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When (and How) to Use Second Mortgages
If you’re a homeowner, deciding whether to extract equity from your property is one of the most important decisions you’ll ever make. If you leave your existing first mortgage intact, and look to add another loan on top, this is what is known as a second mortgage. This is a potentially powerful financing options for homeowners with a lot of equity or those struggling to qualify for an unsecured loan.
Read moreThe Difference between Hard and Soft Credit Score Pulls
When you’re trying to repair your credit score, there’s one cardinal rule that you must follow: do not let anyone check your credit history or your credit score. Ever. The reason for this is simple. Because every time someone pulls your credit score, it negatively affects your credit. But another cardinal rule when repairing your…
Read moreThe Difference between Secured and Prepaid Credit Cards
If you’re like many Canadians, and currently trying to pay down your debt and clean up your credit as fast as possible, you may have heard that getting a credit card is a great idea, and a great way to do it. But if you already have bad credit, the chances that a bank or…
Read moreUnderstanding Credit: Part 3, Credit Reporting Time Limits
Once people understand how their credit report works, what goes on it, and how to avoid negative reporting from showing up on it, their next biggest question is typically, “How long do items stay on my credit report?” Of course, the sooner that slate is wiped clean, the sooner you can get on with rebuilding…
Read moreUnderstanding Credit: Part 2, Your Credit Score
Yesterday we started our mini-series on understanding credit by taking a look at the surface of the credit report – what it is, what’s contained on it, who has it, and who can see it. Today we’ll continue by taking a closer look at the most important information on that credit report – your credit…
Read moreUnderstanding Credit: Part 1, Your Credit Report
Credit is something that we all think we understand, but few of us actually have a grasp on – until it’s too late. Yes, credit is that invisible little thing that allows you to make purchases and use money that you haven’t yet earned – provided that once you do have the money, you’ll pay…
Read moreMissing Student Loan Debacle can Seriously Harm Canadians’ Credit
Back in January the federal government came forward saying that an external hard drive containing information regarding 583,000 student loans went missing. The government is now contacting all of those affected, Canada Student Loan borrowers that took out a loan between 2000 and 2006. Now, with the data still missing, each of these borrowers is…
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