Skip to content
CBA’s Work
The smart way to offer Group RRSPs
Low fees and intelligent portfolios make Wealthsimple Work the retirement benefit your people will actually use.
Backed by Nobel Prize-winning research
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore
et dolore magna aliqua.
Help employees save smarter
Low fees
Adipiscing tristique risus nec feugiat in fermentum posuere. Nisl nunc mi ipsum faucibus vitae aliquet nec ullamcorper nullam eget felis eget nunc.
Smart Investing
Adipiscing tristique risus nec feugiat in fermentum posuere. Nisl nunc mi ipsum faucibus vitae aliquet nec ullamcorper nullam eget felis eget nunc.
Tax deductible contributions
Adipiscing tristique risus nec feugiat in fermentum posuere. Nisl nunc mi ipsum faucibus vitae aliquet nec ullamcorper nullam eget felis eget nunc.
Take the guesswork — and paperwork — out of group retirement
Hassle-free digital onboarding
Adipiscing tristique risus nec feugiat in fermentum posuere. Nisl nunc mi ipsum faucibus vitae aliquet.
Effortless transfers
Adipiscing tristique risus nec feugiat in fermentum posuere. Nisl nunc mi ipsum faucibus vitae aliquet nec ullamcorper.
Easy access for employees
Adipiscing tristique risus nec feugiat in fermentum posuere. Nisl nunc mi ipsum faucibus vitae aliquet.
Easy admin for employers
Adipiscing tristique risus nec feugiat in fermentum posuere.
Powerful financial tools with friendly human help
Inclusive options
Adipiscing tristique risus nec feugiat in fermentum posuere. Nisl nunc mi ipsum faucibus vitae aliquet.
On-call experts
Adipiscing tristique risus nec feugiat in fermentum posuere. Nisl nunc mi ipsum faucibus vitae aliquet nec ullamcorper.
3 million Canadians and counting
Adipiscing tristique risus nec feugiat in fermentum posuere. Nisl nunc mi ipsum faucibus vitae aliquet.
Human-friendly resources
Adipiscing tristique risus nec feugiat in fermentum posuere.
Getting Started is Simple
Adipiscing tristique risus nec feugiat in fermentum posuere. Nisl nunc mi ipsum faucibus vitae aliquet.
Learn more about group retirement
Credit FAQs: Boost Knowledge
Alright, let’s dive into the credit game, shall we? 650, that’s the number they often slap with ‘good.’ But honestly, ‘good’ is for amateurs. We’re on a mission to make ‘great’ our new baseline. So, are you ready to turn your credit score into a rockstar, something that demands attention and respect in the financial world?
Alright, let’s break it down. A bad credit score? It’s like a bull in a china shop for your financial life. Picture this: your credit score is a measure of your financial responsibility. When it’s bad, it’s like a wild bull rampaging through that delicate china shop. Lenders, they don’t like that. It means you’re a risky bet. They might slam the door on your loan applications or charge you a hefty price. But here’s the kicker: it doesn’t have to be that way. We’re here to help you turn that bull into a champion show horse. Ready to take the reins and steer your credit toward success
Here’s the scoop: Your FICO® Score? It’s the big player, the rockstar, in 90% of lending decisions. But guess what? That’s not the whole story. Each of those three credit bureaus? They’ve got their own custom credit score, tailored to your unique financial history. It’s like having three different judges scoring your performance. Ready to master the art of all three scores and conquer the credit game? Stick around, we’ve got the insider secrets for you.
Credit scores, they run from 300 to 850. That’s the full spectrum.
You’re probably well-acquainted with the industry giants, Equifax, TransUnion, and Experian. But here’s a nugget of financial wisdom: PRBC, SageStream, Advanced Resolution Service (ARS), and Innovis are essential players quietly shaping your financial landscape. It’s crucial to elevate your credit game and become familiar with the full spectrum of credit bureaus in operation.
Time to break it down without the fluff: Credit bureaus, they’re not government entities. Picture them as regular companies, fueled by shareholders. But here’s the intriguing part: The Consumer Financial Protection Bureau (CFPB) and the Federal Trade Commission (FTC) step in as the watchdogs, making sure the game stays clean. It’s a financial twist that’s worth wrapping your head around.
Let’s talk creditors. These are the ones you owe, whether it’s an individual, a company, or even a financial institution. You see, when you borrow that cash, be it a loan or credit card action, you step into the shoes of the debtor, and they? Well, they become your creditors. It’s like a financial dance, a give and take, where they’ve fronted you the goods, services, or cash, and now it’s your turn to fulfill your commitment. Managing these creditor relationships? Well, it’s all part of the financial journey.
In a landscape where many services charge for your credit score, Credit Boost Academy takes a different approach. We provide you with your essential credit score, and here’s the key point – it’s entirely free, with no hidden charges. We understand that while there are free services out there, they often come with limitations and may not provide a comprehensive picture of your credit health. That’s where we step in to offer a more comprehensive solution. Plus, if you choose to sign up with us, you can access our paid credit monitoring services to further enhance your financial journey. It’s all about giving you the knowledge and tools you need to take control of your financial future.
Absolutely not! Your credit score is just one element in your complete credit report. Think of your report as a detailed financial storybook, featuring your identification, financial journey, credit inquiries, public records, collections, and the occasional late payment hiccup.
There’s a treasure trove of data that goes into this three-digit number, and it’s anything but a ‘one-size-fits-all’ deal,Your credit rating is like a fingerprint, unique to you and your financial journey. Now, let’s pull back the curtain and get into the nitty-gritty of what shapes your credit score.
We’re talking about five big players that pull the strings behind your FICO® credit score:
Payment history: It’s the boss in town, making up a whopping 35%. This one’s all about whether you pay your bills on time or let ’em ride the wave of tardiness.
Amounts owed: Next in line, at 30%. This factor takes a close look at your credit balances, asking whether you’re juggling a pile of debt or keeping things lean and mean.
Length of credit history: Holding 15% of the score’s influence, it’s the veteran player. The longer your credit history, the better it looks.
Credit mix: This one’s a 10% player. It’s all about the variety in your credit portfolio. Do you have a mix of credit types, like a credit card or a loan?
New credit: Rounding it out, also at 10%. This factor wonders whether you’re applying for new credit left and right, potentially signaling financial trouble on the horizon. So, there you have it – the five main characters in the credit score saga.”
Think of your credit report as your financial journal, documenting each step of your financial journey. It’s like a well-organized library, with sections for your personal details, financial milestones, credit limits, account names, credit history, credit inquiries, public records, collections, late payment stories, and the headline act, your credit score. It’s a comprehensive record of your financial life, chapter by chapter.
Let’s dive right into it: Federal law gives employers the green light to check out a modified version of your credit report when they’re sizing up hires and promotions. In California, it’s mostly roles tied to finance or management. But here’s the crucial part: They can’t do this without your consent. So, what’s the bottom line? Yep, it might just be the game-changer in your quest for that job or promotion.
Playing the credit game smart: While the age of your credit, or how long you’ve been building your credit history, can definitely influence your credit score, there’s no magic number you’re aiming for. As a general rule, the longer you’ve been building your credit history, the stronger your position.
Let’s get down to the numbers: When it comes to loan approval, there’s a lot in play. Typically, you’re aiming for at least a 620 credit score to secure that home loan. Now, here’s the kicker: Some lenders might be willing to roll the dice with scores as low as 500, but be ready to open your wallet wider for the interest.
When it comes to car loans, the minimum accepted score can vary depending on the loan amount. Some lenders are open to scores as low as 500, but be prepared to pay extra in interest. For a smoother ride, aiming for a score of 660 and above is the smart move.
When it comes to personal loans, the minimum accepted credit score can vary based on the loan amount. While a score of 700 or higher is the ideal target, some lenders might give the nod to lower scores if you’re comfortable with a bit more interest on the tab.
Your credit report is usually scrutinized by those in the business of lending money, like banks, car dealerships, and credit card issuers.
Let’s delve deeper into the mechanics of credit scoring. This game has five key players: payment history, debt levels, credit history length, credit mix, and new credit. To enhance your score, it’s essential to ensure your payment history shines, manage your debt responsibly, maintain the stability of your existing accounts, diversify your credit portfolio thoughtfully, and refrain from frequent new credit applications.
Now, here’s the plot twist. Your credit reports may sometimes feature unfair or inaccurate incidents that stubbornly linger for seven to 10 years. If you’re not willing to wait that long to bolster your credit standing, you may want to explore credit repair as a strategic move.
Your FICO® Score is a three-digit number derived from the data in your credit report. While FICO® doesn’t gather this data directly, their algorithm calculates your score. Given that this score influences 90% of lending decisions, knowing where you stand is invaluable.
Legally, the credit bureaus are obligated to furnish you with a complimentary credit report every 12 months. You can access this report through http://www.annualcreditreport.com/. To verify your identity, you’ll need to provide your name, address, social security number, and date of birth.
In addition to this official source, numerous free services are available for obtaining your credit score. Here at Credit Boost Academy, we’re delighted to offer you both your score and a comprehensive credit summary, absolutely free of charge.
