Repair Credit Score

Question: Which institution in Canada offers personal loans with the best interest rate?

I'm planning to get a personal loan for about 15K over 4-5 years, which Canadian bank or institution I would have the most chance of being approved. My credit score with Equifax is around 640.

Answer: ing direct

Canada credit fix Equifax repair2.mov

Question: what are the differences between a line of credit and a personal loan?

I would need 10 000$ to buy a used car. I have only 455$ credit card debt, my credit score is excellent. Can you tell me the advantages/disadvantages of a line of credit and a personal loan. I asked my bank adviser and he told me to take a personal loan, but why? I was a little bit skeptic.

Answer: Ryan is not quite correct. There are personal lines of credit that are not secured by collateral, but personal lines of credit only go to those with long, superlative credit histories.

The main difference between a line of credit and a personal loan is that the loan is a one time deal. You pay down the debt until it's gone and that's it. A line of credit doesn't necessarily mean that you have borrowed money. Money is available for you to borrow, up to the credit limit, and as soon as any of the principal is repaid, it becomes available to borrow again. Loans last for a fixed term and lines of credit can last for years. Most lines of credit ARE secured by one's home, and that's the main disadvantage of them. If you are undisciplined, you can get in trouble and lose your house. If you default on an auto loan, you'll lose the car. If you default on an unsecured personal loan, you can be sued and get a default judgement against you, but the creditor can't touch your house. Disadvantages of personal loans is that they usually have higher rates than lines of credit.

Repair Credit Report - The Difference Between Home Equity Loan and HELOC

Question: what credit reporting agency give the best credit score?

I seem to have 3 different scores between the different agencies, does one seem to give better scores then the others?

Answer: FICO scores for all three credit bureaus are used by creditors. It is normal for scores to be different as the info at each credit bureau can be different.

If you got those 3 scores directly from the credit bureaus, only the one from Equifax is FICO. The ones from TransUnion and Experian are Vantage (different scale) or the TransUnion might be a TransRisk score (worthless). If you got those scores from a third party monitoring service, they are probably Fakko (their own formula).

Creditors use FICO. Paying for any score other than FICO is a complete waste of money. You can purchase FICO scores for Equifax and TransUnion at MyFico.com. Consumers can no longer purchase FICO scores for Experian.

Dispatch: EU Oversight of US Credit Rating Agencies