Tag

credit score
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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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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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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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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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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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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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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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 the...
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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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