Credit in a Canadian Society

Credit in a Canadian Society

Credit in a Canadian Society

Can i get credit is a phrase often repeated in households across the United States and Canada. In fact, after the great recession that has gripped North America since late 2008, the number of people asking that question, either aloud, to their attorney, accountant, bank or loan officer, friend or neighbor or to themselves has increased by a significant percentage. Of course, numbers are close to impossible to verify since there is no real reporting mechanism in place to actually tally the number of people stating can i get credit. However, it is fairly certain, with the decrease in available credit and the increase in scrutiny attendant thereto, that it's commonly heard refrain.

Can i get credit is directly related to the decrease in available credit and the increase in scrutiny that banks, credit card companies and all other financial institutions are placing on individuals and small business owners looking to borrow money, open a credit card account or do anything in the financial sector. This is a direct result of the tightening within the credit markets. Mortgage backed securities, and other financing vehicles popularized on Wall Street in the early part of this Century all came to a screeching halt. Ramifications included the demise of investment firms, many with huge portfolios of assets and many years of good will. Also adversely impacted were large corporations, many of which lost a significant percentage of their value.

Another result of the recession has been the precipitous rise in the number of personal bankruptcy filings. A direct off shoot from this has been an increase in people asking, can i get credit. The short answer ids maybe; the lengthier and more accurate response is yes, but usually after a period of time depending upon the size and complexity of the case and the amount of time from the trustee's filing of the papers necessary for the judge to agree to discharge.

The increase in unemployment has also caused an increase in the number of people asking themselves or wondering can i get credit. It's difficult to obtain credit with a strong FICO score. Imagine the landmines that lie ahead for those with lower scores and other blemishes on their record? At the outset, finding employment is crucial. As a second step to begin repairing credit, don't stick your head in the sand but, rather, reach out to your credit card companies and make an offer to start re-paying what's owed. Over time, your score will improve and along with that the likelihood will increase that you will be able to get the credit you are seeking

POST COMMENT

An Effective Tool To Curb Credit Card Debt - Credit Card Debt Consolidation Loan Proved Credit Card Debt Reduction Strategies - 3 Reasons Why You Should Eliminate Credit Card Debt Settle Credit Card Debt For Less Than You Owe - Secrets Your Creditors Don't Want You to Know 3 Practical Ways to Obtain a Reputable Bad Credit Debt Consolidation Loan Bad credit loans for surgery: Rediscover the person in you Quick Loans for People with Bad Credit- Having Bad Credit Still Get a Loan Credit Card Deals: Capitalizing On The Right One Best Credit Card: What Are The Parameters You Ought To Look Out For? Visa Credit Card Or Other Credit Cards Should Always Be Purchased From Reputed Institutions Always Try To Compare Credit Cards To Get The Best Deals Improving Your Credit: So You Don't Wanna Live Paycheck-to-Paycheck Anymore… Are American Express Credit Cards Appropriate for Your Requirements How To Get An Alternate Equifax Free of charge Credit Score Report