Locating new schools and communities are just a few of the challenges new Canadians face when they immigrate here. For many, establishing a credit history so they can purchase a home, car or even secure a mobile phone plan and insurance is a top — albeit confusing — priority.
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As Canadians sat on lakeside docks or headed elsewhere on vacation this summer, forces at work in the bond market have helped to reshape many of their financial futures.
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Led by the likes of Central Alberta Co-op, The Co-operators and Servus Credit Union, member-owned co-operatives are a big part of the local economy.
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No matter where you live or even if you do not invest in real estate or common equities, your credit score is essential to your future. The ability to borrow money (such as for a mortgage) and to pay it back is not just for the very wealthy but for everyone. It has been said that having bad credit is better than no credit to a lender because there is at least a track record for them to gauge. A good credit score is essential to low interest loans and increasing the ability to purchase items.
If you have a credit card, that is one way that your history speaks for your abilities to pay money back. The good news is that even if you have a poor credit rating, it can be improved upon with some assistance from a mortgage broker who specializes in investment properties.
Each country around the world has its own credit agencies and ways of calculating credit. Although I do not have them all at my own disposal, here is a partial list which can help you get started.
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Once your credit is on a solid footing, you can start the process of getting qualified for your first or next piece of real estate.
I liked this piece by Philippe Bacchetta and Eric van Wincoop at VOX regarding the causes of the global great recession. In it, they discuss the factors that led to the crisis and why it was so globally widespread. This section, in particular, jumped out at me:
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SEOUL, South Korea — Canada and South Korea do not get nearly as much credit as they deserve for what they have achieved economically, although they got there by very different paths.
Seoul’s export-driven economy is almost totally fuelled by imported natural resources. Canada’s export-driven economy is largely driven by the sale of natural resources.
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In my last column, I discussed why checking and cleaning up your personal credit report is so important to your business, especially since so many small business people have not separated their business and personal credit. And that’s really too bad, because comingling personal and business credit can have disastrous consequences for both.
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The Obama administration is readying a push to get banks to make more home loans available to individuals with weaker credit, The Washington Post’s Zach Goldfarb reports.
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When I ask people if they’ve checked their credit report or credit score (yes, there’s a difference), most they tell me they haven’t – although they agree it’s a good idea.
A credit report will list your history of payments, what types of credit you have, and how much of it you are using. A credit score gives you a number which essentially sums up all that information and tells lenders how much of a default risk you are, or, how profitable you can be for them.
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Despite “horror stories” about the difficulties of getting a mortgage, banks are willing to lend to qualified homebuyers, Barry Habib, chief market strategist at Residential Finance, told CNBC on Monday. But he stressed that the definition of “qualified” has reverted back to the standards of “10-15 years ago.”