Tag

credit score
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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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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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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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 is...
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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 yourself in financial stress or...
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Published:   •  You should rebuild your credit score asap when in a consumer proposal This is another question in the Ask Ross series where you can ask me anything about personal finances. If you have a question for me ask here. This question comes from William who is paying down his consumer proposal and...
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Credit score needs a quick increase 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 quickest fix bar none is...
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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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