A score to settle + MORE Oct 9th

Moving to a new country can be a challenge. There can be language barriers, new ways of life and important necessities to figure out. One of those is securing housing.
Statistics Canada said that immigrants account for more  than one in five Canadians and that by 2055, immigrants will make up 90 percent of Canada's population growth.
According to a recent poll, 87 percent of new Canadian immigrants didn't know how to apply for a mortgage in their first three months in Canada. In addition,  58 percent don't know how to apply for a credit card and 47 percent don't know how to open a bank account.
The poll also noted that 24 percent of immigrants were surprised by the credit rating system and 23 percent were shocked to not have access to credit immediately.
This lack of knowledge when it comes to getting a home creates an opportunity for mortgage brokers, said Mortgage Broker News. These immigrants are resources for brokers to work with and develop a level of trust with as they help the newcomers navigate the Canadian home market…

A quiet start to the week! I only have bonus offers for you today. Don’t forget to vote! rewardscanada.ca/vote News, Tips & Tricks  Air Canada has announced their 2014 European service expansion and man Milan is hot! Not only is American adding new service from Miami, Emirates serves the route from JFK as well as Delta/Alitalia and now Air Canada is jumping into the fray with Toronto-Milan service. The MXP service will be year round 5x week starting on Jun 18. Also announced were new Air Canada Rouge routes Montreal to Barcelona and Nice, Toronto to Lisbon and Manchester. There are also route expansions such as Toronto-Istanbul moving to daily service and AC’s two YYC-Europe flights being upgauged to the new 777-300ER aircraft. For a complete summary see Airline Route Updates In case you missed a couple of our posts yesterday:Fairmont Hotels: Everyone’s an Original Winter Promotion = Double Airline Miles & DiscountsScotiabank Gold American Express Card – 1st Year annual fee waived! Bonus Offers American AAdvantage- 500 Bonus AAdvantage Miles per stay at La Quinta properties in the U…

In his 13 years as an insurance broker Bryan Yetman has regularly witnessed the havoc credit scores wreak on consumers. No case, however, unsettled the past president of the Insurance Brokers Association of Ontario (IBAO) more than that of a woman diagnosed with breast cancer while in the midst of a divorce a few years ago. The client needed a double mastectomy, which required time off work. She missed some bill payments due to the upheaval and her credit score plummeted. Her home insurance provider responded by doubling her premiums.
Yetman thinks this is outrageous. “Because you were late on a bill payment or you lost your job, is your house more likely to burn down?”
Inflated insurance premiums are just the tip of the iceberg when it comes to the ever-expanding use of credit scores for reasons for which they were never designed. “We have a situation where the credit score is now being needed for everything,” says Toronto paralegal Dan Barnabic, who represents clients in credit disputes…

The FICO score, the basis for most credit scores, consists of five major categories based on data in your credit report. The percentages in the chart reflect how important each of the categories is in determining how your FICO score is calculated. The biggest factors are how much debt you have, whether you’ve paid your bills on time and how long your credit history is. You may also be penalized if you don’t have a good mix of types of credit and if you’ve opened too many new accounts recently.
Reading your credit score

Your credit score rates creditworthiness out of a possible 900 points, and compares your credit standing to that of other Canadians. Lenders generally consider you a good credit risk if your score falls between 660 and 724. Anything below 560 is poor.
The real cost of a lower credit score
Homebuyers’ budgets will stretch much further if they have an optimal credit score. Consider these three different lending scenarios for a five-year fixed mortgage, based on the purchase of a $370,000 home with a 5% down payment…

1. Check your credit score (both of them): Anyone contemplating a major loan should check their credit score six months to a year in advance to ensure there are no surprises or errors. Don’t wait to the last minute, because it could take several months to correct an error.
Canada has two major credit-reporting agencies, which can lead to significant differences in scores. While most of the information collected by Equifax and Transunion is similar, it’s not uncommon for one bureau to have information not captured by the other, or the same data might be recorded, displayed or stored in different ways. The two firms synchronize their scores every two months.
2. Pay your bills on time: The first thing any lender wants to know is whether you’ve paid your loans and bills. This is one of the most important factors in a credit score, so always do your best to stay current on your accounts by paying at least the required minimum. Also be aware that paying off a collection account will not remove it from your credit report immediately…