What is Credit
Everyday we are asked, “how credit works”. Credit is getting things first, and paying later. Credit in Canada is used for everyday purchases through to major life milestones. When it comes to large purchases, credit is essential (after all, who has a spare $400,000 in cash for a home?
Credit is used when you want to:
- Get a loan
- Buy a house
- Lease a vehicle
- Get a good phone plan
- Make travel reservations
- Get certain jobs
- Rent an apartment
- Pay less interest
Can Anyone Get Credit?
We all have a credit score — some good, some not so good (some are even 0!). The trick is that you need to have a good credit score in Canada to get credit. Credit allows you to reach your goals in a more flexible way. Since building your credit score takes time and patience, now is the time to start building.
Your Credit Score is a Number that Affects You
Your credit score may look like ‘just’ a three-digit number, but it sums up your whole financial reputation. Think about it like a financial resume. This number is all about trust and determines what type of credit you can get in Canada, from a mortgage all the way down to payday loans. Your credit score also decides what conditions (like a cosigner) and interest (high or low) you will get on any credit you apply for.
If you have a history of paying lenders on time and managing your debts responsibly, you’ll have a high score! If you don’t have a history at all, or if you have a low score — it will be hard to get lenders to trust you. Our goal is to help those with no score or a low score get back into the credit game.
Have You Ever Been Denied for a Credit Card?
If you’ve been turned down for credit, don’t take it personally; it probably means your credit score was too low. Lenders do a lot of math to figure out the risk of not getting paid, based on credit scores. Unfortunately, an awesome personality doesn’t count for much in the world of credit.
Credit Building With Marg Mortgages
- No Credit Check. No money out of pocket.
- Approval in minutes!
- Clients sign up for one of our programs, ranging from $1,200-$5,500.
- We put up the program amount and hold it as collateral. As clients pay down the program they begin to build-up equity (savings), which they can withdraw.
- These payments are reported to their credit profile as an Installment Loan
- All programs are 36-60 months with fully open terms and no penalty to payout early.
- Interest on the program ranges from 15.99%
- A commitment fee is charged on each program that is rolled into the payments and paid over the first several months.
- The commitment fee must be paid before the client can cancel.
- This fee ranges from $200-$400 depending on the program size (see program summary page.
Email Marg Mortgages: info@margmortgagges.ca
If you’ve ever been denied for credit, we can help you.
