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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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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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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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repair bad credit 700x450X THUMBNAIL
Two Years To Go From Nothing To Credit Score Good Enough For an ‘A Lender’ Janet bought her first house with me last month, despite having no credit score whatsoever! She has a decent income, but after some bad debts which were racked up by an ex-boyfriend several years ago, she never bothered to rebuild...
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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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tenants need good credit 700x450X THUMBNAIL
High-Quality Credit Score Just As Essential to Renters As Home Buyers If you have rented an apartment in the past, you know that landlords typically ask you about your credit history. Tenants need a good credit history as much as home buyers looking for a mortgage do. In fact, we believe all Canadians should pay attention...
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How To Stand Out From Other Rental Applicants
Presenting Yourself As Most Desirable Renter Is Key To Winning Your Desired Apartment Renting a place to live is not something you can afford to take a casual approach to. As a twenty-something who has been living away from my parents’ home for many years, I’ve come to understand how important it is to be well prepared when...
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rebuild credit before buying home t 700x450X THUMBNAIL
Published: • Don’t Wait Until You’re Ready to Buy a House to Renovate Your Credit Scores 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....
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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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Secured Visa Application 700x450X THUMBNAIL
Using Credit Cards To Start Rebuilding Damaged Credit Each week I receive calls and emails asking me for help in rebuilding damaged credit histories. Often, s/he has come off (or is still in) a consumer proposal, or debt settlement or personal bankruptcy and is truly starting from ground zero. How to rebuild your credit history...
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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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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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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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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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Declaring bankruptcy isn’t as difficult as you might think! I always tell clients that declaring bankruptcy is not so difficult – relief from hounding creditors and their agents is just a few signatures away. It’s a bit harder to secure an automatic discharge from your bankruptcy though – and that, for most, is the point...
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This secured credit card does absolutely nothing for your credit score Sometimes the only way to get your credit history kick-started is to put up a security deposit with a card issuer, and then begin to use their card. It’s like a rental security deposit – you get your money back at the end. But...
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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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Pre-paid credit cards will do nothing for your credit history Dealing as often as I do with credit-challenged clients, I am often asked about pre-paid credit cards. They do have their place, but there is absolutely no impact (good or bad) on your credit history. They seem suited to people who simply need a credit...
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Everyone should develop and manage their own credit history from age 18 I came across the article below from last month’s Globe and Mail and could not agree more with the author. But I will take it a step further. EVERYONE should keep and maintain his or her own credit history – even if you...
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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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Engaged or Married? Quick Money Tips For A Great Start On The Road of Life This article is the third in a series on personal finance and investing at different stages of your life. As some issues may overlap the different stages of life, they could be covered in a prior or subsequent article. Money...
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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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