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The Nitty-Gritty of Credit Rating Analysis

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The Nitty-Gritty of Credit Rating Analysis

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A good way to think of a credit report is as a report card for adults. The higher the score the more likely you are to get your first choice loan and better interest rates (kind of like getting into your first choice university, with the possibility of receiving a scholarship).

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What Your Credit Rating Affects and How to Build Up Good Credit (Website #1)

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What Your Credit Rating Affects and How to Build Up Good Credit (Website #1)

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Building up a good credit rating is incredibly important to ensure you can get loans in the future.  The best way to build a good credit rating is to have a credit card and bills in your name, and ensure you pay those bills on time.
A useful piece of information to take away from this article, is to view your credit score as the amount of trust potential future lenders have in you, to pay them back on time. The higher the number (score), the better.

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If you hope to someday buy a home and get a mortgage,itâ€™s important to have a good credit history because a mortgage provider will take this into consideration.

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Why it's Important to Know Your Credit Rating (Video #1)

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Why it's Important to Know Your Credit Rating (Video #1)

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Every few years it is important to request a credit report to know your credit score and understand what items are on the report that are affecting your credit rating. Your credit score not only affects whether or not lenders will lend money to you, but also the interest rate on the money you pay back to them.
A useful piece of information for viewers to take away from this video, is that although requesting a credit report yourself will not affect your credit rating, a lender requesting your credit rating will.

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Finance expert Bruce Sellery talks to Cityline on the importance of our credit rating and how often we should check it.

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What Goes Into Your Credit Rating Calculation (Website #2)

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What Goes Into Your Credit Rating Calculation (Website #2)

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This article highlights five key factors that go into determining your credit score. The five are payment history, how much you owe, credit history, applying for new lines of credit, and the type of credit.
What is important to grasp from this article is that your credit report essentially shows whether or not you have the means to pay back the money you have borrowed on time, and if you're borrowing within your means.

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What is a Credit Score & How is it Calculated in Canada? | My Money Coach

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What is the difference between a credit report and a credit score, and how are credit scores calculated in Canada.

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In Canada, five key factors go into the analysis of your credit score. This graph breaks down how much each factor affects your score.

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What Goes Into Your Credit Rating Calculation Part 2 (Video #2)

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What Goes Into Your Credit Rating Calculation Part 2 (Video #2)

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In order to maintain a good credit rating, it is important to understand what goes into the analysis to determine your credit rating, and this video delves into each of the five factors and how each one affects your credit rating.
The most important piece of information to take away from this video, especially for students who are just starting to build their credit history, is what they call the "two, two, two" rule. Having two forms of credit, for at least two years, with a limit of at least 2,000 dollars, will set you on the path to achieving an excellent credit score.

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Your Credit Score in Canada Explained - And How to Improve It!

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Why Does a Lender Requesting Your Credit Report, Affect Your Credit Rating? (Website #3)

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Why Does a Lender Requesting Your Credit Report, Affect Your Credit Rating? (Website #3)

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When a lender requests your credit report it can affect your credit score. The fact that you are looking into opening a new form of credit will affect whether a lender wants to loan to you, based on the fact that you now have multiple lines of credit to repay (and may potentially be beyond your means).
What is interesting to understand from this article, is that if you go to various lenders within a certain time period, one lender will appear on your credit report. So, this fear of a lender affecting your credit score shouldn't scare consumers off from assessing various options before deciding which loan to go with.

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What Is A Hard Inquiry? | Equifax Canada

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Shopping for a loan involves many steps and, potentially, multiple credit checks. Understand how hard inquiries are generated on your credit report.

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Credit cards are perhaps one of the easiest ways to build up credit, however it is important to understand how a credit card may affect your credit score. This video sheds light on the "credit to limit ratio", which essentially points to the fact that your credit score may lower if you are constantly hanging in the 50%-100% usage of your credit card limit.
A useful piece of information from this video is that best practice when using a credit card is to pay your credit card in full each month, or pay off enough that your balance is less than 50% of the limit.

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How Does Balance vs. Credit Limit Effect Credit Score?

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30% of your credit score is based on credit utilization ratio, which essentially is of the credit available to you, how much are you using? And it's important to keep that percentage under 50% for a good credit score.

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Beware of long-term loans with low monthly payments. This article highlights a word of caution for consumers looking to purchase new cars. Many consumers are attracted by low monthly payments that are a result of long term loans (six years plus), however the interest that is accumulated throughout this period can sometimes exceed the original price of the car. The lesson that can be taken from this article is to be wary before entering into new loans, as the interest compiled may affect your ability to get future loans.

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Stock Markets Mar 08, 2016 13:10

© Reuters. Canadians getting lured onto 'auto-debt treadmill' - consumer watchdog

By Matt Scuffham
TORONTO, March 8 (Reuters) - Canadians may be purchasing
cars they cannot afford, having been lured onto an "auto-debt
treadmill" by offers of long-term loans with lower monthly
repayments but higher overall interest, the federal consumer
watchdog warned on Tuesday.
The warning adds to concerns that record-high consumer debt
and hot home prices in parts of the country could pose a risk to
Canada's economy and financial system.
Similar warnings about risks in auto lending have been made
over the past two years in the United States, fueled by
concerns about lenders' willingness to lengthen terms and chase
borrowers with lower credit scores, while offering loans that
exceed the value of the vehicle.
The Financial Consumer Agency of Canada (FCAC) said auto
loans with terms of more than six years have become a trend in
Canada, posing risks that consumers should consider carefully
before financing a deal. It said the loans are costly for
borrowers who must pay interest for a longer period of time than
the five years that would traditionally be the case.
The FCAC said in a statement that long-term loans are
especially expensive for consumers with low credit scores, who
may be subject to higher interest rates. It warned some
borrowers were buying new cars before their existing loans were
fully paid off, rolling over their debt into a new loan and
stepping onto what it called the "auto-debt treadmill."
"Consumers must carefully examine their needs and their
financial situation to ensure they can repay their car loans
without undue strain, and with a full appreciation of the total
interest charges and value of the car throughout the loan
period," said FCAC Commissioner Lucie Tedesco.
Canada's auto finance market has nearly doubled in the last
eight years, partly due to the offer of lower monthly payments
on longer-term loans.
Automakers reported higher February sales in Canada, with
some analysts rethinking earlier forecasts that Canadian
light-vehicle demand would level off this year following a
record breaking 2015. (Editing by Tom Brown)

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Canadians getting lured onto 'auto-debt treadmill' - consumer watchdog

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Stock Markets Mar 08, 2016 13:10 © Reuters. Canadians getting lured onto 'auto-debt treadmill' - consumer watchdog By Matt Scuffham TORONTO, March 8 (Reuters) - Canadians may be purchasing cars they cannot afford, having been lured onto an "auto-debt treadmill" by offers of long-term loans with lower monthly repayments but higher overall interest, the federal consumer watchdog warned on Tuesday.