Category Archives: Credit

If your credit history is not where you want it to be, I can guarantee that you’re not alone. Many of us weren’t taught the importance of maintaining good credit, and as a result many have fallen victim to the temptation of the short lived satisfaction over spending brings because they are unaware of how detrimental the consequence is. However, fear not ! If you may’ve made a mistake of two with your credit, or you would simply just like a higher score, you are able to increase it. High credit scores allow for higher approval probability and lower interest rates, and well who doesn’t like low interest rates. Just keep in mind that improving your credit scores takes time, this is not a project that can be down over night. There are several steps you can take to increase your score such as paying down debt, or getting a…

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Have you ever heard the quote , “it takes 20 years to build a reputation but only 5 minutes to ruin it ?” Well the same goes for your credit. It is extremely easy to lose points from your credit score, but it takes a while, to build it back. But knowing how credit scoring works can help tremendously when manuevring the process to rehabilitate your numbers faster. Listed are two effective strategies to help you do just that. DISPUTE OLD, SMALL COLLECTION ACCOUNTS There may be mistakes in the credit or loan amounts, or errors in a payment you made on time that may display as late. There could also be negative information listed for longer than it’s maximum amount of years. PAY YOUR CREDIT CARDS TWICE EACH MONTH Paying the balance on your credit every month seems like a good idea however it could actually be hurting your…

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Many Canadians think that increasing their income will solve all of their financial problems, however this couldn’t be further from the truth. The use of Credit and Credit Scores are over looked aspects in financial life but in reality Credit is one the pillars of financial security.  In our payment driven society, getting credit is extremely easy, and spending it is even easier, and as a result spending unnecessarily is the financial anchor holding many back from financial freedom.   The problem is when spending is based on payment amounts, people often feel they can afford things they can’t.  The solution is simple – live within or below your means. Credit however, is not all bad.  It can actually be very good when used correctly.  If you have high Credit scores , you pay less interest rates which means more money in your pocket.  So I’m going to break down two…

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More than 50% of Americans gave themselves a personal finance grade of A or B in a recent survey. I sure hope you are making the grade, but in the same Equifax survey there were some disturbing facts. Emergency Fund: Just half of respondents say they have at least three months of living costs. That means an even smaller percentage have the eight months of living costs I insist is the only way to be safe, and not sorry. How to raise your grade: If you don’t already, sign up for automatic savings at your bank. Have a set amount transferred from your checking account to your savings account. If you already do this, add $25 to the monthly transfer. Push yourself to do this. I am confident you have what it takes to trim your spending so you can afford to save more. Then in three months, increase it…

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