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A good credit score can mean the difference between your loan being approved or denied.
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November was Financial Literacy Month in Canada, a time for all Canadians to focus on better management of our individual financial goals. Credit plays an important role in living a focused and healthy financial life. Having good credit will help you qualify for a loan, mortgage, or credit card.
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Many newcomers to Canada are surprised at how important credit scores are, or how they work. The credit system in Canada may not always take into account financial history in another country and the concept of building a credit history can be unfamiliar, especially in places where cash or your bank balance is the most important financial consideration.
Thirty-six is the new 30 for first-time home buyers in Canada -- meaning that the average age of current home buyers is 36, while the majority of current home owners bought their place before they were 30. Considering that millennials are typically 25 to 34 years old, many are left asking the question: are millennials buying homes?
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Equifax will combine credit histories, ratings, and mortgage information with Teranet's database of property values to offer lenders and financial institutions an assessment of a borrower's debt-to-asset value and home equity. This RESL metric will help lenders measure risk in the real estate market, allowing them to determine if they want to lend or not.
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Dave Baker is a used car salesman on a mission to make Canada a more fair and equitable place. Go ahead and take a moment. Be skeptical. It took me six months to overcome my initial aversion to the predominant narrative of auto sales. I was sure that there was a catch. There had to be a bait-and-switch somewhere along the way.
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Lenders have been using a person's credit report for years to judge their overall creditworthiness and the risk that they might default and become a bad debt. However, financial institutions often use another measure, a bankruptcy score, to refuse a loan application for someone who may otherwise have good credit.
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“If the person is qualified to do the job, why should their past history matter? Bad credit does not make them thieves.”
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After six weeks at school, students may be surprised by how much it actually costs to live independently. When I first moved out on my own, I was amazed by all the hidden costs. Living at home, my parents covered most expenses -- from groceries to toiletries -- and I never gave it a second thought.
The last survey on inaccurate credit data by the Ottawa-based research firm Public Interest Advocacy Centre (PIAC) dates back to 2006. It showed that 18 per cent of surveyed consumers felt their credit reports contained inaccuracies, some to the point of affecting their ability to obtain credit.
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It's a three-digit number that can make you or break you -- it can affect your ability to buy a home, rent an apartment, buy a car, and in some cases prevent you from getting a job. But despite its value, many of us are blissfully unaware of our credit score.
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Here are a few rookie mistakes that can complicate your closing process, especially given how competitive Vancouver real estate can be.
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It's time for students to take control of their finances, and the first step in doing that is becoming more knowledgeable. Melissa Jarman, director of student banking at RBC, says there's a lot of work that needs to be done to improve financial knowledge.
We all want a high credit score, because it makes borrowing less expensive, and a high score proves that I am financially responsible and successful person. Or does it? Here's the sad truth: a high credit score does not prove you are financially savvy