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MBNA Smart Cash MasterCard Credit Card Canada – MBNA Smart Cash Credit Card Review

MBNA Smart Cash MasterCard Credit Card Canada - MBNA Smart Cash Credit Card ReviewDo you like earning rewards on all of your everyday shopping need? MBNA Smart Cash MasterCard® Credit Card Canada is one of the best cash back credit card that let you save on your most common purchases. Household shopping is an essential and common between employees and business class where it offers up to 5% cash back on gas and groceries, that’s the reason saying MBNA Smart Cash MasterCard Credit Card Canada as a credit card for all may not be wrong. MBNA Smart Cash Credit Card Review supports household shoppers, here’s are some card details;

  • Get up to 5% cash back on eligible gas and grocery purchases for the first 6 months.
  • Get up to 2% cash back on eligible gas and grocery purchases thereafter*
  • Get up to 1% cash back for all other eligible purchases*
  • 1.99% promotional annual interest rate* (AIR) on balance transfers* for the first 10 full months
  • If eligible, you will be considered for an upgrade to a Smart Cash World MasterCard® credit card
  • No annual fee

MBNA Smart Cash Credit Card Review

If you like earning rewards on your everyday purchases then MBNA Smart Cash Credit Card may be your best deal. You will earn 5% cash back every time you visit the grocery store or fill up at the gas station – one of the highest cash back earning rates in Canada. MBNA Smart Cash MasterCard® Credit Card let you entitles cash back rewards at this special rate for the first six months on all gas and grocery purchases then after it drops to standard two per cent rate after initial promotional period of 6 months. The MBNA Smart Cash Credit Card also offers 1% cash back on all other purchases. Once your earnings reach $50 MBNA will cut and mail a cheque to you as a cardholder.

Here are two awards that MBNA Smart Cash Credit Card won last year:

  1. Best of Finance 2015; 3-Peat Winner for “Best Cash Back Credit Card
  2. Best of Finance 2015; Runner Up for “Best Cash Back Credit Card in Canada

There is nothing that don’t holds disadvantages with the advantages, MBNA Smart Cash MasterCard Credit Card Canada may also offer you some features that you don’t like, it’s up to you to find out your favorite features that suits you before taking decision to get the right credit card according to your need. Here’s are some pros and cons of having this credit card;

Pros

  • No annual fee
  • Receive 5% cash back on gas and groceries for the first six months.
  • Earn 2% cash back standard rate on gas and groceries after six months.
  • 1.99% intro Balance Transfer Rate for the first 10 months.
  • Receive a cheque by mail for your earnings reach $50

Cons

  • Your cash back earnings will drop 3% after initial 6 month promotional period as cash back drop at standard 2% cash back.
  • 1% earning rate on other purchase types is lower than similar cashback cards in the market.
  • It doesn’t include any built-in insurance benefits or retailer discounts.
  • Rewards can only be cashed out at a minimum of 50 dollar.

Conclusions and Suggestions

There is no doubt about the MBNA Smart Cash MasterCard being the best Canadian Cash Back Credit Card but taking decision is a real challenge especially when market offers variety of cash back credit cards and if you compare; 5% cashback on all gas and grocery purchases within the first 6 months is one of the top features of the MBNA Smart Cash MasterCard Credit Card Canada that makes it one of the best cashback credit cards with no annual fee among its competitors, as this rate just come down to standard 2% cash back after 6 months, to enjoy full benefits of this offer you should confirm your card’s intro period should cover the holiday season and special occasions when your spending increased a lot because this way you can earn more cash back. Moreover, 1.99% balance transfer rate for the first 10 months is another top features of this card but before activating this feature you should keep in mind; it will waive the initial grace period on new purchases; being charged interest right away will wipe out your cashback earnings.

*For more information, updates and how they did it; cash back earnings on food, gas, travel and other things, you should click here to read the landing page that holds official credit card offer for; MBNA Smart Cash MasterCard® Credit Card.


Why Personal Loan For Christmas Holidays May Be A Good Idea

Why Personal Loan For Christmas And Holiday Season May Be A Good IdeaThinking about to get personal loan for Christmas and holiday season! When winter comes, most of the people start thinking about the festive things to do for themselves and their family. Christmas is one of an important eve that’s coming next, it has made people excited with the upcoming good family event beside there are many of us that felt less excited due to low earnings and or less savings. The holiday season has got various occasions to celebrate that make it expensive for even all of us, being tighten of money makes us worry about how we will cope with our risen cost due to Christmas and holiday shopping with low finances.

Credit cards are generally used to pay these expenses, although everyone needs to spend on food, gifts, traveling and family gatherings. As credit cards are fairly expensive kind of credit, in case you can’t pay it on time in the New Year it will add up with high interest rates and sometime this debt will go with you several months.

Taking advantage of overdraft facility at your bank is another option that many people used in the holiday season. There is no doubt overdraft is a convenient option, but it requires good price to pay back; is generally expensive to maintain, you require to pay monthly fee with the percentage of interest charge. Taking overdraft facility is almost expensive like a credit card in related to personal loans Canada.

Moreover, if you overdraw your account heavily that can easily reach to your financial limit, what you will do in case an unexpected expense arises in the New Year? Remember, if you squeeze up your limit on your overdraft that can make it hard for you to overcome, especially when you are already experiencing less spare cash every month by maintaining your normal financial budget.

Payday loans for Christmas and holiday season may not be a right solution because of its high cost that you need to repay in single payment from your upcoming payday. As you know Payday loans Canada work great especially when you have unexpected expenses of smaller amount which you can payback easily from your monthly income, where this holiday season may require you to spend lot that you may not return at once in next few weeks.

So what may be possible solution to this? Are we doomed to a festive season; being thinking about bread and butter while thinking to stay alone and keeping our self miserable? Well, maybe personal loans for Christmas holidays could be the right answer. Taking out a personal loan for Christmas holidays, if completed thoughtfully and with an exact motive in mind, can offer you with the cash you need to get for the holidays without making it worst in the New Year.

First step that you can begin to get your personal loan by shopping around; that’s the way you’ll be able to take benefit of the intense competition between lenders and loan providers and to get credit at a much lower rate than that of a credit card, payday loan and an overdraft. This will results in smaller monthly repayments which also means clearing up your debt hassle free and fast.

Secondly, a personal loan is typically offered on a fixed rate basis, that’s mean you’ll already know exactly how much you require to repay each month. This contrasts to the high and variable rates of credit cards and overdrafts that can change from month to month, leaving your personal budgeting unsure.

Finally, a personal loan is most usually repaid over a specified duration of time, and then after your debt has been cleared. With your credit card payments, it’s tempting to just pay the minimum repayments, where it’s barely covering the interest charges, leaving the best part of your debt as uncleared. This is a guaranteed way to complement the credit card company while keeping the debt burden on you.

So personal loan for Christmas and holiday season may be a good idea! Is taking a personal loan the right solution for you? Certainly not but it depends on your financial position, credit should always be taken out with careful consideration to find out how it will affect your financial future, and it is of course a right way to avoid the loan if possible because it’s always better to live within your means. Can you get a personal loan for a holiday? Yes, if you earn regular income while having good credit score you can get personal loans for holidays as well as personal loans for Christmas holidays in Canada. However, if you make a decision that credit is the only way forward then a personal loan is generally the less expensive and most effective option you can take advantage.


Balance Transfer Credit Cards Canada An Overview

What Is A Balance Transfer Credit Card?

Simply put, a balance transfer credit card allows you to transfer your card balances over from your other credit cards. Through this transfer you can save money on the APR. If you can consolidate all your balance to a single credit card, you can easily keep track of your debt.

Why Should I Transfer My Balances To A New Credit Card?

Balance Transfer Credit Cards Canada, when used correctly, can help you save money. Most people keep a balance on one credit card, a separate balance on yet another, and pay a high APR to maintain both of them. Balance Transfer Credit Cards Canada have outstanding introductory APR’s and the very best Balance Transfer Credit Cards Canada will have a comparably lower ongoing APR as well.

Some of the best Balance Transfer Credit Cards Canada offer an introductory APR of 0% for an extended period. Those people who are in a debt trap can take advantage of this offer. There are even some Balance Transfer Credit Cards Canada which prolong the introductory ARR of 0% until you have paid off all the balance that you have transferred. Certain Balance Transfer Credit Cards Canada have a fixed rate and the rate remains the same until you pay off the balance transferred. This type of card, often times lacks the introductory 0% APR offer.

Things to Remember

It is not difficult find a balance transfer credit card, and in fact, you might have already been receiving solicitations from several credit card companies. But finding the best balance transfer credit card can sometimes be a murky affair. Understanding certain key elements regarding these cards can help you to choose the best.

Most people fall for the introductory offer given by the Balance Transfer Credit Cards Canada. But this is only for a specific period of time. The period of time offered on these introductory APR balance transfer cards is often times determined by your credit history. So while selecting a balance transfer credit, keep a close eye on the introductory offer. Make sure that the introductory offer will work in your favor.

In some instances, some credit card companies will require an initial balance transfer along with the application for the card. Some people might not be comfortable with such a demand. The best Balance Transfer Credit Cards Canada provide flexibility on balance transfers that will allow you to transfer balances at anytime during the introductory period.

Some of Balance Transfer Credit Cards Canada might have a fixed rate introductory offer which is not a 0% APR on balance transfers, but is very low, remaining constant until you pay off the balance.

Most Balance Transfer Credit Cards Canada have a transfer fee. Make sure that the transfer fee does not negate the financial advantage you are trying to get from the whole process. This aspect should be considered seriously by people who are planning to transfer balances from two or more cards. There will be no transfer fees incurred with the very best Balance Transfer Credit Cards Canada.

You should compare your existing cards interest rate with that of the balance transfer credit card. While comparing include all the fees associated with each card as well. And if you are planning to use your balance transfer credit card for ongoing purchases, make sure to get the complete details, including ongoing APR’s on purchases, penalties, late payment fees and any miscellaneous surcharges that might be incurred when using the card in this manner. Make absolutely sure that there are no hidden charges.


Bank Of Canada Lowers Overnight Rate Overview

Bank of Canada lowers overnight rate target to 3/4 per cent January 21, 2015

Bank of Canada Lowers Overnight Rate

When the bank of Canada lowers the overnight loans rate the Canadian dollar depreciated against U.S. and other major counterparts, savings accounts and bonds yields plunged, effected stock market and the commercial banks cut prime lending rate to match bank of Canada move; it all happened unpredicted!

In a surprise move, the Bank of Canada announced an overnight rate update on Wednesday, 21st January, 2015 that it is lowering its key interest rate down to 0.75 per cent in order to keep balance against the risks to the economic growth, inflation and housing market downturn posed by the sharp drop in oil prices. This is the first time the overnight interest rate has changed since September 2010.

How the Bank of Canada’s interest cut will affect loans and mortgage rates? The cutting in rate would affect in lower interest rates for consumers that hold variable rate mortgages, lines of credit and other loans that based on prime rates besides it will make cheaper for companies to borrow money to grow their businesses; let’s see if banks lower their prime rates.

Declining in rates will not bring any benefits for credit cards consumers and borrowers of fixed-rate mortgages and on auto loans that’s a fixed-rate loan. Moreover, interest on things like savings accounts, straight GIC and government debt will also comes down but at the same time it does provide incentives for people to invest in other types of assets that have higher returns.

Canadians taking out variable-rate mortgages, new fixed-rate mortgage, renewing their old mortgages right now, or want to consolidate debt at the lowest cost funds could see rates edge down.

The sudden rate cut announcement become a shocking news; there were many economists predicting rate hold and or interest rate hike for the future but none of them were expecting a rate cut, beside The Canadian dollar fell down against a variety of major currencies after that. The Bank of Canada believes low oil prices will bring overall negative impact on the Canadian economy.

Here’s the official statement concerning lowers overnight lending rate issued by the Bank of Canada:

Bank of Canada lowers overnight rate target to 3/4 per cent

Press Release: Ottawa, 21 January 2015

The Bank of Canada today announced that it is lowering its target for the overnight rate by one-quarter of one percentage point to 3/4 per cent. The Bank Rate is correspondingly 1 per cent and the deposit rate is 1/2 per cent. This decision is in response to the recent sharp drop in oil prices, which will be negative for growth and underlying inflation in Canada.

Inflation has remained close to the 2 per cent target in recent quarters. Core inflation has been temporarily boosted by sector-specific factors and the pass-through effects of the lower Canadian dollar, which are offsetting disinflationary pressures from slack in the economy and competition in the retail sector. Total CPI inflation is starting to reflect the fall in oil prices.

Oil’s sharp decline in the past six months is expected to boost global economic growth, especially in the United States, while widening the divergences among economies. Persistent headwinds from deleveraging and lingering uncertainty will influence the extent to which some oil-importing countries benefit from lower prices. The Bank’s base-case projection assumes oil prices around US$60 per barrel. Prices are currently lower but our belief is that prices over the medium term are likely to be higher.

The oil price shock is occurring against a backdrop of solid and more broadly-based growth in Canada in recent quarters. Outside the energy sector, we are beginning to see the anticipated sequence of increased foreign demand, stronger exports, improved business confidence and investment, and employment growth. However, there is considerable uncertainty about the speed with which this sequence will evolve and how it will be affected by the drop in oil prices. Business investment in the energy-producing sector will decline. Canada’s weaker terms of trade will have an adverse impact on incomes and wealth, reducing domestic demand growth.

Although there is considerable uncertainty around the outlook, the Bank is projecting real GDP growth will slow to about 1 1/2 per cent and the output gap to widen in the first half of 2015. The negative impact of lower oil prices will gradually be mitigated by a stronger U.S. economy, a weaker Canadian dollar, and the Bank’s monetary policy response. The Bank expects Canada’s economy to gradually strengthen in the second half of this year, with real GDP growth averaging 2.1 per cent in 2015 and 2.4 per cent in 2016. The economy is expected to return to full capacity around the end of 2016, a little later than was expected in October.

Weaker oil prices will pull down the inflation profile. Total CPI inflation is projected to be temporarily below the inflation-control range during 2015, moving back up to target the following year. Underlying inflation will ease in the near term but then return gradually to 2 per cent over the projection horizon.

The oil price shock increases both downside risks to the inflation profile and financial stability risks. The Bank’s policy action is intended to provide insurance against these risks, support the sectoral adjustment needed to strengthen investment and growth, and bring the Canadian economy back to full capacity and inflation to target within the projection horizon.

http://www.bankofcanada.ca/2015/01/fad-press-release-2015-01-21/

The next scheduled rate-setting date is March 4th, 2015. Moreover, Monetary Policy Report will be published on April 15th, 2015 that will reflect the next full update of the BoC’s outlook for the economy and inflation, including risks to the projection.

When the bank of Canada lowers the overnight loans rate last Wednesday, there was great expectation that all the banks and lenders would lower their prime rate subsequently; Royal Bank of Canada was the first major bank that reduced its prime rate from 3% to 2.85% and then Bank of Montreal, Toronto-Dominion Bank, Canadian Imperial Bank of Commerce, Bank of Nova Scotia and National Bank of Canada followed the RBC to offer 15 basis point cuts on their rates. Market felt surprised because 15 basis-point cut from these Canadian largest banks seem unmatched in reference to the Bank of Canada’s 25 basis-point reduction. Anyway, if your favorite banks or lenders have not lower their rates now, don’t worry, it will come down by market pressure for consumers soon.


How You Can Boost Your Credit Score Canada Fast By 135 Points Or More In Just 37 Days Review

Need Canadian Credit Repair? Discover How You Can Credit Repair and Fix Credit In CanadaCredit repair and fix credit in Canada e-course review is an effort to find do it yourself credit repair secrets for Canadians!

Find out how you can instantly delete inquiries, late payments, judgments and charge-offs from your credit report. Discover and achieve:

  • Credit repair secrets
  • Credit repair Canada
  • Fix credit Canada
  • Raise credit score Canada

Credit score is a key that let you open all the doors of your personal financial needs to convert into successful financial transaction. Your low credit rating or a bad credit score can keep you locked from the liberty to enjoy credit worthiness and financial worry free life until you don’t try to fix your credit history to get good or excellent credit score. Always try to keep your eye on your credit report to get rid of discrepancies and unknown negative impact, you can even get your free credit report by mail by writing to credit reporting agencies, make a regular routine of checking your credit score to stay informed.

Low credit score don’t even effect credit seeker but it also make problems in every day life. Its an embracement that can turns into frustration when you need a personal loan, car loan, home mortgage, insurance and shopping for merchandise on credit but you know your loan application will be declined by the lenders because of your bad credit rating. The people having low credit score can’t enjoy the full benefits of higher credit limit on their credit cards when market is on mode of special discounts on big household product that you have planed from a long time to get on this special seasonal or special day offer. Most of all these people also afraid to use their most favorite right of price negotiation because they know if they do it, it will feel embarrassingly in case they don’t get approved for the payments. Moreover, you may not even qualify for a smaller loan until don’t get resolved certain negative items reported on your credit report.

One of my site visitor asked me about my review on the “Credit Repair And Fix Credit In Canada E-course” offered by www.creditrepairsecrets.ca, where as the title which have given to this post is actually the claim made by this company with a Canadian domain is giving on its sales page. I have disclosed the link to the landing page so that you will also see your self. Following are the punch lines that have enhansed hidden credit repair secrets download page for the people who are strugling to fix and improve low credit score:

  • Discover how to instantly delete inquiries, charge-offs, late payments & judgments from your credit report
  • How you can boost your credit score Canada fast by 135 points or more in just 37 days

Credit Repair and Fix Credit in Canada Overview

Credit repair secrets revealed variety of such claims on its sales page in which credit improvement feels like a piece of cake to repair, fix and boost, in reality process to repair bad credit seems difficult to remove low credit rating and convert it into good credit score in short spam of time. Remember; there are no instant credit repair secrets, credit score is not like you ask your credit card company or a lender that please issue me a credit clearance that I have been scheduled or paid back my pending payments and liabilities. Although if we know the sources that have made us a bad credit and after settlement with them they can issue clearance certificates but its not simple as that because this information have to go to the credit-reporting agencies who are maintaining our credit file record to deliver it when some authority is interested in it, where we also don’t know what else we are liable in their record that also need to be fixed and removed. Lets say we become free from all those negative entries from their record but it will take time. Correcting and deleting negative entries to show good credit score and rating require update from two of the major credit reporting agencies working in Canada; Equifax Canada and TransUnion Canada, as both of these companies maintain credit histories of millions of people independently, we need to have same updated information related to our credit score, rating and file from both of them, understanding your credit history when your credit report shows two different credit scores that can help you see yourself as lenders do, because we don’t know while applying for our next financial transaction; loan and credit card, our lenders, finance companies, banks, credit unions, retailers or credit facilitator will see our credit file maintained by Equifax Canada or the TransUnion. Anyway, coming back to the Credit Repair Secrets for Canadians e-course review:

Credit Repair and Fix Credit in Canada E-course Scam or Not?

Recognizing a credit repair scam is not difficult but people usually caught in scammer’s hands are needy besides holding poor credit histories that make them confused. This has become a part of our daily news in which such kinds of credit repairing companies target low credit rating consumers in which they build a hope to fix their credit report so that they can get approval for the loan, mortgage, refinance or other line of credit they need. Most of the consumers loose their money that they have paid to get an improved credit report but in reality when they ask for a new credit report from credit burrow they often left with the same low rating credit report. These consumers don’t even loose money they have paid to fix credit but also wasted their time and credit they want to get.

Where as Credit Repair and Fix Credit in Canada E-course looks like a hype but not scam, following are some good and bad things that are collected through physical evidence and remember not by practically using it, that’s the reason the Credit Repair And Fix Credit In Canada Review is based on physical snapshot.

Credit Repair and Fix Credit in Canada E-course Review

  • Discover how to instantly delete inquiries, charge-offs, late payments & judgments from your credit report and how You Can Boost Your Credit Score Canada Fast By 135 Points Or More In Just 37 Days ReviewDo it yourself credit repair secrets PDF format-handbook in detail
  • Ready to download from its official site
  • Step by step guide on Credit Repair and Fix Credit in Canada
  • Guaranteed techniques, rare strategies, hidden credit repair secrets, credit repair tips and tricks by guru for advanced and beginners
  • 60 days unconditional refund and money-back guarantee
  • Special discount offer includes four incredible ebooks as bonuses worth $129.80 absolutely free

 

It’s also known as 37 days to clean credit reviews for Canadians! If you search online about unbiased review on the credit repair secrets for Canadians e-course, you will find not even thousands but hundreds of thousands reviews on this pdf format eBook. Majority of reviews have not written by consumers actually have used this product but these have been coming from people or companies that have involved in marketing it to earn money in terms of commission on its selling and when you see if lot of people are talking about your desired product or service then it generally means its good that works for the both parties; the promoter and the consumer. We didn’t also use it but our review is based on its physical look and online environment factors that determine its good or bad. Moreover, You need to know absolutely nothing about credit repair secrets to get benefit right away from this 37 days to clean credit system, just follow the easy to understand step-by-step written strategies to get to know how you can take benefit from it.

Good points with the Credit Repair Secrets For Canadians:

The product is being offered as an informational digital product that can instantly downloadable to your computer and the seller is not asking for a full price but $1 trial offer give you opportunity to test it before you want to buy it complete. The product is available in the market from a long time without any user’s negative comments online. This product is offered for sale on one of the reputable marketplace called ClickBank which helps consumers in protecting their rights to refund in which you can get full refund of your transaction with in 2 moths of your purchase; guaranteed without returning it back, so if you feel it doesn’t deliver results according to the claim, you can ask for your money back. ClickBank has got a good online reputation that is a privately held online marketplace for more than 10,000 digital information products, Popular online billing and 3rd party payment processor. Moreover, Credit Repair And Fix Credit In Canada E-course is only one information product from Canada on this specific subject from a huge marketplace, probably the reason that has made it most popular since it was published. In relation to hiring a credit repair consultant to improve credit score and to delete inquiries, errors, omissions, charge-offs, misleading information, late payments and judgments from your credit report, it will save hundreds of dollars beside make you well informed and self educated on this complex subject.

Bad points with the Credit Repair Secrets For Canadians:

Credit Repair And Fix Credit In Canada E-course is not available in the physical market as a hard copy but you can only download it online in an eBook format. Although the site is registered with Canadian .tld domain but shows its owner is out side Canada, you can check its “Who is” record online to find out more information. Website design doesn’t look very professional in relation to high sales pitch writing on the site.

Credit Repair Secrets Conclusion:

Credit Repair And Fix Credit In Canada E-course is a best credit repair solution for Canadians or not, it depends on its workability, for some it may work great and for some it may not. But I recommend it because there is so much knowledge that you can get on the subject of credit repair and fixing issues beside it been offered on 1$ trial for 60 days with 100% money back guarantee that will actually helps anybody to make such kind of smaller investment for a productive cause before paying for the full price in exchange for a complete offer. There is plenty of information on professional subject of credit repair that is very hard to collect, you will not even get The Credit Repair Secrets For Canadians E-Course but you will also receive four valuable bonuses in form of digital books;

  1. 23 tips to get approved for a loan e-book,
  2. how to eliminate up to 70% of your debt instantly,
  3. the shortcut to boosting your credit score and
  4. 7 proven tools used to stop collection agencies.

Click here for more information about the do it yourself credit repair system and learn the so called guaranteed credit repair secrets techniques and hidden credit repair secrets for raising your credit to improve your qualifying chances in getting better loan terms! Get your trial copy of Credit Repair Secrets for Canadians now for only $1.00 and look if its work for you or not. You can take full advantage of 60 days of guaranteed period to review all the materials attached with e-course. If you still feel unsatisfied for any reason you may have, just ask for refund to get back every single penny you have paid and there is no even need to return all those materials you have received! Please don’t forget to submit your own Credit Repair and Fix Credit in Canada E-course Reviews, testimonials or comments, either you like it or not but your own findings will help other Canadians who are eagerly searching to find out about how to rebuild credit fast in hope to get a real credit repair system that is cheap in price but works great.


How To Rebuild Your Credit History In Canada

Looking to improve your credit rating after having bad credit situation due to poor payment history or else, previous insolvency, bankruptcy or consumer proposal. Remember, there is no any quick fix but you can get back on track if you follow the right path. In your situation, the best solution is a prepaid credit cards or a secured credit card that are the easiest to obtain. It can help you to establish or rebuild your credit history, and let you access to credit when you need it.

If you’re a new to Canada having no credit history or if you’re a Canadian citizen trying to rebuild your credit rating for your ruined credit history, it’s not always easy to get approved for a credit card, where secured credit card is an easy to get credit card in all kinds of credit ratings and financial difficulties and its the one you need it to establish or rebuild your credit history. There are plenty of secured credit cards from various banks and non-banking financial companies that are being offered in the Canadian market today. You should be smart in selecting a good secured card as secured credit cards usually require processing charges, application fees and annual fees  where regular credit cards don’t.

Here’s an article that specially selected to reproduce it here from Financial Consumer Agency of Canada to help website visitors looking to get an authentic answer from a reliable source on; how to rebuild your credit history?

Rebuilding Your Credit

Even if you have made money mistakes in the past, you can rebuild your credit history and become a borrower in good standing. It is important to have a good credit history if you want to borrow money. The better your credit report and score, the better the terms of your loans and credit will be (e.g. lower interest rates).

However, you have harmed your credit history and score if:

  • you did not pay at least the minimum balance on your debts
  • you made late payments
  • you went over your credit limit
  • you missed one or several payments
  • you stopped making payments altogether
  • you have too much credit and you use it
  • your debt was referred to collection
  • you made a consumer proposal
  • you declared bankruptcy.

A bad credit report and score can mean you do not get approved for a loan, or you do not receive the best loan terms (e.g. higher interest rate).

How to rebuild your credit history

  1. Apply for a secured credit card. Secured credit cards require you to leave a deposit with the credit card issuer as a guarantee. The deposit is usually equivalent to the card limit, but can be higher. For instance, if you want a limit of $500, you may be asked to leave a deposit of $500. Once you’ve shown that you pay the balance regularly and have built a payment history, you can ask that the security requirement be dropped and that the deposit be returned.
  2. Make at least the minimum payment by the due date. If you cannot pay off your balance in full each month, make at least the minimum payment on each of your debts on time. Late payments will count against you and negatively impact your credit score and credit report.
  3. Do not apply for too many credit and loan products. Having too much credit can also negatively affect your credit report. Keep your available credit at a minimum. Do not fill in too many applications for credit and loans because every time you do, your credit history is checked. Each credit check can affect your credit score.
  4. Review your statements. When you are in debt, avoiding your monthly statements may cost you. Mistakes happen and you only have a limited time to correct them. Always review your statements to make sure there are no transactions charged in error and that your payments are recorded correctly. Report any mistakes as soon as possible.
  5. Check your credit report annually. You are entitled to receive a free copy of your credit report annually from each of Canada’s two credit rating agencies, Equifax and TransUnion. Check your credit report annually for errors and get them corrected as soon as possible.

Prepaid cards do not help you build credit. You may choose to use a prepaid card as a payment option, but its use is not tracked by the credit rating agencies.

Productive Suggestion: Use credit responsibly

“There are no quick fixes to repairing your credit history. You have to prove you are a responsible borrower to lenders, and that may take time. Whether you are rebuilding your credit history, or trying to maintain a good credit score, you should always use credit responsibly.”

Alternate to secured credit cards to rebuild your credit history

How to repair your credit in Canada or rebuild your history? In the past secure credit card is the only option available but now Canadian market is offering another innovative alternate to establish, and or rebuild your credit history is a Credit Repair Loan that also works in bankruptcy and consumer proposal issues beside don’t overburden their customers in relation to high interest rate secured credit cards that ask for the cash “upfront” at the time you receive your credit card. As many of such consumers trying to rebuild their credit may have a difficult time doing so.

Related:


How Credit Cards Are Used To Build Your Credit Score?

How to build your credit score with credit cards fast? Get a credit card as best credit card build your credit score, use it to make small purchases and other expenses on what you usually pay cash for your living then make a full payment of your credit card bill when its due, keep this practice on regular bases.How to build your credit score fast, easy and cost effectively? If you ask online for the same question, it will highlight majority of solutions that depend on credit cards because it been using for the purpose from a long time that can cost you a credit card application charges, annual fee and or security advance to settle your credit limit in case of secured credit card to begin. To build your credit score, you should require adopting an economical and easy to follow financial way, there are people who may think a loan on lower rates will help them to build their credit score, although they can do it with their credit cards without paying any interests. Yes, if you spend money on your day to day expenses through credit cards and pay back in full before the due date, you will save the interest amount beside your financial transaction keep building up your positive credit history with every transaction you complete.

Calculating a credit rating depends on FICO scoring model set by the credit reporting agencies working in the country, as it’s a standard system in the USA and Canada, it bring  same effects while determining different factors of contribution on the FICO scale in both the countries. Two of the major factors that can boost your credit score, holds 65% effect on your credit rating; 35% of your credit score is based on your Payment History and 30% on your Debt to Credit Ratio, and if you can manage to handle these 2 credit rating factors successfully, it will help you in maintaining a good credit history for you. Moreover, if you are practicing good care of your credit liabilities for a longer time than you can also awarded with the 15% contribution on the FICO scale for your Credit File Age that makes your total contribution of 80% towards FICO credit score range to get advantage of boosting your credit score, where credit cards are the easiest approach to be used to build your credit score.

If you have credit cards and using them to purchase your everyday expenses while paying off your credit card bills on regular bases for the full amount each month, it will help you in establishing your good payment history to enjoy the 35% advantage on your credit score and if you have maintained your credit cards usage history same way for a longer time, it will award you extra 15% positive increase on your credit score.  Moreover, keeping up with the regular payment history of your credit cards bills may deliver some portion of your remaining balance to the credit bureaus because of the nature of difference between the billing dates and payment due dates but it will not affect  negatively because you are not responsible for any interest charges that’s the reason keeping up with the regular payment history will also help you in maintaining your debt to credit ratio lower as possible to award your 30% credit boost to your credit score from this head.

Credit cards and credit rating have a great relationship with each other as most of the people used to hold credit cards that’s the reason they are aware of the fact; how fast it can make an impact on their credit rating. Credit cards debt is the most swear kind of debt that lot of people want to get rid of due to its high rates and quick reporting to the credit bureaus but on the other hand it’s been used from a long time as a traditional method to build credit score. Although there are alternate ways to build your credit score today (Credit Repair Canada) but most of the people still want to go with this traditional method because it’s simple, fast, and easy to follow. Credit cards are not even used to build but also considered as an effective credit instrument to rebuild bad credit rating. Credit building credit cards Canada offers lot of secured and unsecured credit cards for bad credit and or no credit in the market today, although your chances to qualify for an easy credit cards to get in Canada between these two options mostly depend on applying for secured credit cards because they generally don’t require a credit check but it doesn’t make any difference on your purpose of building your credit score and or rebuilding credit, you can easily get one according to your choice.

Remember; Always pay off your balance in full each month! primary purpose of the credit cards bring a safer way to shop without carrying cash and are built for people with good to excellent credit scores that keep up with their regular payment history. It’s highly effective nature of reporting to the credit bureaus to determine your time to time credit history and score have brought up a need to use it for a purpose of building credit scores. That’s the reason lot of credit card companies come up to offer credit cards to people with no credit and bad credit rating. Credit cards for rebuilding bad credit and or building no credit score are specially designed to fill up the need of such applicants who’ve had no credit history, past payment issues, loan default or bankruptcy. As best credit card build your credit score fast, most of the applicants put this same question; What is the best credit card? It’s deficult to answer because there are plenty of good names and brands that are availble to get advantage of their service for the same purpose and on the other hand it depends on your financial status to get approval for one of the best credit card for you. You can get a list of lot of credit cards ready to go with your approval crieteria to compare and find one of the best credit card for you. Apply and get approved for one of your desired credit card to start working to build your credit score today.


Bad Credit Loan Is Not A Loan But A Situation

Once I was working online on my financial portal, my neighbor’s kid come up to see me and when he observed I am busy, he placed himself with me silently watching what I am doing. After a while his developed curiosity pushed him to break the silence as he was looking on the screen that were showing commercials of bad credit loan, what he asked make me surprised a lot because I was not expecting such an intelligent question from at least a junior school kid;

“I know about variety of loans and credit instruments like mortgage, car loans, personal loans, home repair loans and credit cards because my parents have got these all and I usually heard their conversation every month while making our home budget that holds payments for these loans but I don’t know about the bad credit loan. What kind of loan is this and can my parents take it?”

I was thinking we are living in a highly advanced society that have a great impact of such financial instruments but most of the people think best to discuss with the teens; Although knowledge of loans, mortgages and other credit types are not meant for the young people being as a hard subject, but at least high school students should get the primary knowledge about what it means to borrow. Moreover, we should not wait for the time that our kids get these kind of information from their school but financial literacy should start at home with our kids as soon as it’s possible with an intension to build responsibility, confidence and power of good decision making, and when they start asking you questions on this financial subject, don’t hesitate because it’s a right time to begin.

Anyway, I replied him bad credit loan is not such kind of any loan product that can fit into any specific category offered by banks and other non-banking institutes because it’s a situation that can turn individual or business from good credit into bad credit rating and these people when require some kind of loans, say if it’s a personal loan then they can’t get the loan from personal loan lenders but from those lenders who offer bad credit personal loans. Do you know your parents are enjoying their loans and credit facilities on best rates and terms because of their good credit history that they have achieved through their regular timely payments without a break or delay? Let’s say your father have got a car financing that require monthly payment towards the car dealer or lender until its completely paid off, if he doesn’t pay his liability in form of monthly loan payments on time and don’t keep up with the regular payment schedule, his credit score will drop, in this kind of situation if he needs another type of loan then he will have to apply that loan to the specific lender that accept bad credit applications. That’s the reason if your credit history has turned into bad credit because of your negligence or have been lost your job and, or you can’t afford to pay off your liabilities on your existing loans then there is an only way to apply for your next credit that you need a lot to survive your life is bad credit loan. He was listening me very carefully and I was expecting another question that may have definitely build up in his mind; if we can get loan with bad credit and good credit history both then why should we care about responsible lending? As he didn’t find words to put another question because it may be a lengthy topic for that age but my responsibility is compelling me to tell him at least what’s good and what’s bad. So I added bad credit loans taken for any reason that may be car loan, home loan, credit cards or else are expensive kind of loans beside these loans are hard to get and; would you tell me if your parents credit history turns into bad credit one then what happens if they want any kind of credit after and while I was just paused myself he replied me an intelligent answer that everyone will definitely enjoy here, in his own words, he said “they will fight while making their home budget”, and this was an excellent answer that make him a genius among other junior school kids. As it were not completely understood by this young fellow but he knew his parents will get hard feelings because they have to spend more money to adjust their previously tight budget.

This was an interesting conversation between an adult and kid but completely different in form of discussing especially interesting topics of kids in which they usually don’t stop asking questions and it make environment so funny when an adult want to escape out from a situation, anyway but one thing that admire me about my neighbour’s kid, he is so concerned with the financial affairs of his parents that he want to do something that help them releasing their pressure.


How To Set Financial Goals

Basics of financial planning and setting financial goals! Most of the people often face problem in managing their money in relation to how to make it. It may be your habit of overspending, taking too much credit and involving into variety of loans or it may be your bad luck but it feels really shocking when some one with good financial history descend into poverty and indeed into bankruptcy.

There are plenty of reasons that effects our personal finances, these are some of the interesting things which may come in your life that may require a great effort of money management financial to deal with. Some times it may be in our control but our impulsive behavior may not help us getting out of it and some times it may be our bad luck that may ask us to pay the price, in all its way you have to pay the price.

1:  According to the Statistics Canada’s latest reports 50% of married people go for a separation every year. In it’s latest finding nearly 70,000 were divorced where nearly 150,000 Canadians marrying every year. Among married couples, money management problems are the leading cause of separation and divorce.

2:  As we know superstars including celebrities and top athletes have to maintain their image in the public and for that reason they have to spend more. Although these people make millions but sometimes their heavy spending habits may loose them all.

3:  There are plenty of people who don’t care planning and rush them selves in getting things on loan and getting more than one credit cards without thinking about, these people are not fulfilling their dreams but ruining their real financial life while increasing their liabilities and threat being caught in the debt problems.

You will find plenty of money management strategies but I personally believe in saving rather than making more from it because in reality, a dollar saved is more than a dollar earned, since I have already paid taxes on the dollar I have already earned; “A dollar saved is a dollar earned”.

Setting  Up Your Financial Goal

Setting financial goals is a smart choice! Setting a financial goal is same as setting a personal goal for you self. For example, if you decide to become a doctor, you develop an action plan that will get you there. Where as when you set a financial goal, you define what you need and develop a plan for achieving it. You have a definite aim and a clear path for getting there in certain amount of time.

How to set financial goals is crucial but rewarding! Goals like “get out of debt” and or “become a millionaires” are very common among us that required your persistence approach and hard effort to accomplish. In order to achieve your financial goal a little discipline on your side is required that may create a balance between your goals and enjoyment while ensuring your future financial security. Here’s how you can set your financial goals to achieve that will definitely require some changes in your lifestyle as you set these goals.

Short-term financial goals should consist the things that require your immediate personal attention to carry on life, building relationship and making a foundation to carry on the best hope entering into a successful future. It should not consist high expenses and pressure on your budget because you will be spending it from you current income or very limited savings that you may set and achieve within one month to one year. Examples of short term financial goals may include purchasing a kitchen utility, gardening utility, parking lot, family vacation, birthday and holiday gifts beside you may also pay off your credit cards or other utility bills.

Mid-term financial goals are goals that you have set and want to achieve within one to five years. You have the savings and you can easily manage your expenses getting all those things to improve your lifestyle. Mid term financial goals are best for purchasing a new car, repairing and remodeling your home besides paying off all your credit cards too.

Long-term financial goals are goals that may require a big investment that will take five years and longer to achieve, and it will accomplish indeed with your long-term savings. Examples of long-term goals may include purchasing a house, mortgage, retirement savings, college education funds and etc.

Dividing your financial goals into above these three time phases will definitely help you in achieving success with your personal finances. Short term financial goals may help you a lot in developing confidence and smoothly adopting and setting up other mid term and long term financial goals because these short term financial planning require a very small budget although it also comes from your savings but in just a fraction of risk you will get chance to study and correct your mistakes and problems.

Believe me the process of financial goal setting is quite simple and easy to do it job. All it needs is you to adopt the way you can do it easily and then follow accordingly. Here are 6 key steps in financial goal setting that will definitely help you in setting goals for success:

6 Steps To Reaching Your Financial Goals:

  1. Set and write down while dividing all these into short-term, mid-term and long-term financial goals.
  2. Make a goal setting worksheet; set and write down the dates to start working on your financial goals and a time frame to achieve these financial goals.
  3. Create a detailed, realistic, specific, measurable and achievable action plan because documented goals are easier to track and assessment.
  4. Be flexible because sometimes it requires necessary adjustments to your goals and strategies.
  5. Periodically review your financial goals and evaluate progress, you can better manage it if you measure it prompt, that’s why set a reasonable period to review as monthly, quarterly or what ever you may think better in your case. Remember, minimum will be the assessment period minimum will be the damage that also takes little time to handle the problem.
  6. Increase your financial knowledge. Take the services of financial consultant or ask your friends who can guide you personal investment options. Read books, articles and other financial stuff to enhance and update your knowledge.

Remember if you will be not spending wisely these financial goal setting and planning will not help you that’s why try to control your self when especially buying on impulse. This may be an excellent tip if you put such merchandise or stuff on a waiting list like a month and between that check other alternatives to compare prices and other features of interest it hold before purchasing one for you. This way you will get two possibilities to go with, either you may have it on a reduced rates or you may also say no to the product because it may be possible you don’t actually need to buy it.


Personal Loan Requires Planning That Valentines Day Don’t Agree Because It’s a Matter of Heart

One guy asked me day before Valentines Day that he needs a fast loan by tomorrow, he didn’t know how but he wanted to do something special for his love. This look strange because if he was aware of his passion while having knowledge of this special event before then why shouldn’t he planed it earlier. While replying back I understand the reason of his emergency, yes it felt really cool when I heard he met love of his life just one day before. Oh, it’s great because it sounds a valid reason but according to financial statistics one third of males population use to leave getting a gift to the very last minute with a reason mostly quoted they were not getting an idea to express their feelings although they actually forgotten the event. I hope this fact don’t make angry any women of our love because there are plenty of negative forces mostly related to the economical issues are taking up space of men mind’s hard disk, it only require to run your software of love and trust to remove the junk data out of mind, leaving the free space that holds and returns you the same person of love, care and affection. Anyway, try to avoid taking loans in such situations in which it is required to plan rather then to forcefully make any upcoming event into some kind of emergency.

For all those who are looking for a competitive way to fund buying a present that include major shopping like extravagant gift such as jewellery, car or luxurious dream holiday for a loved one, personal loan is more cost-effective option in terms of the amount of interest payable in comparison to payday loan, store or credit cards.

Being a financial consultant I have an advantage that I am going take I will adopt very economical way of expressing my love, holding a valentine card in my one hand while red rose in other, moving my lips to say happy valentine and ask her while looking deeper in her eyes will you take dinner out side. She will reply me as usual while smiling why not, yes. And I know how it’s hard to get a table in any restaurant or hotel for the next three days. Most of the guys will like my idea but I want to say to the majority of women who might not agree with my idea “It’s the only women of my heart for whom I am saving, when today I go out for a week or so, I give her the money to spend for these days but what happens if I go forever”. I am just a custodian and every thing is belongs to her.

Happy Valentines Day to all of you! Manage your personal finances masterly and stay out from credit problems and keep smiling.



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