5 Ways to Consolidate Featured

5 Ways To Consolidate Debt Loans – Without Using Your Bank!


Forget the battle of the bulge – are you losing the battle of the bills?

If so, don’t surrender to your debt.

Instead, be smart, gather your bills, and read on because we’re going to tell you about 5 ways you can consolidate debt loans without using your bank.

Ready? Let’s get started…

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Credit Hits: How Long Do Each Affect Your Beacon Score?


Have you ever wondered how long a credit hit lasts on your report? Each negative record posted against you is typically removed over time. Most people however are unsure how long credit dings stay on a report. This post provides a simple chart that explains each factor and how long they stay on your credit report.

Your credit score is used by mortgage lenders as a way to judge your financial health. Lenders use this information to determine the level of risk you represent for them.

Equifax and TransUnion, the two main credit-reporting agencies in Canada, use a credit scale from 300 to 900, with higher scores indicating less risk. Each time you have a negative record posted against your credit your score goes down. The chart below shows how long it takes before records are removed:

credit score checklist

Credit Checks: Do They Affect Your Mortgage Credit Score?


From the home buyer’s perspective:

Client wants to buy a home, starts with their bank. Client has been a customer of the bank  for some time so it seems the obvious place to start. Bank runs credit, finds a problem, mortgage application is declined. One credit check. Surprised and equally frustrated, client approaches a bank their friend uses, after all their friends got approved for a mortgage and speak highly of their bank, declined again.

Another credit check recorded. Confused (and a little humiliated), client tries a third bank, a third credit check later and they are declined again. Keep in mind that the client is without clear explanation from the banks as to why they are being declined, and many banks don’t take the time to educate on how to improve the clients mortgage credit score.

Client turns to the internet to learn why they were declined, what they are doing wrong, and what options they have …

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How Long Does It Take to Fix Your Credit Report?



A recent article I’ve read addresses how more Canadians are improving on their credit reports with on time payments for loans and credit cards.

Equifax’s Vice President, Nadim Ado, states that in as little as 6-12 months you can have your credit repaired.

Since 2010 when credit problems and debt hit its peak for Canadians, the number of late payments has decreased by 3%, that’s and increase over 730,000 Canadians making on time payments! Great news!

7 actions that hurt your credit score featured

7 Actions That Hurt Your Credit Score


Did you know there is more to your credit score then just on time payments?

For years people have been trying to build their credit, borrowing and making payments on time thinking it’s helping their credit report.

Then one day they apply for a mortgage only to be told their credit score is not high enough for the best rate offered.