Many Canadians who are planning to secure a new mortgage or rent an apartment have no idea if they have a good credit score, or even what would be considered good.
It’s a common assumption by lots of home owners that mortgage lending companies and the people working there are all heartless.
Paying down debt may seem like the best idea but if that’s at the expense of retirement funds it may be a bad decision.
As if collateral charge mortgages needed another knock against them, one broker is having trouble refinancing those clients who find themselves in an uninsured collateral charge product.
A poll by the Bank of Montreal found that 46 per cent of Canadians who hold a credit card have debt on the account.
In the wake of falling rates, private lenders may have a tougher time selling clients on higher rates; but not if expectations are properly managed.
You don't have to be a hot financial mess to have collection accounts ruining your credit, but ignore them.
Most consumers aren't in a position to benefit from record low mortgage rates, according to a report from the Corporation for Enterprise Development (CFED).
But in spite of any past financial troubles, no matter how severe, you can clean up your credit report with time and a little TLC.
Ask most people what their net worth is and they probably don't know.