Bad credit report in CANADA!

[justsimple]

Hey guys, i was wondering what can someone do when having a bad credit score and landlord isnt renting appartment? can a MP help? what, where, why? thanks guys...

 

[canuck_in_uk]

Nobody, especially an MP, can do anything about your bad credit. Your options are to wait while rebuilding your credit or find a co-signer.

 

[SenoritaBella]

It is hard to rent an apartment with bad credit but you will have better luck renting from someone who owns a house and is looking for a tenant for a section of it.
Or you can try to rent from a boarding house or sublet with roommates.

 

[steaky]

Better yet, own your home!

 

[Pippin]

Steaky I am sure you didn't mean it that way, but think how hard it would be to get a mortgage without a good credit rating?
If you have a credit card use it sensibly and pay your bill off each month. Apply for your credit rating. I think Equifax will give you a credit rating once a year free. You pay if you wish to learn your actual credit score. It is actually a good thing for us all to do once a year. You maybe surprised by what you find in the report and it is important to check that their information is correct. There is a mechanism to get errors changed. One surprising thing I learned is that requesting your credit rating more than annually can negatively impact your score as it looks like you are expecting something bad. All the best.

 

[steaky]

Steaky I am sure you didn't mean it that way, but think how hard it would be to get a mortgage without a good credit rating?

Interesting thing is that I didn't need a good credit rating to get a mortgage, but required to get anything else.

 

[Pippin]

I didn't know that Steaky. Learning something from you all the time.

 

[SenoritaBella]

Hmm...whoever approved your mortgage must have ran a credit check on you and you were approved because your credit report probably didn't have negative findings. Otherwise, how did they determine your interest rate or your risk level? :-X I find it hard to believe they would do it for a $1000 credit card but not for hundreds of thousands of dollars. hmm

If you got a mortgage with bad/poor credit, then your interest rate is probably high.

Interesting thing is that I didn't need a good credit rating to get a mortgage, but required to get anything else.

 

[Pippin]

When you apply for your credit record you can see all the different dates and agencies that have requested information about your credit rating, including cell phone companies, banks and department stores when you apply for credit cards, etc.

 

[steaky]

If you got a mortgage with bad/poor credit, then your interest rate is probably high.

No, that's not true. I got the same low interest rate as advertised by the developer. Some developers are more motivated than others. Furthermore, I didn't have Canadian credit history and I was living outside Canada at the time of that transaction.

Yes, they run a credit check on me when I applied a Canadian Tire credit card upon my first week of returning to Canada, but was not approved. What's a big difference!