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Everything you need to know about your credit score
Everything you need to know about your credit score
We separates fact from fiction.
Its something most of us have, but dont know much about. Were talking about credit scores. Credit scores play an important role if youre looking to make a large purchase, like buying a house or car. Financial expert Robyn Thompson breaks things down and separates fact from fiction.
What is a credit score?
Your credit score can range from as low as 300 to as high as 900. While theres no magic number, the following ranges are generally used by lenders.
725-759: Good job!
561-659: Some debt.
300-560: Poor credit.
Keeping your credit score in check
Check your credit score annually
A check can reveal signs of identity theft or errors that appear on your report. Do this annually for both credit bureaus. Ensure that attempts have not been made to open credit cards, other loans, or mortgages in your name. And request any errors be corrected.
Monitor your payment history
Your payment history is the most important factor for your credit score. To improve your payment history:
*Always make your payments on time
*At the very least, make the minimum payment
*Contact the lender right immediately if you cant pay a bill
*Never skip a payment even if its in dispute
Use credit wisely
Dont go over your credit limit and use less than 35 per cent of your available credit. Lenders view the use of maximum credit as a greater risk factor, even if you pay your balance in full by the due date.
Limit your credit applications and credit checks
A credit check is recorded as an inquiry by the credit bureau. If there are too many credit checks on your report, lenders may think you need credit urgently or that youre living beyond your means by juggling credit.
Some of the most common credit myths are:
**Your score drops if you check your own credit. Viewing your own report and score is counted as a soft inquiry and doesnt change the score one way or another. On the other hand, hard inquiries by a lender or creditor can slightly lower your credit score.
**Closing old accounts raises your score. Wrong. This might actually have the opposite effect because your credit history appears shorter. If you need to close accounts, shut down the new ones first.
**Paying off a negative record takes it off your credit report. Negative records collection accounts, late payments, etc. will remain on your credit reports for up to seven years from the date of first delinquency. It will still have some effect until it is purged from your report by the credit reporting company.
**Co-signing a loan takes the heat off you. No, it doesnt. You are held legally responsible for joint or co-signed accounts. And activity on the joint accounts shows up on the credit reports of both account holders. You can end dual liability on joint accounts by having one party refinance the loan or persuade the creditor to formally take you off the account. Better yet, avoid joint or co-signed credit.
**Paying off a debt boosts your credit score by 50 points. A myth. Because of the
complexity of credit-score calculations, its almost impossible the effect one factor might have on points. For the best credit score pay your bills on time, lower your debts, and ensure inaccuracies are corrected. A proven record of sound financial management will have the most significant impact on your score.
Canada: Residential sales reached a new record in September
Seasonally adjusted home sales rose 0.9% in September to a monthly record of 56,422 units. Sales in Ontario missed Augusts record by a hair due to a 5.3% monthly decline in Toronto. Records were nonetheless registered in Ottawa and Hamilton. In the Province of Quebec, sales were at a record level in the Quebec CMA and in Gatineau, and close to August records in Montreal. In B.C., transactions reached a record outside the three main markets of Vancouver, Fraser Valley and Victoria. There were also sales records in Nova Scotia and New Brunswick. The active-listings-to-sales ratio indicates that the Canadian home resale market was favorable to sellers in Ontario Quebec, the Maritimes Provinces and marginally so in B.C. The market was balanced in the four other provinces.
PROMISES, PROMISES AND MORE PROMISES
Canadas Parliament re-convened today with a ceremonial Speech from the Throne delivered by the Governor General.
Canadas continued response to the COVID-19 pandemic took centre-stage, while providing a lens for a plethora of broader promises: an extension of the wage subsidy, expanded employment insurance, investments in childcare, reaffirmed commitments to universal pharmacare, and green infrastructure investments among many others.
Given the exhaustive list of priorities, this Speech is unlikely to bring the minority government down as it provides plenty of hooks for negotiations in the lead-up to a Fall update where details will be laid out.
It clearly signals more fiscal spending ahead for Canada leaving the question not if but how much. But this was largely channeled ahead, so the market reaction has been mutedor more likely, it is eclipsed by broader US and global developments.
There is little beyond lip service by way of fiscal restraint. This will be left to the Finance Minister to make inevitable trade-offs in her first budget this Fall, particularly as she may need to reserve some firepower for second waves.
Source: Scotiabank https://www.scotiabank.com/ca/en/about/economics/economics-publications/post.other-publications.fiscal-policy.fiscal-pulse.federal.federal-budget-analysis.federal-throne-speech--september-23--2020-.html