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
It’s easy to let statements and other loan documents pile up, and it can be tempting to throw these papers out, especially if your mortgage is close to maturity. But how long should you keep your mortgage statements – and which mortgage documents are worth keeping? We’ll answer these questions, plus give you some advice … Read more
Borrowers might use personal loans to make a big purchase, consolidate high-interest debt and access cash. And like any debt, a personal loan could have long-term effects on credit scores. Taking out a loan is a major financial decision that can have long-term effects on your finances and credit standing Many people are hesitant to … Read more
When applying for a loan or credit card, you’ll likely have to go through a credit check. This allows lenders like HSBC to review your credit history and determine if you’re eligible. But what credit bureau does HSBC use for credit checks? HSBC, like most major lenders, uses data from all three main credit bureaus … Read more
When it comes to understanding your credit report and score, you may have heard of Equifax, Experian, and TransUnion. These three major credit bureaus (also known as credit reference agencies or simply credit agencies) play a significant role in providing and managing your credit information. It is also one (or more) of these agencies who … Read more
Are you considering buying a home in Edmonton but don’t know how to finance the down payment? There are many ways to come up with the funds for your down payment, such as tapping into existing equity or taking out a personal loan. In this article, we’ll explore one option that may be ideal for … Read more