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Tag: Payment History

Few Important Facts About Your Credit Score

Your credit report statistics shows what your credit score is. Your credit score isn’t stored with your credit report, but it is generated at the time when there is a request to your credit report.

Why credit scores are used?

At the time you apply for a loan the credit score effectively tells the lender based on a score rating, your ability to repay the loan based on your previous payment history, and your current credit status. Everyone from banks, auto dealers and mortgage companies utilize this method of credit rating to determine the risk.

There are other factors when applying for a loan or purchasing a car that includes an applicant’s income, length of employment etc. Many times additional household income is taken into consideration as well. The purpose many times for this is to account for the possibility of a co-applicant being added to the loan should the primary applicant’s credit history or score or length of employment fall short of meeting the requirements for the loan.

What can impact a credit rating or credit report?

The number of late payments made to a creditor.

Charge-off accounts.

These are accounts where payments were discontinued by the borrower leaving a remaining balance that was never paid off.

The total amount of debt. Inquires made recently against your credit.

This can be a flag to a lender if there are a great deal of inquiries on a person’s credit report suggesting to the lender that the applicant is making a great deal of attempts for a loan and can be increasing their debt in the very near future. This will affect the Debt to Income ratio as well as the credit score that many lenders consider, and this can result in a delayed or declined application.

There are regulations in place that protect individuals from the type of information that can be used in evaluating a person’s credit worthiness. The Equal Credit Opportunity Act does not permit race, color, religion, national origin, gender, age, marital status or receipt of public assistance to be used as any determining factors.

As always remember credit is a liability and the best practice is to apply it wisely.


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.


How To Get Free Credit Report Canada With My Credit Score

Why do I need to check my free credit report Canada with my credit score?

Learning the basics of the credit report process helps you in maintaining your good financial health because credit bureau collects and maintains how you are doing with your financial responsibility, and to provide it for the people and the organizations who need to find out, have direct concern and interest in your financial history like your employer, business partner or a lender, where your credit score shows your credit risk or advantage. Its a number that has been calculated through a mathematical formula  that measure through assorted variables in your credit report such as your payment history, public records, and debt to income ratio. Here in Canada, according to Equifax’s ScorePower Report, FICO scores range between 300 (bad credit rating) and 900 (excellent credit rating), where lowest number shows you have been suffering from a critical and a bad credit situation likely to default and high credit score brings more and more advantages, like if you are applying for a loan your interest rates depends on it, rates will be higher if your credit score is low and in case of high credit ratting you will get best possible lower rates. The one big investment is your mortgage and most of the people know how good score has brought thousands of dollars in savings to their mortgage repayments. Your  Credit score brings an instant summary that holds just three numerical digits to know your creditability.

Getting a free credit report in Canada holds more advantages for Canadian residents in relation to the American residents but lot of people here in Canada even don’t bother to check their credit profile, this may also be possible that they don’t know if they are entitled to a free credit report or not. Although you will be offered a free credit report Canada but it doesn’t mean that it holds your credit score rating attached. Possibilities are, you may or may not get your credit score with your free credit report, “How To Get Free Credit Report Canada With My Credit Score”, lets clear this phrase.

There are lot of options you may order your credit report, like by phone, fax, e-mail, general mail or online form but getting your credit report at your physical address through your mail request and instant delivery through internet media are the safest and easiest methods.

By mail its free! The credit-reporting agencies will provide you, by mail, with a free copy of your report on receiving your request in writing. Getting a free credit report this way will not provide you with your credit score and it also take some days to reach you.

By Internet some fees apply! You can also order your credit report through TransUnion and Equifax Canada from these reporting agencies’ websites online. This method is quite easy, safe and fast since you will receive your credit report online almost instantly, may take just few minutes after you made your request and other good thing you will awarded with your credit score too. However, these credit-reporting agencies charge a small fee for providing you with an online copy of your credit report and score.

How to get free credit report online that contains your free credit score?

The only way you can obtain your credit score through online applications supplied by these two credit reporting agencies’ on their websites. The fee charged for your credit score might be higher than the cost of receiving your credit report online. However, the cost of your credit score will always include an online copy of your credit report. Moreover, your paid credit report subscription also includes several other features these companies may have but common one is offering you your credit identity protection. The intention of writing these few sentences up are just to make it clear for you that free credit report with free credit score can only be obtainable through these credit reporting companies online, TransUnion and Equifax Canada and it does hold a cost. Now question stands here then how this advertising media is using the phrases free credit report Canada like “free credit score Canada” “free credit report Canada online”, “free credit report Canada Equifax”, “free credit report Canada TransUnion”, “Equifax free credit report Canada” and more like these.

You know how this advertising environment have been so tighten enough today when we have plenty of platforms to select products and services we require and this kind of market behavior and customer’s trend in finding opportunities the main suppliers, producers and marketers are just trying to reach their market and consumers beside trying to balance their own business competitiveness, such kind of aggressive statements that looks golden opportunities, make them prominent to be readily click-able are not false but it require some limitations attached. That’s why (Federal Trade Commission) FTC new rules implemented early this year in America to restrict such free credit report offering through these credit reporting agencies to safeguard consumers interest from such free credit report scam happening by printing these sentences as bellow:

THIS NOTICE IS REQUIRED BY LAW. Read more at FTC.GOV.
You have the right to a free credit report from AnnualCreditReport.com or 877-322-8228, the ONLY authorized source under federal law.

Its compulsory by law to print this above statement on the website’s web pages that contains such free credit report offering and those companies could face fines for not expressing full disclosure about free reports. Although its an American rule for the American websites but we should adopt it on ethical grounds till its not come up as a legislation. How this is true we can have our credit report in Canada free online that holds our free credit score?

You will find several websites offering you a 7 days, 15 days, 30 days or else free trial period for their such services, which offers you to view your free credit report in Canada online for the said period and after expiring you must sign up to carry on using the same service as paid one and some also offers the same free trial service if not canceled before the expiry of the said period you automatically becomes there paid member to be liable for the paid subscription. That’s why always carefully read first about the terms and conditions for the said free Canadian credit report offering, you are going to sign for. Some people will use the same service to view their free credit report in Canada and then just cancel their subscription or a membership before the expiry of the said period.

This is how to get your free credit report Canada that also holds your free credit score, its a good way but you have to remember to cancel your membership with the said company before the free trial period will be up, otherwise they will be start charging you for a service that you no longer been using.

The Canadian credit reports and scores offering system in Canada is very similar to that in the United States, like we both have two common credit reporting agencies working among us, which are Equifax and TransUnion (Experian, the third one has closed its operations in Canada on April, 2009). But there is, however, one main key difference that brings more advantage to us in Canada, is that, unlike the United States, where a consumer is allowed only a single copy of annual free credit report once in a year, in Canada the consumer may order a free copy of their credit report as many times in a year he/she may without any restrictions but as long as the request is made in writing for the printed copy to be delivered by mail. You will find printed statistic on your free credit report that how many times you have received such copies and good thing is this, it doesn’t bring any effect on your credit score.

For more information on how to build or improve your credit history, and how to check for signs of identity theft along the sample credit report Canada and credit score documents you may visit Financial Consumer Agency of Canada. The Government of Canada offers a free publication called Understanding Your Credit Report and Credit Score that you can read online free there, you may also order a hard copy of said publication that is available free of cost to residents of Canada.

View your Free Credit Reports in Canada in seconds!

free credit report canada and free credit score canada

Role Of Bad Credit Personal Loan In Today’s Economy

With the present state of the global economy being what it is, most of the Canadians with the other developing nations are also finding themselves in bad credit situations. Demand of personal loan has increased money wise. This cash shortage may be due to difference between our earning and spending beside routine payment schedule on our previously taken personal loans, car loans, mortgages and credit card debts. Although Credit report mechanism is efficient in collecting data of our transactions but it is not programmed to tolerate to adjust anyone in the light of personal problems individually or economical problems as a whole because even delay in your single payment beside prompt payment history may announce you a bad creditor because lot of people having good payment record already have gone in a poor credit situation.

Although we are heading towards economical recovery, our last months stock market have shown a nice upward trend in relation to last several months beside job market is still under observation, savings and investments are not materializing, credit card users are expecting some more hard changes in near future. Perhaps first phase of economic recovery needs sacrificing of some of our needs and that an ordinary people have been going through.

What if some one needs a fast credit if an emergency arises? General banks will not compensate your loan request if you have crossed your debt to income ratio according to their policy and asking for a short term loan till your next pay check and people with bad credit aren’t likely to be approved for a banking loan. The good news is that you are not alone here looking to remove your financial worries without any option of hope. Instead, look for a private lender that will grant you a loan, you will find secure and unsecured credit both.

Short term and low amount of credit need like a payday loan or cash advance is granted looking at your regular job and its unsecured in nature and if you are looking for a longer term with more cash requirement then you could get a secured loan based upon collateral.

Moreover, if you presently have bad credit, taking out a new loan might not seem too wise and there is really no such thing as a quick credit fix. Unfortunately, credit don’t take only months but sometimes years to repair that only require your persistence approach towards your commitment.


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