Canadian Mortgage Updates

FICO scores range from around 300 to about 850. Approximately 1 percent of the population with established credit has credit scores below 500 and another 13 percent score from 500 to 600. FICO, doesn’t seem to operate on real-life logic, FICO gathers and assesses credit and loan information from the three largest credit bureaus, Experian, [...]

First-time home buyers do not necessarily have to go through a real estate agent to receive the tax credit. Homes that are “for sale by owner” also are eligible. First-time home buyers who purchase a home in 2009 can claim the credit on a 2008 tax return, do April 15, 2009, or a 2009 tax [...]

Credit unions have traditionally been leaders in auto lending, and car loans frequently constitute a large part of their business, unions are founded on the principle of self-help: in the long term, outside funding can weaken and dilute this principle. Outside funding may also encourage a credit union to take decisions that might not be [...]

It is essential to know that having good credit score is important. Many people are aware that having a good score is very important. By having good score getting unsecured credit cards and applying for loans is much easier. If you already have the good credit, it is great. If not then you should like [...]

Fair Isaac makes its money by selling the FICO scores on individual consumers to banks. When your bank buys a credit report from a CRA like TransUnion, it also buys the FICO score calculated from the TransUnion report. Fair Isaac and Company, which developed the score, felt that the score would only confuse consumers since [...]

Lenders, such as banks and credit card companies, use credit scores to evaluate the potential risk posed by lending money to consumers and to mitigate losses due to bad debt. Lenders use credit scores to determine who qualifies for a loan, at what interest rate, and what credit limits. Lenders will often allow you to [...]

Credit scores became widely used in the 1980’s. Long before credit scores, human judgment was the sole factor in deciding who received credit. Credit scores range from 300 to 850. All three of the credit bureaus Equifax, Experian, and TransUnion offer FICO credit scores using a complex mathematical formula developed by Fair, Isaac and Company, [...]

Financial institutions are now looking at things like default percentages corresponding to your FICO credit score. For example an accepted industry statistic is that consumers with a credit score of 750-760 usually have a default / arrears rate of 0.18%-0.20%. Financial institutions prefer to see a big gap between the credit amount you are using [...]

Consumers should do what a good broker does — look for a lender that offers the best rate for a specific score. Consumers can typically keep their credit scores high by maintaining a long history of always paying their bills on time and not having too much debt. Consumer advocates recommend checking your report periodically. [...]

Credit scores have proven over time to be a reliable indicator of whether or not a consumer would repay a loan. Credit scores allow lenders to quickly make on-the-spot credit decisions based on a 3-digit number that sums up your credit worthiness. There are many credit scoring models in use today; all are designed to [...]