Know Your Credit Score in Canada Day – March 31st

Robert PalumboBlog, News

Have you ever gone online to check your credit score? Only about 14% of Canadians have… but Borrowell wants to change that for Canadians from coast to coast. That’s why Borrowell is sponsoring “Know Your Credit Score Day in Canada” on Friday, March 31st, 2017. Why does this matter? Your credit score can affect your ability to get approved for … Read More

4 Resolutions To Make 2017 Way Better Than 2016

Robert PalumboBlog

2017goals

BOLD Prediction: 2017 is going to be waaay better than 2016. It just has to be. This is doubly true if you get started on the right financial footing. So, we are going to recommend four financial resolutions that will allow you to improve your financial health while keeping up a great lifestyle in the new year. See ya later, … Read More

7 Simple Tips to Save $5,000 in 2017

Robert PalumboBlog

We are one month away from 2017. If you’re reading this, you would probably love another $5,000 in your wallet. Who wouldn’t? Our solution: We are going to share 7 different tips with each tip saving you approximately $60 per month. If you manage to tackle all 7 tips, this can add up to over $5,000 per year (7 tips … Read More

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

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