Have you ever wondered if only rich people have fabulous credit scores?
Wonder no longer. The truth is you don’t have to be rich to have an awesome credit score in Canada. You just have to learn to live within your means.
The ironic thing is that people who don’t have good credit are the ones who wish they had good credit scores while those who have awesome credit scores usually don’t care because they don’t want to borrow any money. Part of the reason for this is that people with the very best credit have usually learned to work with what they have. If they don’t have the money they need to buy something they want, then they don’t use credit to buy it. They save, and then they buy—but only when they have the money. If they do use credit, they will only use a small amount of credit that they know they can quickly repay.
Steps you can take to create an amazing credit score
If you have a poor credit score, you can eventually turn your bad score into a great one by following the tips listed below. We know it is easier said then done, but here goes . . .
- Pay all of your debts on time each month and never be late.
- Have two or three credit cards report on your credit bureau. A line of credit will also help but is not necessary.
- Have reasonable credit limits available to you on your credit cards and line of credit, but don’t use them (or hardly use them).
- Don’t apply for credit too often.
- Do all of the above over many years and your credit score will be amazing (the only catch is if you have late payments or other negative information reporting on your credit bureau right now, this bad information will need to fall off your credit bureau before your credit rating can soar. It can take 6 to 7 years from the date bad credit occurred for the negative information to fall off your credit bureau).
- Learn to live within your means without using credit. If someone took away all of your credit cards and your line of credit tomorrow, how would that effect you? Would your life continue on just fine or would that really mess you up? You will never have an awesome credit score as long as you depend on credit. You have to break your dependency and learn to live on a budget. Once you learn to live on cash, and start making progress paying down your debts, your credit score will continually improve.
- Make living on a cash budget a life style choice. As the years pass and you pay on time and don’t charge much on your credit cards, you will feel better knowing that your finances are under control.
Ten great reasons to use a mortgage broker
March 31 2017 Posted by
Ten great reasons to use a mortgage broker
For many Canadians, mortgage payments are their single biggest expense. Yet most don’t comparison shop to ensure they’re getting the best mortgage rate and terms available, which can cost tens of thousands of dollars over their mortgage years.
Don’t make the same mistake! Here are 10 reasons why you need a mortgage broker working for you:
1. Choice. A wide range of lenders, including major banks, credit unions, and other national, regional and private lenders will instantly become accessible to you, ensuring that your specific needs are matched to the right mortgage. I often offer my client's mortgage products that have minimal or no penalties, which are not available from the big banks. These products are considered full feature mortgages and save my clients money.
2. Great rates. Get money in your pocket by taking advantage of Bespoke Mortgage Group's clout with lenders. Our stellar reputation and longstanding experience allows us to negotiate great rates and access limited time specials. Lenders will often not offer competitive rates on renewal unless a Mortgage Agent working for you. Let me get you the best rate.
3. A focused expert. A mortgage is a very significant financial event. That’s why you want someone who is highly specialized in the mortgage marketplace and focused solely on your needs. You’ll get advice that will make a significant difference in your financial life.
4. Independence & objectivity. I work for you, not the lender.
5. Solutions when you need them. I can provide funding for bank turndowns, the selfemployed, past credit problems, etc. There are mortgages for almost any situation and I know them all.
6. Save time. Everything relating to your mortgage can be managed around your busy schedule.
7. Service, service, service. I’ll be with you every step of the way, to answer all your questions, outline your best options, and efficiently guide you through the process. I will spend the time to explain the entire process and details of your mortgage with you. This is very different from what most banks provide.
8. Ongoing support. My services don’t stop after the mortgage closes. I will stay with you for the life of your mortgage with advice and opportunities.
9. No cost (oac). The winning lender pays compensation for the services and solution provided, which means no fees for you in the vast majority of cases.
10. Your satisfaction. My goal is to ensure that you are so completely satisfied with your mortgage experience that you will be happy to refer me to your friends, family and colleagues.