you need to retire, credit cards for small business owners, achieving financial bliss in a second marriage, the last minute RESP, investing in TFSA’s as a...
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Got Huge Debts? Home Equity may be the answer! A lady called me a few weeks ago inquiring if she was a bankruptcy candidate. She and her husband were in serious arrears on their property taxes – over $25,000 – and their municipality was threatening foreclosure. Compounding the stress was around $100,000 in unsecured debts –...
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It’s never too early to start building your credit history – here’s how to get started. For many young Canadians, the sixteenth birthday is a very special day. My son Max turned 16 last month, and he asked me to pick him up from school on his lunch break and take him to the Driver’s...
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Another reason to have a high credit score – home insurance costs! Last week James Daw of the Toronto Star wrote an excellent informative piece on yet another reason why we should all care about our credit scores. I don’t like it at all, but the fact is property insurance companies peek at our credit...
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