According to the Government of Canada, a credit score is a 3-digit number that represents how likely a credit bureau thinks you are to pay your bills on time.1 It can be an important part of building your financial confidence and security.1 For example, building a good credit score could help you get approved for … Read more
Having closed accounts on your credit report is common, but you may be wondering if it’s possible or advisable to remove them. In this comprehensive guide, we’ll explain everything you need to know about removing closed accounts from your credit report. Why Do Closed Accounts Remain on Your Credit Report? When you close a credit … Read more
Many, or all, of the products featured on this page are from our advertising partners who compensate us when you take certain actions on our website or click to take an action on their website. However, this does not influence our evaluations. Our opinions are our own. Here is a list of our partners and … Read more
A hard inquiry occurs when you apply for new credit and the creditor pulls your credit file. Hard inquiries stay on your credit report for two years, but they only affect your FICO Score for 12 months. A hard inquiry, also called a “hard pull” or “hard credit check,” occurs when you apply for a … Read more
When it comes to credit cards, “good” can mean a lot of things, but today, we’re talking credit limits. You know, the magical number that determines how much you can spend before your card gives you the cold shoulder. But what exactly is a good credit limit? Is it enough to cover a trip to … Read more
Its an age-old question we receive, and to answer it requires that we start with the basics: What is the definition of a credit score, anyway? Generally speaking, a credit score is a three-digit number ranging from 300 to 850. Credit scores are calculated using information in your credit report. Your payment history, the amount … Read more
Paying off your credit card debt in full each month is an excellent way to save money and build credit. For best results, aim to pay your balance in full each month or as often as possible. When it comes to using your credit cards responsibly, it pays to separate fact from fiction. While its … Read more
Paying down your debt faster may help you get a head start on your goals, whether it’s applying for new credit, saving on the cost of borrowing, or just reducing your debt. Here are some strategies to think about when considering repayment plans that could help you pay your debt off faster. Getting out of … Read more
A credit limit is the maximum amount of credit a lender authorizes a borrower to use on a credit card or line of credit. If the borrower exceeds the credit limit, they may be subject to penalties, fees, or even canceled credit cards and lines of credit. Keep reading to learn how credit limits work, … Read more
Refinancing your mortgage can seem like a great way to secure a lower interest rate or better loan terms. But how do you know if the company offering to refinance your home loan is actually legitimate? There are unfortunately a lot of scams and predatory lenders in the mortgage industry. You need to do your … Read more