Tag

Credit Score Rating
Consumers spend too much on housing 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 and heating bills should be less than 32% of your gross monthly household income....
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7 secrets about credit 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 is collected and sent to the reporting...
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We wrap up this first interview with Jordan Rumanek who is a licensed Trustee in Bankruptcy and Administrator of Proposals, whose firm Rumanek & Company Ltd. processes well over a thousand insolvency files each year in the GTA. Today we want to understand how bankruptcy affects people who have a failed business on their hands....
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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 reason to check them very often. I don’t recall doing this, but apparently I switched over to paperless statements for all these...
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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 their lending processes. She has a Facebook Page, called “School Lenders” which is evolving nicely as a discussion group...
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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 student, and finally a primer on bonds. Fabulously Broke points out that retirement...
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Pay off huge debts with home equity 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 – credit cards...
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Credit cards are a necessary evil in today’s society. You need to have one or two for (a) the convenience when no other method of payment will do, and (b) to ensure you are building and maintaining a healthy credit score. Over the past year, my personal favourite has become the Infinite card from TD...
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Build your credit score the earlier the better 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 License office. He took the written test, passing...
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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 scores as part of the underwriting process. Make sure your credit score...
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