https://padlet.com/jayjeyarajah/Bookmarks Jeyathepen Jeyarajah en-us 2021-01-31 21:51:16 UTC 2024-07-26 22:51:36 UTC hello@padlet.com jayjeyarajah https://padlet.com/jayjeyarajah/Bookmarks/wish/1146379771 A credit score is a number that basically rates how well you handle your money. Many young adults don't realize but your score is important for many things like buying a house or even getting a phone! If your score needs work, you've come to the right place! Here are some tips and tricks tp help increase your score]]> 2021-01-31 22:02:56 UTC https://padlet.com/jayjeyarajah/Bookmarks/wish/1146379771 jayjeyarajah https://padlet.com/jayjeyarajah/Bookmarks/wish/1146406978 This interview was done by CBC Canada where they talk to 3 different people with different financial backgrounds to see what different scores are out there and what  those scores actually really mean. They check their scores on different websites and go out into the real world with those scores to see what those scores mean in action.

This interview is really insightful because this video shows us different companies have different scores based on their own calculation. Now which score a lendor will use is also uncertain, it varies from lendor to lendor. I never knew that ! So it's good because now I'll never pay to see my score. I can use the free resources to check in my score to just assess my situation and make sure I'm in a financially sound position every once in a while.]]> 2021-01-31 22:27:34 UTC https://padlet.com/jayjeyarajah/Bookmarks/wish/1146406978 jayjeyarajah https://padlet.com/jayjeyarajah/Bookmarks/wish/1146417602 https://www.rbcroyalbank.com/dms/olb/credit-score/index.html
This tool is free and available to all RBC clients. It's a great way for users to check how certain financial decisions might impact their scores. For instance if you were to get a new credit card, the dashboard will show how it can impact their credit score.  The best thing  about this tool is that it doesn't affect your credit score! 

I personally bank with RBC so I love the fact that I can add in a potential credit card that I'm planning on getting, weigh the risks and benefits to see if its actually worth it for me to get it.]]> 2021-01-31 22:37:26 UTC https://padlet.com/jayjeyarajah/Bookmarks/wish/1146417602 jayjeyarajah https://padlet.com/jayjeyarajah/Bookmarks/wish/1146442376 A credit score is a number between 300-900 that is assigned to you by lenders that assesses one's capacity to repay a loan. 900 would be the highest score you can get and the image below shows the different levels your credit score can be based on Borrowell.]]> 2021-01-31 23:02:17 UTC https://padlet.com/jayjeyarajah/Bookmarks/wish/1146442376 jayjeyarajah https://padlet.com/jayjeyarajah/Bookmarks/wish/1146662141 This is a great reliable source (the federal governement! )  for Canadians to use when learning on how you can improve your credit score. It goes over 5  ways that you can increase your credit score on a daily basis.
A new thing I learned from this website is that you should actually consider how much of your credit card that you are using and try to keep it to 35%. For example , if you have a credit card with a limit of 10,000 you shouldn't have a balance of more than 3500 at any given time as it is considered high risk!]]> 2021-02-01 01:45:55 UTC https://padlet.com/jayjeyarajah/Bookmarks/wish/1146662141 jayjeyarajah https://padlet.com/jayjeyarajah/Bookmarks/wish/1146671944 This is a great resource that I use all the time! It is a FREE way for you to check your credit on a intermittent basis.  It is a secure Canadian based company that allows you to check your credit score from equifax and it also gives you a full detailed report. What's also great about this resource is that it gives you personalized tips on how you can increase your credit score.

One thing I learned recently from Borrowell, is that you will get occasional emails advising you when your credit score has changed. I find that its a great tool because it reminds you to pay your bills on time and be cognizant of how you spend your credit cards!]]> 2021-02-01 01:52:31 UTC https://padlet.com/jayjeyarajah/Bookmarks/wish/1146671944 jayjeyarajah https://padlet.com/jayjeyarajah/Bookmarks/wish/1146689809 This is a tough question to answer! The answer is actually yes and no. The longer you have a credit card and the longer you use it at 35% of its limit, the more it will increase your score. The more unused credit you have, the higher the score. However when you apply for a credit card, it also decreases your score when they do a hard check. So applying for many credit cards is not the best idea!

A new thing I learned in this course is that you can diversify the types of borrowing that you do. Mortgages and car loans also fall under building credit so if you are paying off a car loan or a mortgage, its also building your credit.]]> 2021-02-01 02:04:22 UTC https://padlet.com/jayjeyarajah/Bookmarks/wish/1146689809 jayjeyarajah https://padlet.com/jayjeyarajah/Bookmarks/wish/1146697832 Credit Canada is a website that goes over step by step on how you can assess your credit score, how to read your report, and how to budget to increase your score accordingly. They have counselors that are available to go through  your finances with you and help you find ways that you can improve your credit rating.

Interestingly they have credit ratings breakdown that goes through what each code on your credit report mean. For example, R0 means that the credit account is too new to assess.]]> 2021-02-01 02:09:46 UTC https://padlet.com/jayjeyarajah/Bookmarks/wish/1146697832 jayjeyarajah https://padlet.com/jayjeyarajah/Bookmarks/wish/1146717945 This video goes through what exactly happens when your credit card or your bills end up at the collections agency. It talks about how it affects your credit score and even discusses bankruptcy. It talks about how long it will take for the bankruptcy to  be removed from your credit file.

I didn't know that it takes 7 years for a bankruptcy to be removed from your credit report. It is a very long time for someone to have to recover from a bankruptcy. If you have an account that is in collections it can dock 30-50 points off your credit report. It is importnat at this point to prioritize accounts that are going to go to collection and pay them off first.


]]> 2021-02-01 02:22:43 UTC https://padlet.com/jayjeyarajah/Bookmarks/wish/1146717945 jayjeyarajah https://padlet.com/jayjeyarajah/Bookmarks/wish/1146747711 This video is a short introductory  video talking about the importance of maintaining a good credit score. It gives you the definition of a credit score, the different factors that affect your credit score and why its important to maintain a good score.

One important thing to remember from this video is that your credit score is not only important when making big purchases but it can also be used in the hiring process. Some employers use your credit score as a part of your overall assessment of your character. So its important to make sure you keep a good credit score from a young age!]]> 2021-02-01 02:43:43 UTC https://padlet.com/jayjeyarajah/Bookmarks/wish/1146747711 jayjeyarajah https://padlet.com/jayjeyarajah/Bookmarks/wish/1146785419 The two main credit reporting services in Canada that major banks use.  This video on Equifax goes through the details of a credit report and what is a credit score. You can use this website to view your credit report and it will cost you 25 dollars to view your report. The video explains how your credit score can affect the interest rates that are offered to you.

An important service Equifax offers is notification in case of identity theft. It may be an important service to have if you ever think that you're personal information is compromised. Their service offers identity theft protection.]]> 2021-02-01 03:09:36 UTC https://padlet.com/jayjeyarajah/Bookmarks/wish/1146785419 jayjeyarajah https://padlet.com/jayjeyarajah/Bookmarks/wish/1146815864 1.  What did you learn about your topic that surprised you the most?
I think the idea that you should only be using 35% of your total credit limit was really surprising.  Intuitively you would think that as long as you can pay off whatever balance you use, it should be fine but even if you can pay it off , you are considered a big risk when you use a high amount of your available credit.
2. Provide a real-life example of how this topic is relevant or interesting for you.
This is important for me with my regular credit card use because now instead of just using one credit card and maxing it out each month, I'm going to spread it across two or three of my cards so that I stay within the 35% limit for each card
3. If you could pass on your knowledge to a family member or friend, what do you think is the most important thing to pass on?
For family members and friends, I think what i would want to pass on is the importance of paying off your cards on time, and starting to build your credit at young age is important for major life events like getting a job in some instances and also buying your home!]]> 2021-02-01 03:31:03 UTC https://padlet.com/jayjeyarajah/Bookmarks/wish/1146815864