Your credit score is a number that ranges from 300 to 900 and is calculated from information in your credit report. The higher the number the better your score. This number is commonly used by lenders to help them determine your creditworthiness and interest rate. Your credit score will be looked at when you apply for a loan or credit card, but more and more employers, landlords and phone companies will also check your score.
Until now I wasn’t aware of a way to get your credit score in Canada for free online until I stumbled onto Borrowell’s website. Borrowell has partnered with Equifax and allows Canadians to check their credit score for free online. I typically reserve a healthy dose of skepticism for free things on the internet, but I was pleasantly surprised. Having signed up myself I can say that the process was fast and easy.
Free Online Canadian Credit Score
After a few minutes I’d filled out the form to create an account, confirmed my email address, answered a few verification questions for Equifax, and voila:
Example of Free Online Credit Score
I like that I have free
… Continue reading How To Get Your Free Canadian Online Credit Report & Credit Score
I have never been a big supporter of the idea that buying a house is a good investment. What people often forget is the hidden costs that they pay in addition to the purchase price. When you start factoring the house insurance, property tax, maintenance costs and other ongoing ownership costs the returns aren’t that great. There are also significant one time buying and selling costs for things like appraisals, bank fees, property transfer tax, legal fees and real estate commission.
I’m going on memory, but I read an article a while ago that said on average a person will buy and sell a property about 5 or 6 times in their life. This works out to over $100,000 in closing costs for the average person over the span of their life. When you start factoring in these expenses you soon find out that a house isn’t that great of an investment.
I’m not saying no one should buy a home, but from a financial standpoint there are better investments out there. I think buying a house can force people into better saving habits through their mortgage payments, but I don’t have problems when it comes to saving money,
… Continue reading I Bought A Condo – Excitement & Worries
Credit card arbitrage is when you use a low promotional balance transfer or deposit rate from a credit card and use the money to earn income at a higher rate. This sounds good in theory, but in my opinion for most people the limited returns don’t compensate enough for the added risk and extra time and effort. In today’s low interest rate environment it is difficult to find the higher rates needed to make it worth your time. Let’s take a look at a live example.
Right now (April 12, 2104) in Canada Rate Supermarket is offering a $100 promo when you sign up for either a MBNA cash back card, or a MBNA platinum card that offers a 0% balance transfer for 12 months.
Initially the 0% offer sounds great, but there are a few caveats.
While there is no annual fee, MBNA will charge you a 1% balance transfer fee (min charge $7.50) when you make the request, so the 0% offer is really 1%.
The second thing to consider is that you have to make the minimum payments each month otherwise they’ll up the interest rate to around 20%. The minimum payment is
… Continue reading Credit Card Arbitrage