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	<title>Credit &#8211; Loan Away</title>
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	<link>https://loanaway.ca</link>
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		<title>Private Money Lenders Who Needs Them?</title>
		<link>https://loanaway.ca/private-money-lenders-who-needs-them/</link>
					<comments>https://loanaway.ca/private-money-lenders-who-needs-them/#respond</comments>
		
		<dc:creator><![CDATA[]]></dc:creator>
		<pubDate>Mon, 18 Dec 2017 21:45:46 +0000</pubDate>
				<category><![CDATA[Credit]]></category>
		<guid isPermaLink="false">https://loanaway.ca/?p=3672</guid>

					<description><![CDATA[<p>In case you have made the decision of stepping up into the world of property investment, you may find a bright future in that. However, finding a source to finance your project as a starter is the most critical of all steps. This applies, whether you plan to invest in single homes or wish to Continue Reading</p>
<p>The post <a rel="nofollow" href="https://loanaway.ca/private-money-lenders-who-needs-them/">Private Money Lenders Who Needs Them?</a> appeared first on <a rel="nofollow" href="https://loanaway.ca">Loan Away</a>.</p>
]]></description>
										<content:encoded><![CDATA[<p>In case you have made the decision of stepping up into the world of property investment, you may find a bright future in that. However, <a href="https://loanaway.ca">finding a source to finance your project</a> as a starter is the most critical of all steps. This applies, whether you plan to invest in single homes or wish to act as a landlord, you will definitely need a good deal of funding. This is where private money lenders can save your day.</p>
<p>The one critical thing about investing in real estate is that it is completely different from buying a private property. Most people who invest, prefer to get their funding from private money lenders as it is far more affordable and allows great flexibility. Furthermore, it allows them to establish good business linkages and long-term collaboration in which the flow of benefits is two-sided. As one grows his/her investment business, both the investor and the private lending company happens to enjoy their share of benefits.</p>
<p><strong><u>Who are Private Money Lenders?</u></strong></p>
<p>Simply put, a private money lender is a company that provides funding to investors in the form of loans. These companies/individuals are in no way affiliated with government institutions such as state banks. The loans provided by these lenders are secured by a deed of trust, and usually by a note. As compared to hard money lenders, private money lenders are more based on a relationship with the investor.</p>
<p><strong><u>Why should one choose private money lenders?</u></strong></p>
<p>Often at times, those who do not have enough experience in the field of real estate investment, spend a way too much of their time in finding deals. However, most of them do not consider the importance of knowing how to raise a capital from private money lenders effectively. Raising the equity capital is just as important as finding a deal, and this is something that entry-level real estate investors should note. After all, if one does not have enough money to close a deal, then there is certainly no point of putting in all the effort of setting it up in the first place. This especially applies to those investors who do not have a good amount of money saved as a capital.</p>
<p>This is where private money lenders can save the deal! Hence, one should spend an equal time in learning about raising a capital from private money lenders while looking for deals in the meantime.</p>
<p>There are in general, three types of private money lenders.</p>
<ol>
<li><strong>Primary</strong></li>
</ol>
<p>In the primary category, your friends, relatives, and immediate family members might fall. These are the potential private lenders that you are directly related to. Usually, these are the lenders who are the easiest to target. However, many people do not prefer to develop professional relationships with their immediate families.</p>
<ol start="2">
<li><strong>Secondary </strong></li>
</ol>
<p>In this category of lenders, the mutual fall in. For instance, consider a social media platform. You get acquainted with a friend of your friend, who is willing to provide you some funding at a fixed interest rate. Such a money lender would fall in the secondary category.</p>
<ol start="3">
<li><strong>Third party </strong></li>
</ol>
<p>This is the most common category to which most of the money lenders belong to. In general, this category is constituted by private money lending companies or professional individuals who happen to be total strangers. This is where the majority of the private money lenders will fall in.</p>
<p><strong><u><br />
Major traits of a good money lender</u></strong></p>
<p>In order to make sure that all the deals go smoothly without any hassle, it is crucial for an investor to choose the right money lender.</p>
<p>What should one look for in money lenders though? This question will definitely hit your mind. Here are a couple of traits that if present, signifies a good money lender.</p>
<ol>
<li><strong>Rate of Responsiveness</strong></li>
</ol>
<p>One of the major reasons why investors might want to go to <a href="https://loanaway.ca/bad-credit-loans-canada/"><strong>private money lenders</strong></a> instead of banks is that deals are finalized far more quickly. As compared to a bank or a finance company which takes weeks to finalize a loan, a private lender would do the same in a matter of days. The more responsive and efficient a lender is, the more beneficial it is for the investor. Hence, make sure to consider the responsiveness of a lender whenever you set eyes on the perfect property. Certainly, you would not want to waste any time at all.</p>
<p>&nbsp;</p>
<ol start="2">
<li><strong>Transparency at every step</strong></li>
</ol>
<p>Before closing each deal, it is extremely crucial to remain aware of everything that is happening behind the curtain at every step. Highly reputed lenders consider it their duty to keep an investor informed at all times. Moreover, such money lenders are extremely vigilant of each and every loan guideline and regulation that is set by the local government.</p>
<ol start="3">
<li><strong>Competitive rates</strong></li>
</ol>
<p>Another trait of a good money lender is competitive rates. It is extremely important to note down the interest rate and all the points mentioned as ‘terms and conditions’ of the loan. Usually, traditional lenders happen to have a lower interest rate for a single-family home mortgage as compared to a private lender. Similarly, it would not be right to compare the interest rates of a finance company or a bank, with that of a <a href="https://loanaway.ca/bad-credit-loans-ontario/">private lender</a>. That would totally be analogous to comparing vegetables with fruits. Instead, when you are shopping for private money lenders, consider the rates of money lenders that fall in the same category. This is a good investment practice to follow. Remember! A highly reputed private money lender will always have competitive rates, with a good name in the industry. Once you have compared the rates of various options within the same category, consider what suits you the most depending on your requirements.</p>
<p>Apart from checking the interest rates and points, it is highly important to consider the down payment and other standard fee procedures that a lender asks for. Each lender happens to lay down different terms, however, some of them are common among them all in the industry.</p>
<p>The post <a rel="nofollow" href="https://loanaway.ca/private-money-lenders-who-needs-them/">Private Money Lenders Who Needs Them?</a> appeared first on <a rel="nofollow" href="https://loanaway.ca">Loan Away</a>.</p>
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		<title>What is a good credit score?</title>
		<link>https://loanaway.ca/what-is-a-good-credit-score/</link>
					<comments>https://loanaway.ca/what-is-a-good-credit-score/#respond</comments>
		
		<dc:creator><![CDATA[]]></dc:creator>
		<pubDate>Sat, 14 Oct 2017 13:45:22 +0000</pubDate>
				<category><![CDATA[Credit]]></category>
		<category><![CDATA[credit repair]]></category>
		<category><![CDATA[credit report]]></category>
		<category><![CDATA[credit score]]></category>
		<guid isPermaLink="false">https://loanaway.ca/?p=3338</guid>

					<description><![CDATA[<p>What is a good credit score? It’s a question as many as 100,000 people ask Google each month. Yes...each month. That means that in North America alone, over 1.2 million consumers are putting their hands up and saying they have no idea what is a good credit score or how to achieve one. In this Continue Reading</p>
<p>The post <a rel="nofollow" href="https://loanaway.ca/what-is-a-good-credit-score/">What is a good credit score?</a> appeared first on <a rel="nofollow" href="https://loanaway.ca">Loan Away</a>.</p>
]]></description>
										<content:encoded><![CDATA[<p><span style="font-weight: 400;"><img class="alignleft size-medium wp-image-1547" src="https://loanaway.ca/wp-content/uploads/2017/05/loans-calgary-300x82.jpg" alt="what is a good credit score" width="300" height="82" srcset="https://loanaway.ca/wp-content/uploads/2017/05/loans-calgary-200x54.jpg 200w, https://loanaway.ca/wp-content/uploads/2017/05/loans-calgary-300x82.jpg 300w, https://loanaway.ca/wp-content/uploads/2017/05/loans-calgary-400x109.jpg 400w, https://loanaway.ca/wp-content/uploads/2017/05/loans-calgary-600x163.jpg 600w, https://loanaway.ca/wp-content/uploads/2017/05/loans-calgary-768x209.jpg 768w, https://loanaway.ca/wp-content/uploads/2017/05/loans-calgary-800x218.jpg 800w, https://loanaway.ca/wp-content/uploads/2017/05/loans-calgary-1024x278.jpg 1024w, https://loanaway.ca/wp-content/uploads/2017/05/loans-calgary-1200x326.jpg 1200w, https://loanaway.ca/wp-content/uploads/2017/05/loans-calgary.jpg 1920w" sizes="(max-width: 300px) 100vw, 300px" />What is a good credit score? It’s a question as many as 100,000 people ask Google each month. Yes&#8230;each month. That means that in North America alone, over 1.2 million consumers are putting their hands up and saying they have no idea what is a good credit score or how to achieve one.</span></p>
<p><span style="font-weight: 400;">In this guide, we’re not only going to show you what is a good credit score, but we’re going to go over the different scoring levels.</span></p>
<p><span style="font-weight: 400;">Also, if you haven’t checked your credit before and only recently discovered you’ve got a couple of dings against your credit, we’ll explain how to work past that. </span></p>
<p><b>What is a good credit score? 650 or up.</b></p>
<p><span style="font-weight: 400;">In Canada, credit scores range from 300 up to 900. Most Canadian households (we’re talking over 70%) carry debts of some kind and as such, their credit score is at 650 or less. A good credit score is exactly what it sounds like, but not quite perfection.</span></p>
<p><span style="font-weight: 400;">On the bright side of things, with a good credit score, you can still expect to get very good loans at worthwhile interest rates, so you’re definitely not in a bad position.</span></p>
<p><span style="font-weight: 400;">What is not a (very) good credit score?</span></p>
<p><span style="font-weight: 400;">If you find yourself with a credit score somewhere in the range of 649 down to 575, your rating is considered to be fair. What this means to you: it WILL be harder for you to get access to loans and you won’t be able to access prime rates, but at least you’re not locked out of options.</span></p>
<p><span style="font-weight: 400;">If you find yourself below the 575 mark you are considered to have <a href="https://loanaway.ca/bad-credit-loans-canada/" target="_blank" rel="noopener">bad credit</a>. There are still options out there for you as far as financial help goes, however, you definitely want to look at a concrete plans that will help you reach what is a good credit score.</span></p>
<p><span style="font-weight: 400;">What is a good credit score affected by?</span></p>
<p><span style="font-weight: 400;">Now that is the question everyone should really be asking.</span></p>
<p><span style="font-weight: 400;">Just some of the factors that can negatively impact a good credit score and bring it down a few notches include:</span></p>
<ul>
<li style="font-weight: 400;"><span style="font-weight: 400;">Missing payments or sending them in late</span></li>
<li style="font-weight: 400;"><span style="font-weight: 400;">Too many sources of credit</span></li>
<li style="font-weight: 400;"><span style="font-weight: 400;">Using too much of your available credit balance</span></li>
<li style="font-weight: 400;"><span style="font-weight: 400;">Applying for too many credit sources in a short period of time</span></li>
</ul>
<p><span style="font-weight: 400;">By doing the exact opposite of those four points, not only will you maintain a nice, healthy credit rating, but by eliminating as much debt as possible, you’ll start working your way to the golden pinnacle that is the 900 credit score. Even if you have a bad credit score today, doesn&#8217;t mean you can&#8217;t work your way back up.</span></p>
<p><span style="font-weight: 400;">While aiming for the best possible score and enjoying a life of sound <a href="http://www.investopedia.com/articles/personal-finance/120414/what-good-credit-score.asp" target="_blank" rel="noopener">financial stability</a> is always a great idea, there might be times where you need a bit of extra money and if your credit score falls below the “good” marker, <a href="https://loanaway.ca" target="_blank" rel="noopener">LoanAway</a> can help.</span></p>
<p><span style="font-weight: 400;">We understand that credit ratings that fall below the “good” classification aren’t necessarily the result of irresponsibility. That’s why we’re inviting you to call us for a free consultation: (866) 689-0091 (this is a toll-free call) or if you prefer, <a href="https://loanaway.ca/contact/" target="_blank" rel="noopener">contact us</a> online.</span></p>
<p>The post <a rel="nofollow" href="https://loanaway.ca/what-is-a-good-credit-score/">What is a good credit score?</a> appeared first on <a rel="nofollow" href="https://loanaway.ca">Loan Away</a>.</p>
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		<title>The Benefits of a Credit Limit Increase</title>
		<link>https://loanaway.ca/credit-limit/</link>
					<comments>https://loanaway.ca/credit-limit/#respond</comments>
		
		<dc:creator><![CDATA[]]></dc:creator>
		<pubDate>Fri, 13 Oct 2017 22:40:58 +0000</pubDate>
				<category><![CDATA[Credit]]></category>
		<category><![CDATA[credit cards]]></category>
		<category><![CDATA[credit report]]></category>
		<category><![CDATA[credit score]]></category>
		<guid isPermaLink="false">https://loanaway.ca/?p=3333</guid>

					<description><![CDATA[<p>There are several little-known benefits that come with a credit limit increase Let’s kick things off with the obvious benefit of a credit limit increase - you suddenly have even more spending power at your disposal (hopefully you’ll use it wisely). However, outside of that very obvious fact, there are a number of little-known benefits Continue Reading</p>
<p>The post <a rel="nofollow" href="https://loanaway.ca/credit-limit/">The Benefits of a Credit Limit Increase</a> appeared first on <a rel="nofollow" href="https://loanaway.ca">Loan Away</a>.</p>
]]></description>
										<content:encoded><![CDATA[<p><b><img class="alignleft size-medium wp-image-1515" src="https://loanaway.ca/wp-content/uploads/2017/05/instant-loans-300x82.jpg" alt="credit limit" width="300" height="82" srcset="https://loanaway.ca/wp-content/uploads/2017/05/instant-loans-200x54.jpg 200w, https://loanaway.ca/wp-content/uploads/2017/05/instant-loans-300x82.jpg 300w, https://loanaway.ca/wp-content/uploads/2017/05/instant-loans-400x109.jpg 400w, https://loanaway.ca/wp-content/uploads/2017/05/instant-loans-600x163.jpg 600w, https://loanaway.ca/wp-content/uploads/2017/05/instant-loans-768x209.jpg 768w, https://loanaway.ca/wp-content/uploads/2017/05/instant-loans-800x218.jpg 800w, https://loanaway.ca/wp-content/uploads/2017/05/instant-loans-1024x278.jpg 1024w, https://loanaway.ca/wp-content/uploads/2017/05/instant-loans-1200x326.jpg 1200w, https://loanaway.ca/wp-content/uploads/2017/05/instant-loans.jpg 1920w" sizes="(max-width: 300px) 100vw, 300px" />There are several little-known benefits that come with a credit limit increase</b></p>
<p><span style="font-weight: 400;">Let’s kick things off with the obvious benefit of a credit limit increase &#8211; you suddenly have even more spending power at your disposal (hopefully you’ll use it wisely). </span></p>
<p><span style="font-weight: 400;">However, outside of that very obvious fact, there are a number of little-known benefits that some financial experts don’t talk about because they’re not keen on recommending sources of borrowed money.</span></p>
<p><span style="font-weight: 400;">Today we’re making an argument FOR getting a credit limit increase with some key points your financial advisor is unlikely to tell you about. Of course, we will balance things out by explaining some of the pratfalls you face with a credit limit increase.</span></p>
<p><span style="font-weight: 400;">Ready for this? Here we go:</span></p>
<p><b>Credit Limit Benefit #1 &#8211; Cashflow 911</b></p>
<p><span style="font-weight: 400;">No matter how much of a planner you happen to be, you never know when things can take a sudden turn for the worst. What if your house were to (God forbid) burn to the ground? Sure, it’s great that your friends and family will let you stay with them until you get re-housed…</span></p>
<p><span style="font-weight: 400;">&#8230;but what about clothing? All you’ve got left is what you had on at the time? Those are the types of emergencies you want to be able to handle fast and a credit limit increase is the key to making that happen.</span></p>
<p><b>Credit Limit Benefit #2 &#8211; Score Protection</b></p>
<p><span style="font-weight: 400;">If there’s one thing lenders really don’t like seeing it’s requests for more credit. They don’t like seeing a consumer rack up multiple sources of borrowed cash that could potentially lead to trouble by way of a debt that can’t be adequately repaid.</span></p>
<p><span style="font-weight: 400;">By getting a credit limit increase on your existing card, you can sidestep any marks on your credit report. This extends your <span style="text-decoration: underline;"><span style="color: #000080;"><a href="https://loanaway.ca/credit-history/" target="_blank" rel="noopener">credit history</a></span></span>, which looks better overall. Just this factor alone can account for up to 15% of your <a href="http://guides.wsj.com/personal-finance/credit/how-to-monitor-your-credit-score-and-credit-report/" target="_blank" rel="noopener">credit score</a>.</span></p>
<p><b>Credit Limit Benefit #3 &#8211; Max out those rewards</b></p>
<p><span style="font-weight: 400;">Pretty much all credit cards come with rewards these days and a credit limit increase allows you to benefit from these to the max. How?</span></p>
<p><span style="font-weight: 400;">Start with bills. You have to pay them each month anyhow. Why pay with cash and not really get anything out of it, when you can pay with your credit card, then immediately settle the balance and get benefits as a result?</span></p>
<p><span style="font-weight: 400;">Same with common expenses such as groceries and gas. So long as you DO NOT carry a limit on your card and you stay within budget and repay the balance you incur for these purchases, you’ll reap more rewards.</span></p>
<p><b>Credit Limit Benefit #4 &#8211; Increases Your Credit Score</b></p>
<p><span style="font-weight: 400;">The way it works is this: credit bureaus ding your credit score when you’re too close to your limit. Example: if your card has a limit of $2500 and you’re always carrying a balance of $2400, that’s when you get dinged &#8211; because you don’t have what they deem to be enough spending power.</span></p>
<p><span style="font-weight: 400;">When you get a credit increase, you instantly push past that glass ceiling and improve your credit score simply by NOT touching the additional space on your credit card.</span></p>
<p><span style="font-weight: 400;">And there you have it &#8211; there’s nothing special or complicated about it. Credit limit increases help in small, practical ways and by using common sense. So if you’ve been doing a good job with your existing card, now might be a good time to request an increase.</span></p>
<p>The post <a rel="nofollow" href="https://loanaway.ca/credit-limit/">The Benefits of a Credit Limit Increase</a> appeared first on <a rel="nofollow" href="https://loanaway.ca">Loan Away</a>.</p>
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		<title>The Five Factors of Credit Score Excellence</title>
		<link>https://loanaway.ca/credit-score/</link>
					<comments>https://loanaway.ca/credit-score/#respond</comments>
		
		<dc:creator><![CDATA[]]></dc:creator>
		<pubDate>Fri, 13 Oct 2017 13:42:34 +0000</pubDate>
				<category><![CDATA[Credit]]></category>
		<category><![CDATA[credit repair]]></category>
		<category><![CDATA[credit report]]></category>
		<category><![CDATA[credit score]]></category>
		<guid isPermaLink="false">https://loanaway.ca/?p=3336</guid>

					<description><![CDATA[<p>Know what Canadians believe is the most important of factors for credit score health? They believe that simply paying their monthly payment on time is all they need to keep their score level. It does make sense given that we’ve been told since we were young to always pay our debts on time. However there Continue Reading</p>
<p>The post <a rel="nofollow" href="https://loanaway.ca/credit-score/">The Five Factors of Credit Score Excellence</a> appeared first on <a rel="nofollow" href="https://loanaway.ca">Loan Away</a>.</p>
]]></description>
										<content:encoded><![CDATA[<p><span style="font-weight: 400;"><img class="alignleft size-medium wp-image-2639" src="https://loanaway.ca/wp-content/uploads/2017/05/improve-your-credit-score-300x180.jpg" alt="factors of credit score" width="300" height="180" srcset="https://loanaway.ca/wp-content/uploads/2017/05/improve-your-credit-score-200x120.jpg 200w, https://loanaway.ca/wp-content/uploads/2017/05/improve-your-credit-score-300x180.jpg 300w, https://loanaway.ca/wp-content/uploads/2017/05/improve-your-credit-score-400x240.jpg 400w, https://loanaway.ca/wp-content/uploads/2017/05/improve-your-credit-score-600x360.jpg 600w, https://loanaway.ca/wp-content/uploads/2017/05/improve-your-credit-score-768x461.jpg 768w, https://loanaway.ca/wp-content/uploads/2017/05/improve-your-credit-score-800x480.jpg 800w, https://loanaway.ca/wp-content/uploads/2017/05/improve-your-credit-score-1024x614.jpg 1024w, https://loanaway.ca/wp-content/uploads/2017/05/improve-your-credit-score-1200x720.jpg 1200w, https://loanaway.ca/wp-content/uploads/2017/05/improve-your-credit-score.jpg 1280w" sizes="(max-width: 300px) 100vw, 300px" />Know what Canadians believe is the most important of factors for credit score health? They believe that simply paying their monthly payment on time is all they need to keep their score level.</span></p>
<p><span style="font-weight: 400;">It does make sense given that we’ve been told since we were young to always pay our debts on time. However there actually five lesser-known factors for credit score health you need to be aware of.</span></p>
<p><span style="font-weight: 400;">By the time you’re done, you’ll probably be tempted to request your credit history, because you likely weren’t aware that you were going against these largely unspoken rules.</span></p>
<p><span style="font-weight: 400;">Here we go…</span></p>
<p><span style="font-weight: 400;">The Five Factors For Credit Score Perfection</span></p>
<p><b>Payment history </b></p>
<p><span style="font-weight: 400;">Okay, we’ve already covered that most people know this one, but it does need to be said that you really can’t miss one payment, even by a couple of days. </span></p>
<p><span style="font-weight: 400;">Of the factors for credit score that matter most, this one is it, largely because credit card companies are very quick to report late payments and are not too forgiving or understanding.</span></p>
<p><span style="font-weight: 400;">Paying your credit card payments on time is also the top key to qualifying for loans from other companies. </span></p>
<p><span style="font-weight: 400;">See, there is one factor you’ll see below that’s one of the no-nos on our list, however, if you have an impeccable payment history, lenders will always be ready and willing to talk.</span></p>
<p><b>Debt-to-credit limit ratio</b></p>
<p><span style="font-weight: 400;">This is the no-no we were talking about in the payment history. It is true that if you have an impeccable payment history, some lenders will gladly overlook a maxed-out credit card.</span></p>
<p><span style="font-weight: 400;">However, this when it comes to the factors for credit score health that generate the most bias, it’s this one. </span></p>
<p><span style="font-weight: 400;">Some lenders believe that if you perpetually carry a maximized debt (even if you make all your minimum payments on time), you’re not concerned enough with debt repayment.</span></p>
<p><span style="font-weight: 400;">They can only think of the risks involved with their principal should you find yourself in any kind of situation that would prevent you from making those minimum payments.</span></p>
<p><span style="font-weight: 400;">This is why most financial experts insist that you remain <a href="https://loanaway.ca/closing-credit-cards/" target="_blank" rel="noopener"><span style="text-decoration: underline;"><span style="color: #000080; text-decoration: underline;">70% below your credit limit</span></span></a>. Make that your new rule &#8211; owe more than ONE THIRD of your credit limit.</span></p>
<p><b>Length of credit history </b><span style="font-weight: 400;"><br />
</span></p>
<p><span style="font-weight: 400;">In some instances, this is one that you can’t always control. Some lenders are iffy about lending to people with no credit history, so that creates a type of catch 22 for new borrowers.</span></p>
<p><span style="font-weight: 400;">Despite your old-school grandparents warning you about the pratfalls of taking on borrowed cash, you never know when you might need to eventually take on a loan and having a credit history to work from is the key.</span></p>
<p><span style="font-weight: 400;">We’ve seen it many times before &#8211; people as old as their thirties with no credit history coming for a loan. They spent most of their adult lives covering everything with cash (which is not a bad thing).</span></p>
<p><span style="font-weight: 400;">T</span><span style="font-weight: 400;">he trouble is when they finally encounter a situation where their source of cash or reserve of cash can’t cover.</span></p>
<p><span style="font-weight: 400;">This could be the cost of a house (the average Canadian simply doesn’t earn enough to finance a $500,000 house with) or they could have suffered an accident that now prevents them from being able to earn money.</span></p>
<p><span style="font-weight: 400;">Of all the factors for credit score, your length of access to credit should be seen as a form of insurance against what the future may bring. </span></p>
<p><span style="font-weight: 400;">If you’re accustomed to paying for everything with cash, you’ll have no problems managing a credit card once you get your first one.</span></p>
<p><b>New Credit</b></p>
<p><span style="font-weight: 400;">Think of this one as a storm warning to some lenders. </span></p>
<p><span style="font-weight: 400;">Once again, even if you have an excellent payment history, if a potential lender takes a look at your <a href="https://www.canada.ca/en/financial-consumer-agency/services/credit-reports-score/order-credit-report.html" target="_blank" rel="noopener">credit history</a> and sees that you recently applied (and got) several new sources of credit it can look like trouble.</span></p>
<p><span style="font-weight: 400;">Trust (or lack of it) is one of the most crucial factors for credit score integrity and someone racking up a huge sum of credit that could potentially turn into a massive debt your existing finances can’t cover raises a red flag.</span></p>
<p><span style="font-weight: 400;">Even if you aren’t spending a dime &#8211; some lenders see it as a potential time bomb. </span></p>
<p><span style="font-weight: 400;">Tip: if you do decide that you want to take on new sources of credit, be very selective and do not make several applications at once.</span></p>
<p><b>Type of credit</b></p>
<p><span style="font-weight: 400;">Of the factors for credit score health, this is the factor that matters least, but that’s not to say it doesn’t matter at all. What this factor reveals is how many sources of credit you have and from where they come from.</span></p>
<p><span style="font-weight: 400;">If possible, do consider repaying the outstanding amount on a couple of sources and closing them out, as this ties into the previous factor.</span></p>
<p><span style="font-weight: 400;">And there you have it &#8211; these factors for credit score stability are what every single potential lender uses to determine whether or not to loan you money in the future.</span></p>
<p><span style="font-weight: 400;">Bottom line: do your best to limit your credit sources and keep your balances as low as possible and you’ll be enjoying a nice healthy credit score.</span></p>
<p>The post <a rel="nofollow" href="https://loanaway.ca/credit-score/">The Five Factors of Credit Score Excellence</a> appeared first on <a rel="nofollow" href="https://loanaway.ca">Loan Away</a>.</p>
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		<title>Is closing credit cards a good idea? (Yes &#038; No)</title>
		<link>https://loanaway.ca/is-closing-credit-cards/</link>
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		<dc:creator><![CDATA[]]></dc:creator>
		<pubDate>Wed, 11 Oct 2017 22:37:08 +0000</pubDate>
				<category><![CDATA[Credit]]></category>
		<category><![CDATA[credit cards]]></category>
		<category><![CDATA[credit score]]></category>
		<guid isPermaLink="false">https://loanaway.ca/?p=3331</guid>

					<description><![CDATA[<p>Depending on who you speak to, closing credit cards can be both a good and bad idea. After all, we understand why some Canadians choose to do away with their cards after repaying a maxed out balance. There are a lot of negative feelings attached to that maxed out balance. It might have taken you Continue Reading</p>
<p>The post <a rel="nofollow" href="https://loanaway.ca/is-closing-credit-cards/">Is closing credit cards a good idea? (Yes &#038; No)</a> appeared first on <a rel="nofollow" href="https://loanaway.ca">Loan Away</a>.</p>
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										<content:encoded><![CDATA[<p><span style="font-weight: 400;"><img class="alignleft size-medium wp-image-1466" src="https://loanaway.ca/wp-content/uploads/2017/05/top-bg-300x82.jpg" alt="closing credit cards" width="300" height="82" srcset="https://loanaway.ca/wp-content/uploads/2017/05/top-bg-200x54.jpg 200w, https://loanaway.ca/wp-content/uploads/2017/05/top-bg-300x82.jpg 300w, https://loanaway.ca/wp-content/uploads/2017/05/top-bg-400x109.jpg 400w, https://loanaway.ca/wp-content/uploads/2017/05/top-bg-600x163.jpg 600w, https://loanaway.ca/wp-content/uploads/2017/05/top-bg-768x209.jpg 768w, https://loanaway.ca/wp-content/uploads/2017/05/top-bg-800x218.jpg 800w, https://loanaway.ca/wp-content/uploads/2017/05/top-bg-1024x278.jpg 1024w, https://loanaway.ca/wp-content/uploads/2017/05/top-bg-1200x326.jpg 1200w, https://loanaway.ca/wp-content/uploads/2017/05/top-bg.jpg 1920w" sizes="(max-width: 300px) 100vw, 300px" />Depending on who you speak to, closing credit cards can be both a good and bad idea. After all, we understand why some Canadians choose to do away with their cards after repaying a maxed out balance.</span></p>
<p><span style="font-weight: 400;">There are a lot of negative feelings attached to that maxed out balance. It might have taken you a long time to repay it and while repaying it, you realized just how high the interest rates were and what little value you got when you calculate the true cost.</span></p>
<p><span style="font-weight: 400;">Closing credit cards is also a symbol of telling yourself you will never fall into the same trap again. It’s a rejection of ever being in that situation of struggling to meet those obligations and laying a large debt to rest.</span></p>
<p><span style="font-weight: 400;">As good as it may feel to burn that bridge once you’ve gotten out of a long repayment cycle, in the end closing credit cards is not the best idea&#8230;with one exception.</span></p>
<p><b>When Closing Credit Cards Is A Good Idea</b></p>
<p><span style="font-weight: 400;">There are </span><span style="font-weight: 400;">five factors for credit score</span><span style="font-weight: 400;"> health and one of them is limiting some of the types of credit you have if you’ve got several sources.</span></p>
<p><span style="font-weight: 400;">Lenders like seeing borrowers with a healthy credit score who keep their borrowing sources to a limit. They don’t like seeing a situation where a borrower could potentially draw from several sources and suddenly create a debt they can’t manage.</span></p>
<p><span style="font-weight: 400;">This is the only situation when closing credit cards is wise.</span></p>
<p><b>When Closing Credit Cards Is A Bad Idea</b></p>
<p><span style="font-weight: 400;">The first reason doing away with your card after repaying the balance is&#8230;you just repaid a debt. That looks very good in the eyes of lenders and <a href="https://money.usnews.com/money/personal-finance/banking-credit/articles/2017-07-11/10-things-to-know-before-closing-a-credit-card" target="_blank" rel="noopener">closing that credit card</a> will eventually erase that good financial behavior. </span></p>
<p><span style="font-weight: 400;">Reason number two why closing credit cards is not a great idea is lenders want to see that you have existing sources of credit. It’s reassuring for them to see you’ve got pre-established relationships and that other lenders trust you.</span></p>
<p><span style="font-weight: 400;">Now that you’ve gotten out of repaying your balance, this is your chance to avoid the trap of maxing out your credit again and benefiting from responsible debt management in a calculated way.</span></p>
<p><span style="font-weight: 400;">Example: paying your utility bills, phone bills and all in a timely manner is great for your credit score. </span></p>
<p><span style="font-weight: 400;">Why not aim for a double-whammy of good behavior? Have your payments automatically paid with your credit card (good credit karma), then immediately repay the charges that were incurred on your card (a second dose of good credit karma).</span></p>
<p><span style="font-weight: 400;">The key to is to not let your emotions get in the way when it comes to money. Now that you’ve repaid your balance, closing credit cards would erase the hard work you put into getting your debt out of the way.</span></p>
<p><span style="font-weight: 400;">Keep your credit cards, not only for having a source of <span style="text-decoration: underline;"><span style="color: #000080;"><a href="https://loanaway.ca/credit-limit/" target="_blank" rel="noopener">credit history</a></span></span> and pre-existing credit worthiness, but keep them as a prize for winning the debt game. </span></p>
<p>The post <a rel="nofollow" href="https://loanaway.ca/is-closing-credit-cards/">Is closing credit cards a good idea? (Yes &#038; No)</a> appeared first on <a rel="nofollow" href="https://loanaway.ca">Loan Away</a>.</p>
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		<title>Highest Credit Score: What It Is &#038; How To Get It</title>
		<link>https://loanaway.ca/highest-credit-score/</link>
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		<dc:creator><![CDATA[]]></dc:creator>
		<pubDate>Thu, 05 Oct 2017 21:42:34 +0000</pubDate>
				<category><![CDATA[Credit]]></category>
		<category><![CDATA[credit repair]]></category>
		<category><![CDATA[credit report]]></category>
		<category><![CDATA[credit score]]></category>
		<guid isPermaLink="false">https://loanaway.ca/?p=3316</guid>

					<description><![CDATA[<p>What is the highest credit score? If you’ve ever found yourself wondering what the highest credit score in Canada’s rating system is, you’re in for more than one answer. Now, numerically speaking, the highest score you can achieve is 900. But there’s more to that number. In Canada, you should look more at credit score Continue Reading</p>
<p>The post <a rel="nofollow" href="https://loanaway.ca/highest-credit-score/">Highest Credit Score: What It Is &#038; How To Get It</a> appeared first on <a rel="nofollow" href="https://loanaway.ca">Loan Away</a>.</p>
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										<content:encoded><![CDATA[<p><b><img class="alignleft size-medium wp-image-2639" src="https://loanaway.ca/wp-content/uploads/2017/05/improve-your-credit-score-300x180.jpg" alt="highest credit score" width="300" height="180" srcset="https://loanaway.ca/wp-content/uploads/2017/05/improve-your-credit-score-200x120.jpg 200w, https://loanaway.ca/wp-content/uploads/2017/05/improve-your-credit-score-300x180.jpg 300w, https://loanaway.ca/wp-content/uploads/2017/05/improve-your-credit-score-400x240.jpg 400w, https://loanaway.ca/wp-content/uploads/2017/05/improve-your-credit-score-600x360.jpg 600w, https://loanaway.ca/wp-content/uploads/2017/05/improve-your-credit-score-768x461.jpg 768w, https://loanaway.ca/wp-content/uploads/2017/05/improve-your-credit-score-800x480.jpg 800w, https://loanaway.ca/wp-content/uploads/2017/05/improve-your-credit-score-1024x614.jpg 1024w, https://loanaway.ca/wp-content/uploads/2017/05/improve-your-credit-score-1200x720.jpg 1200w, https://loanaway.ca/wp-content/uploads/2017/05/improve-your-credit-score.jpg 1280w" sizes="(max-width: 300px) 100vw, 300px" />What is the highest credit score? </b></p>
<p><span style="font-weight: 400;">If you’ve ever found yourself wondering what the highest credit score in Canada’s rating system is, you’re in for more than one answer. Now, numerically speaking, the highest score you can achieve is 900. But there’s more to that number.</span></p>
<p><span style="font-weight: 400;">In Canada, you should look more at credit score ranges than actual numbers. For instance, if you have a score of 750 or up, you’re part of the “great” credit score rating. What this means is, that at this level, while 900 is indeed the highest score, a borrower with a score of 750 will have no problem getting the same benefits.</span></p>
<p><span style="font-weight: 400;">That is what makes the key difference &#8211; it’s the tier that counts most, not the highest credit score.</span></p>
<p><span style="font-weight: 400;">Now here is what not too many Canadians are aware of: just because you pay all your bills on time (and also pay more than the minimum monthly payment), they assume they have the highest credit score available.</span></p>
<p><span style="font-weight: 400;">Sure would be nice if that’s the way it works, but most Canadians, even the ones who make the wisest money management decisions, actually find themselves in the “good” credit category. The reason for this is debt.</span></p>
<p><span style="font-weight: 400;">67% of Canadians own homes and most of those homeowners still pay a mortgage on their properties. Even if they make all of their mortgage payments on time, it doesn’t change the fact that they are carrying a debt (and a very large one at that).</span></p>
<p><span style="font-weight: 400;">Another large loan that keeps most Canadians from having the highest credit score are auto loans. The average cost of a vehicle in Canada was found to be $38,080. This debt is large enough to be seen by lenders as a large liability.</span></p>
<p><span style="font-weight: 400;">At the end of the day, if you find yourself in the “good” credit category, the highest credit score tier is something to shoot for, but not essential. See, if you hold a mortgage or auto loan or both, there really is nothing you can do about your present credit rating until you pay those loans off.</span></p>
<p><span style="font-weight: 400;">Once you do pay those loans off, your credit history will look fantastic and you’ll find yourself in the great credit category.</span></p>
<p><span style="font-weight: 400;">The great news about Canada’s credit rating structure is that if you presently have fair to bad credit, you can find yourself with the highest credit score in just a few years. Past mistakes are more easily forgiven in Canada and consumers wanting a second chance have that option open to them.</span></p>
<p><span style="font-weight: 400;">All it takes to go from the lowest credit score to the highest is some careful planning and the discipline to stick with that plan and doing that can completely turn things around for your credit score.</span></p>
<p><span style="font-weight: 400;">If you find that having too many debts scattered across several lenders is the reason your credit score is low, be sure to contact us for a free, no-obligations <a href="https://loanaway.ca/contact/" target="_blank" rel="noopener">consultation call</a>. You can speak to one of our loan specialists and learn why and how a debt consolidation loan can help you achieve a <a href="https://www.nerdwallet.com/blog/finance/credit-score-ranges-and-how-to-improve/" target="_blank" rel="noopener">higher credit rating</a>.</span></p>
<p><span style="font-weight: 400;">Call our offices from Monday to Friday, toll-free, at: (866) 689-0091</span></p>
<p>The post <a rel="nofollow" href="https://loanaway.ca/highest-credit-score/">Highest Credit Score: What It Is &#038; How To Get It</a> appeared first on <a rel="nofollow" href="https://loanaway.ca">Loan Away</a>.</p>
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		<title>Credit Card Consolidation: Knowing When You Need It</title>
		<link>https://loanaway.ca/credit-card-consolidation/</link>
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		<dc:creator><![CDATA[]]></dc:creator>
		<pubDate>Tue, 03 Oct 2017 20:49:25 +0000</pubDate>
				<category><![CDATA[Credit]]></category>
		<category><![CDATA[credit cards]]></category>
		<category><![CDATA[debt consolidation]]></category>
		<guid isPermaLink="false">https://loanaway.ca/?p=3299</guid>

					<description><![CDATA[<p>Credit Card Consolidation: When You’re Tired Of Juggling Who knows...perhaps it happened without you realizing it. Offers for new credit cards came in the mail and you shrugged and took the offers and before you know it, you have several balances with varying balances and credit card consolidation is the only option you have to Continue Reading</p>
<p>The post <a rel="nofollow" href="https://loanaway.ca/credit-card-consolidation/">Credit Card Consolidation: Knowing When You Need It</a> appeared first on <a rel="nofollow" href="https://loanaway.ca">Loan Away</a>.</p>
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										<content:encoded><![CDATA[<h2><span style="font-size: 14pt;"><b><img class="alignleft size-medium wp-image-2639" src="https://loanaway.ca/wp-content/uploads/2017/05/improve-your-credit-score-300x180.jpg" alt="credit card consolidation" width="300" height="180" srcset="https://loanaway.ca/wp-content/uploads/2017/05/improve-your-credit-score-200x120.jpg 200w, https://loanaway.ca/wp-content/uploads/2017/05/improve-your-credit-score-300x180.jpg 300w, https://loanaway.ca/wp-content/uploads/2017/05/improve-your-credit-score-400x240.jpg 400w, https://loanaway.ca/wp-content/uploads/2017/05/improve-your-credit-score-600x360.jpg 600w, https://loanaway.ca/wp-content/uploads/2017/05/improve-your-credit-score-768x461.jpg 768w, https://loanaway.ca/wp-content/uploads/2017/05/improve-your-credit-score-800x480.jpg 800w, https://loanaway.ca/wp-content/uploads/2017/05/improve-your-credit-score-1024x614.jpg 1024w, https://loanaway.ca/wp-content/uploads/2017/05/improve-your-credit-score-1200x720.jpg 1200w, https://loanaway.ca/wp-content/uploads/2017/05/improve-your-credit-score.jpg 1280w" sizes="(max-width: 300px) 100vw, 300px" />Credit Card Consolidation: When You’re Tired Of Juggling</b></span></h2>
<p><span style="font-weight: 400;">Who knows&#8230;perhaps it happened without you realizing it. Offers for new credit cards came in the mail and you shrugged and took the offers and before you know it, you have several balances with varying balances and credit card consolidation is the only option you have to keep up with this cycle.</span></p>
<p><span style="font-weight: 400;">If this is happening to you, you’re not alone, thousands of Canadians turn to credit card consolidation each year when they get tired of trying to manage all their outstanding balances and just want to focus on getting out of debt.</span></p>
<p><span style="font-weight: 400;">Now there are both pros and cons to credit card consolidation and we’ll cover those now.</span></p>
<p><span style="font-weight: 400;">Let’s get the cons over with first. </span></p>
<p><span style="font-weight: 400;">The cons of credit card consolidation is that it can potentially lead to even more debt than you started with and be even harder to get out the second time. How so? Well, when you receive a consolidation loan, your credit balances, which have been looming for some time are now gone.</span></p>
<p><span style="font-weight: 400;">You could potentially find yourself in a very tempting situation to use up that credit. If you do fall into the temptation of re-maxing out your credit card, and it’s happened to many Canadians, you now find yourself having to repay the same debt, PLUS your consolidation loan.</span></p>
<p><span style="font-weight: 400;">That is the main pitfall to watch out for with <a href="https://www.forbes.com/sites/nickclements/2016/03/25/the-risk-and-rewards-of-consolidating-credit-card-debt/#3d6dd92668ad" target="_blank" rel="noopener">consolidation loans</a>.</span></p>
<p><span style="font-weight: 400;">Now, the pros. The first pro is that consolidation loans are great for your mental health (which is something you should guard carefully). Knowing exactly where you stand as well as knowing that you only have to direct one payment each month and everything is taken care of is fantastic for peace of mind.</span></p>
<p><span style="font-weight: 400;">Credit card consolidation can also save you money. With all the various rates you’re paying elsewhere, you can now enjoy one rate that can be cheaper than the one you’re paying on your most expensive cards.</span></p>
<p><span style="font-weight: 400;">And that also brings us to not having your credit rating at risk. When you have too many debts, even if you’re responsible and have every intention of paying the money you owe, you can still wind up in a situation where you accidentally miss a payment.</span></p>
<p><span style="font-weight: 400;">When that happens, your credit rating takes a hit and even if it wasn’t your intention to miss that payment, it will linger and haunt you. We don’t want that.</span></p>
<p><span style="font-weight: 400;">At LoanAway, one of the leading reasons Canadians come to us for loans is specifically to get credit card consolidation and put nagging debts far behind them. We offer affordable interest rates and you can take up to 36 months to repay your loan.</span></p>
<p><span style="font-weight: 400;">We know that this can be a big decision and if you need to speak to one of our loan specialists, they would be happy to take your call and provide you with a complimentary consultation and discuss your best options with you.</span></p>
<p><span style="font-weight: 400;"><a href="https://loanaway.ca/contact/" target="_blank" rel="noopener">We can be reached Monday to Friday</a>, toll-free, at (866) 689-0091.</span></p>
<p>The post <a rel="nofollow" href="https://loanaway.ca/credit-card-consolidation/">Credit Card Consolidation: Knowing When You Need It</a> appeared first on <a rel="nofollow" href="https://loanaway.ca">Loan Away</a>.</p>
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		<title>Guaranteed Approval Credit Card: Before You Apply</title>
		<link>https://loanaway.ca/guaranteed-approval-credit-card/</link>
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		<dc:creator><![CDATA[]]></dc:creator>
		<pubDate>Mon, 02 Oct 2017 21:34:40 +0000</pubDate>
				<category><![CDATA[Credit]]></category>
		<category><![CDATA[credit cards]]></category>
		<category><![CDATA[guaranteed approval]]></category>
		<guid isPermaLink="false">https://loanaway.ca/?p=3314</guid>

					<description><![CDATA[<p>Guaranteed Approval Credit Card: Worth It? You’ve probably entered the term Guaranteed Approval Credit Card into your search engine of choice at some point or another, just as millions of Canadians do each year. Or, just like so many other Canadians, you got a letter in your mailbox bearing the caption Guaranteed Approval Credit Card Continue Reading</p>
<p>The post <a rel="nofollow" href="https://loanaway.ca/guaranteed-approval-credit-card/">Guaranteed Approval Credit Card: Before You Apply</a> appeared first on <a rel="nofollow" href="https://loanaway.ca">Loan Away</a>.</p>
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										<content:encoded><![CDATA[<p><b><img class="alignleft size-medium wp-image-1534" src="https://loanaway.ca/wp-content/uploads/2017/05/easy-loans-1-300x82.jpg" alt="Guaranteed Approval Credit Card" width="300" height="82" srcset="https://loanaway.ca/wp-content/uploads/2017/05/easy-loans-1-200x54.jpg 200w, https://loanaway.ca/wp-content/uploads/2017/05/easy-loans-1-300x82.jpg 300w, https://loanaway.ca/wp-content/uploads/2017/05/easy-loans-1-400x109.jpg 400w, https://loanaway.ca/wp-content/uploads/2017/05/easy-loans-1-600x163.jpg 600w, https://loanaway.ca/wp-content/uploads/2017/05/easy-loans-1-768x209.jpg 768w, https://loanaway.ca/wp-content/uploads/2017/05/easy-loans-1-800x218.jpg 800w, https://loanaway.ca/wp-content/uploads/2017/05/easy-loans-1-1024x278.jpg 1024w, https://loanaway.ca/wp-content/uploads/2017/05/easy-loans-1-1200x326.jpg 1200w, https://loanaway.ca/wp-content/uploads/2017/05/easy-loans-1.jpg 1920w" sizes="(max-width: 300px) 100vw, 300px" />Guaranteed Approval Credit Card: Worth It?</b></p>
<p><span style="font-weight: 400;">You’ve probably entered the term Guaranteed Approval Credit Card into your search engine of choice at some point or another, just as millions of Canadians do each year. </span></p>
<p><span style="font-weight: 400;">Or, just like so many other Canadians, you got a letter in your mailbox bearing the caption Guaranteed Approval Credit Card Is Ready. The word guarantee is a very bold one and not to be thrown around lightly.</span></p>
<p><span style="font-weight: 400;">See, when consumers see a word like “guarantee” related to any offers of money, they either become skeptical or they throw themselves into it 100% </span></p>
<p><span style="font-weight: 400;">We’ve put together this post for you to better understand what you’ll get the next time you type guaranteed approval credit card into Google or whichever search engine it is you prefer to use (because in the end they will all show you what we’re going to discuss today).</span></p>
<p><span style="font-weight: 400;">The first thing you need to know is that some of these offers are for <a href="https://en.wikipedia.org/wiki/Credit_card" target="_blank" rel="noopener">partially secured</a> credit card loans, meaning that before you can access cash via credit, you’re going to have to pony up some of your own cash first.</span></p>
<p><span style="font-weight: 400;">This somewhat defeats the purpose of what you’re after. </span></p>
<p><span style="font-weight: 400;">Another result you’re sure to get when you search for a guaranteed approval credit card are offers for payday loans. This is about as toxic situation as it gets. You’ll never win with payday loans because they’re deliberately designed to make you lose.</span></p>
<p><span style="font-weight: 400;">The interest rates are pretty bad to begin with, but it’s the window of time that is almost certain to lock you into the trap. Trying to balance your regular life expenses with a larger sum of money is almost destined to result in a default&#8230;and those defaults result in stiff penalties that will turn what was supposed to be a two-week loan into an affair that drags on for months for up to 600% interest.</span></p>
<p><span style="font-weight: 400;">Finally, you can also expect to encounter credit card offers from lenders who’ll charge you a very high interest rate as well as sometimes ding you with sneaky “administrative fees” that have no bearing or meaning, but they know that if you’re in a <a href="https://loanaway.ca/bad-credit-loans-canada/" target="_blank" rel="noopener">bad credit</a> situation, they can get away with it.</span></p>
<p><span style="font-weight: 400;">So what you have to ask yourself now is, do you really need a guaranteed approval credit card, or would you be better off with a personal loan from a private lender like LoanAway?</span></p>
<p><span style="font-weight: 400;">With LoanAway, our application process starts with an 8 minute online form. Within a couple of hours of receiving that information, our loan specialists will have your application processed and you will get approval by the end of the day.</span></p>
<p><span style="font-weight: 400;">Right off the bat you’re accessing an application process that is a lot faster than the average <a href="https://loanaway.ca/private-loans/" target="_blank" rel="noopener">guaranteed approval</a> credit card out there. Plus, most of our customers have their loans in their bank accounts within 24 hours of starting the application.</span></p>
<p><span style="font-weight: 400;">When it come to repayment, we offer a window as long as 36 months, which many of our customers have told is very helpful.</span></p>
<p><span style="font-weight: 400;">To learn more about how a loan will be a greater help to your finances than a guaranteed approval credit card, <a href="https://loanaway.ca/contact/" target="_blank" rel="noopener">reach out to us online</a> or give one of our specialists a call at (866) 689-0091 (toll free).</span></p>
<p>The post <a rel="nofollow" href="https://loanaway.ca/guaranteed-approval-credit-card/">Guaranteed Approval Credit Card: Before You Apply</a> appeared first on <a rel="nofollow" href="https://loanaway.ca">Loan Away</a>.</p>
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		<title>Establishing A Credit History</title>
		<link>https://loanaway.ca/establishing-a-credit-history/</link>
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		<dc:creator><![CDATA[]]></dc:creator>
		<pubDate>Mon, 02 Oct 2017 21:08:56 +0000</pubDate>
				<category><![CDATA[Credit]]></category>
		<category><![CDATA[credit repair]]></category>
		<category><![CDATA[credit report]]></category>
		<category><![CDATA[credit score]]></category>
		<guid isPermaLink="false">https://loanaway.ca/?p=3305</guid>

					<description><![CDATA[<p>Everything You Need To Know About Credit History How much do you know about the Great Depression? The reason we’re bringing it up is because those who lost everything swore off ever taking on any loans ever again and taught the evils of credit to their offspring. While they may be right about a few Continue Reading</p>
<p>The post <a rel="nofollow" href="https://loanaway.ca/establishing-a-credit-history/">Establishing A Credit History</a> appeared first on <a rel="nofollow" href="https://loanaway.ca">Loan Away</a>.</p>
]]></description>
										<content:encoded><![CDATA[<p><b><img class="alignleft size-medium wp-image-2639" src="https://loanaway.ca/wp-content/uploads/2017/05/improve-your-credit-score-300x180.jpg" alt="credit history" width="300" height="180" srcset="https://loanaway.ca/wp-content/uploads/2017/05/improve-your-credit-score-200x120.jpg 200w, https://loanaway.ca/wp-content/uploads/2017/05/improve-your-credit-score-300x180.jpg 300w, https://loanaway.ca/wp-content/uploads/2017/05/improve-your-credit-score-400x240.jpg 400w, https://loanaway.ca/wp-content/uploads/2017/05/improve-your-credit-score-600x360.jpg 600w, https://loanaway.ca/wp-content/uploads/2017/05/improve-your-credit-score-768x461.jpg 768w, https://loanaway.ca/wp-content/uploads/2017/05/improve-your-credit-score-800x480.jpg 800w, https://loanaway.ca/wp-content/uploads/2017/05/improve-your-credit-score-1024x614.jpg 1024w, https://loanaway.ca/wp-content/uploads/2017/05/improve-your-credit-score-1200x720.jpg 1200w, https://loanaway.ca/wp-content/uploads/2017/05/improve-your-credit-score.jpg 1280w" sizes="(max-width: 300px) 100vw, 300px" />Everything You Need To Know About Credit History</b></p>
<p><span style="font-weight: 400;">How much do you know about the Great Depression? The reason we’re bringing it up is because those who lost everything swore off ever taking on any loans ever again and taught the evils of credit to their offspring. While they may be right about a few things, your credit history could suffer if  you follow their (well-intentioned) advice.</span></p>
<p><span style="font-weight: 400;">Having a no credit history in today’s world is almost as bad as having a bad credit history. With bad credit, lenders can at least see a consumer’s spending behavior improve, but with someone with no credit history, they have no way of determining whether you’re great with debt or you pose a risk.</span></p>
<p><span style="font-weight: 400;">What we’re going to help you do in this article is show you how to quickly build a <a href="https://loanaway.ca/what-is-a-good-credit-score/" target="_blank" rel="noopener">strong credit</a> history fast and start benefiting from the interest of future lenders.</span></p>
<p><b>Credit History Tip #1: Get a credit card through your bank</b></p>
<p><span style="font-weight: 400;">All Canadian banks offer credit cards for their clients to use. You’ve probably already been offered one or two here and there. Perhaps it’s time you finally take them up on the offer. Typically, if you don’t have any credit history to work from, you’ll be offered a credit card with a higher interest rate (around 19.99%). </span></p>
<p><span style="font-weight: 400;">The key to beating that high rate of interest is to carry as little of a balance as possible. Now this is where the credit history building begins.</span></p>
<p><span style="font-weight: 400;">Stop paying for your bills with cash (or digital cash). Start timing to have all of your common, recurring expenses such as utilities, phone, cable and even groceries and cash and get in the habit of constantly paying your balance.</span></p>
<p><span style="font-weight: 400;">This way, you’re still accomplishing what you were with cash, however, with a credit card, you’re building a strong credit <a href="https://www.ic.gc.ca/eic/site/oca-bc.nsf/eng/ca02179.html" target="_blank" rel="noopener">history that lenders can actually track</a> and refer to.</span></p>
<p><b>Credit History Tip #2: Try a store card</b></p>
<p><span style="font-weight: 400;">Store cards have one of the lowest barriers to entry and that would be a great way to start building a credit history. For example, imagine that you had saved up enough money for a new entertainment centre for your basement.</span></p>
<p><span style="font-weight: 400;">Sweet &#8211; but why take that large sum of cash and make an expensive purchase without getting rewarded for your financial prudence? With the low limit set on the store card, you might not be able to pay for your whole centre, but if you buy it piece by piece and immediately pay off the balance on the card, you’ll be looking pretty good.</span></p>
<p><b>Credit History Tip #3: Don’t give in to temptation</b></p>
<p><span style="font-weight: 400;">If you’ve avoided credit cards believing that they’re a waste of time, don’t go making the mistake of going the other way once you do get a credit card. Far too often has been the case that someone getting their first credit card is easily lured into the temptations of being able to instantly purchase everything.</span></p>
<p><span style="font-weight: 400;">If you’ve spent years always financing all of your purchases with cash and then realize that you can buy so much more with a swipe or click, you could start down a slippery slope &#8211; so just make sure that once you do get your credit card, your positive money management skills don’t change.</span></p>
<p>The post <a rel="nofollow" href="https://loanaway.ca/establishing-a-credit-history/">Establishing A Credit History</a> appeared first on <a rel="nofollow" href="https://loanaway.ca">Loan Away</a>.</p>
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		<title>Credit Scores: Everything There Is To Know</title>
		<link>https://loanaway.ca/credit-scores/</link>
					<comments>https://loanaway.ca/credit-scores/#respond</comments>
		
		<dc:creator><![CDATA[]]></dc:creator>
		<pubDate>Wed, 27 Sep 2017 21:07:44 +0000</pubDate>
				<category><![CDATA[Credit]]></category>
		<category><![CDATA[credit repair]]></category>
		<category><![CDATA[credit report]]></category>
		<category><![CDATA[credit score]]></category>
		<guid isPermaLink="false">https://loanaway.ca/?p=3303</guid>

					<description><![CDATA[<p>Why credit scores rule your finances In this post, we want to talk about credit scores and how, even if you have bad credit, you can successfully get one of the highest scores available in Canada’s credit range. So if you really want to turn things around, read on. In order to succeed in your Continue Reading</p>
<p>The post <a rel="nofollow" href="https://loanaway.ca/credit-scores/">Credit Scores: Everything There Is To Know</a> appeared first on <a rel="nofollow" href="https://loanaway.ca">Loan Away</a>.</p>
]]></description>
										<content:encoded><![CDATA[<p><b><img class="alignleft size-medium wp-image-2639" src="https://loanaway.ca/wp-content/uploads/2017/05/improve-your-credit-score-300x180.jpg" alt="credit scores" width="300" height="180" srcset="https://loanaway.ca/wp-content/uploads/2017/05/improve-your-credit-score-200x120.jpg 200w, https://loanaway.ca/wp-content/uploads/2017/05/improve-your-credit-score-300x180.jpg 300w, https://loanaway.ca/wp-content/uploads/2017/05/improve-your-credit-score-400x240.jpg 400w, https://loanaway.ca/wp-content/uploads/2017/05/improve-your-credit-score-600x360.jpg 600w, https://loanaway.ca/wp-content/uploads/2017/05/improve-your-credit-score-768x461.jpg 768w, https://loanaway.ca/wp-content/uploads/2017/05/improve-your-credit-score-800x480.jpg 800w, https://loanaway.ca/wp-content/uploads/2017/05/improve-your-credit-score-1024x614.jpg 1024w, https://loanaway.ca/wp-content/uploads/2017/05/improve-your-credit-score-1200x720.jpg 1200w, https://loanaway.ca/wp-content/uploads/2017/05/improve-your-credit-score.jpg 1280w" sizes="(max-width: 300px) 100vw, 300px" />Why credit scores rule your finances</b></p>
<p><span style="font-weight: 400;">In this post, we want to talk about credit scores and how, even if you have bad credit, you can successfully get one of the highest scores available in Canada’s credit range. So if you really want to turn things around, read on.</span></p>
<p><span style="font-weight: 400;">In order to succeed in your mission you first need to understand how credit scores work in the first place. Far too many borrowers have the misguided idea that simply paying your bills on time is enough to have great credit.</span></p>
<p><span style="font-weight: 400;">Such is not the case. One of the first steps you need to take in order to get a better rating is to take a look at your debt ratio on your credit cards. If you have a credit card with a limit of $3000 and you find yourself at the $2900 mark, that’s not a good thing and being too close to your card’s limit is a factor that affects credit scores.</span></p>
<p><span style="font-weight: 400;">Ideally, you want to use up no more than 30% of your card’s limit at any given time.</span></p>
<p><span style="font-weight: 400;">While we’re on the subject of debt amounts, it bears mentioning that even some of the most responsible Canadians find themselves with a good credit rating instead of a great rating simply because they have a mortgage payment or auto loan.</span></p>
<p><span style="font-weight: 400;">So if you’re planning on financing large purchases like those with a loan, you’ll automatically find yourself with a rating that is a notch down from great.</span></p>
<p><span style="font-weight: 400;">Credit scores also hinge on history, so while it’s wise for you to NOT juggle <a href="https://zenhabits.net/10-habits-to-develop-for-financial/" target="_blank" rel="noopener">too many sources of credit</a>, you definitely want to keep some sources open and well managed to help keep a strong credit history in place.</span></p>
<p><span style="font-weight: 400;">Speaking of having too many sources of credit, applying for several loans or credit cards in the same time frame will result in a negative impact on credit scores. To explain it from the perspective of a lender, getting too much credit can lead to bad situations.</span></p>
<p><span style="font-weight: 400;">If they see someone earning $50,000 getting $40,000 in total credit, they know that person will not be able to dig their way out if the situation got bad. </span></p>
<p><span style="font-weight: 400;">This is a little known fact, but the type of loan you have also impacts credit scores. For instance, a mortgage is considered differently than say, a maxed out credit card. The mortgage continually goes down the more you pay it. Paying off a maxed out credit card means you could find it going back up again if a transaction pops up.</span></p>
<p><span style="font-weight: 400;">Every year, LoanAway helps thousands of Canadians to achieve their goals of improving their credit scores and getting more out of the money they work so hard for.</span></p>
<p><span style="font-weight: 400;">We offer comfortable debt repayment plans of up to 36 months and our clients have been able to re-build their credit using our loans, especially for debt consolidation.</span></p>
<p><span style="font-weight: 400;">If you want us to show you exactly how our loans can breathe new life into your overall financial picture, don’t hesitate to call us &#8211; (866) 689-0091 &#8211; and <a href="https://loanaway.ca/contact/" target="_blank" rel="noopener">speak to one of our loan specialists</a>, who’ll be happy to walk you through the process and show you what you can expect.</span></p>
<p>The post <a rel="nofollow" href="https://loanaway.ca/credit-scores/">Credit Scores: Everything There Is To Know</a> appeared first on <a rel="nofollow" href="https://loanaway.ca">Loan Away</a>.</p>
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