Two basic parts of most types of credit account payments are principal and interest. Principal is the amount borrowed, which can mean the price of an item (like a car or house) or the amount of credit used (as in credit cards and credit lines). Interest is the cost the lender charges the borrower to extend credit, which is where some borrowers get confused or pay more than they bargained for.
Creditors use charge-offs as a last resort when a borrower stops paying a credit card, personal loan, or other debt. At that time, the debt is moved to the creditor’s bad credit ledger and the charge-off is reported as a derogatory remark on the credit file. Although a lender may write off a debt, it doesn’t end there for the borrower. A charge-off does not make the debt disappear. Removing a charge-off from a credit report is possible but there are no shortcuts in the process.
Getting approved for a conventional mortgage isn’t always easy—especially if you have poor credit or lack confirmable income. Fortunately, private mortgage loans can fill the gap when you don’t meet the criteria of conventional lenders.
Most landlords and rental companies check the credit scores of potential tenants as part of their application process. But is there a minimum credit score requirement for renting an apartment in Canada? Here’s what you need to know about credit scores and renting in 2022.
Your credit is an important part of improving your quality of living. When you have good credit, you can make large purchases like investing in a home or buying a new, reliable car. If you have bad credit, you may be wondering how long it stays with you. Your credit report has financial information about your credit history and determines the score you have. Lenders report bill payments to the credit bureaus in Canada and then it’s updated to your credit report. Whenever your credit report is updated, your credit score may change as well.
Unless you are fortunate enough to have cash to buy your home, getting the right property is only half the problem. The other half is in knowing the best type of mortgage to choose. This is why it is essential to pay attention to know the top strategies for home buyers looking to find the best mortgage.
When you’re dealing with large amounts of money involved in owning a home, even the smallest rate difference can save you a lot. We have put together the tips that can help you save big if you choose to refinance your mortgage to take advantage of the lowest rates.
We’ve gathered the information you need to find out if a personal loan is the best choice for you to go with. Learn more about these loans here to find out if they’re the best fit for you and your needs.
We’ve compiled all of the information you need to find out if you qualify for a personal loan based on the credit profile that you have. Not just that, but you can learn more about the other requirements you might have to meet in order to qualify for the personal loan that you’re looking to obtain.
Find out more about your credit history and score right here, along with the tips and tricks that you can use to boost your credit score overall. You can even regularly check your credit to make sure it is in the best shape with help from the many apps that you can download to keep track of your score and the history behind it.