Different Types of Credit And Why Variety Is The Spice Of Life

Robert PalumboBlog

We’ve chatted a lot about credit, credit scores , and what determines your magic number – but what about the types of credit we have, and how those affect our score? Different types of credit carry weight in different ways. For example, paying a mortgage means that your amount owed decreases monthly, whereas paying a credit card is seen as a higher-risk … Read More

Does It Hurt My Credit When I Check My Rate or Score?

Robert PalumboBlog

checkingscore

Credit inquiries count for 10% of your overall credit score. Surprised it’s that low? I was. It’s pretty engrained in us responsible Canadians not to apply for credit willy-nilly.However, getting quotes online with personal loan companie s like Borrowell are considered “soft” inquiries and do not affect your credit score. Similarly, it won’t affect your credit score when you check your credit score with Borrowell.It’s only if you’re going … Read More

Canadians with credit card debt suffer emotionally as holiday shopping season begins

Eva WongNews

Woman With Credit Card

Borrowell and Dr. Oren Amitay team up to help Canadians this holiday season. Black Friday kicks off a time of year where many Canadians with credit card debt go through extreme emotional distress. Dr. Oren Amitay & Borrowell are teaming up to talk about how the holiday shopping season can cause, contribute to or exacerbate mental health issues in Canadians who carry debt … Read More

Why You Should Think Twice About Cancelling That Credit Card

Robert PalumboBlog

Credit history makes up a solid 15% of your credit score . The 15% is weighed on how long your accounts have been open, and how long it has been since you have been using those accounts (AKA, are they active?). To create a solid history, credit bureaus would prefer a minimum of six months under your belt. Therefore, before you close … Read More

Credit Utilization: The Credit Score Tip Most Canadians Have No Idea About

Robert PalumboBlog

credit score weighting

Did you know that 30% of your credit score depends on credit utilization? After making payments on time, credit utilization is one of the most important factors credit bureaus look at when calculating your credit score . The lower your credit utilization, the better. The good news is that it could be something you could improve pretty easily. What is “Credit Utilization” anyway? … Read More

The Importance Of On Time Payments

Robert PalumboBlog

ontimepayments

Credit scores are tricky – mostly because none of us were educated on the best practices – or even the worst practices when it comes to the magic number. Of course we know not to live outside of our means, to always save for an emergency, and to follow our budgets – but the credit bureaus don’t see all of that personal … Read More

What Is A Credit Score And Why Does It Matter?

Robert PalumboBlog

Credit. We love it, we hate it, and for many of us, we use it on a consistent basis. So much of a consistent basis, that it’s probably important that we know as much about it as possible. After all, these magical numbers can define our financial status in the eyes of many. You’re probably thinking, why should I care? … Read More

Do you know your credit score? Canada’s new mortgage rules make it more important than ever

Robert PalumboBlog

creditscorefall

If you’re a Canuck in the market for a mortgage, some new rule changes may affect your decision making. The federal government of Canada announced several major changes in mortgage rules that have the potential to put a significant dent in the purchasing power of buyers. The government has indicated that these changes are a response to steep increases in … Read More