Canadian Dollars Blog

Earlier this month, I wrote a post about the benefits of obtaining one's credit rating . As a user of bzzagent, I was recently invited to take advantage of a Capital One Credit Card. Initially, I was skeptical about the promotion. When I read that if a bzzagent is approved for a card, they will receive a $75 credit on their credit card. I quickly debated the pros and cons. Did I really want another credit card for a mere $75 gain? I thought about it and decided to apply for the card early last week. Just today I received a piece of mail from Capital One. Unfortunately, the letter seemed kind of thin. It definitely didn't have a credit card inside. No worries, I said to myself -- maybe they just need more information before they could approve my credit card. Instead, what I read shocked me. In the letter they told me that they were unable to grant me credit at this time because of my credit standing. I was shocked. This was the first time I had ever been turned down...

It's the beginning of the new year and what better way than starting off the new year than to fulfill one of my new year's obligations immediately. I just filled out my credit report request and have mailed it off. Today I will talk about the benefits of obtaining one's credit score/report. There are two major credit bureaus that will do this for you in Canada: TransUnion and Equifax. Provided that you fill out the correct form and provide two pieces of identification (the details are specified on their websites), you can obtain your credit report for free. Not that if you wish to receive your credit report online, there is a nominal fee for this service. If you're like me, and love a good deal, just submit your request through snail mail. It'll only cost you a postage stamp. So what is a credit score and why does it matter? Credit reports are important because of what's listed. If your credit score is really low, this could be the result of an unclean cre...

Over at Million Dollar Journey he's got an excellent article about how canceling a credit card affects your credit score. This was actually a question that was posted by me in the comments section in an earlier post about Credit Card Arbitrage . I encourage all my readers to check it out. Thanks Frugal Trader!