MyCreditz Inc.

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Are you Credit Invisible?

How can you establish a record of credit payments when a lack of credit history makes it difficult to borrow money? Here are some tried-and-tested strategies for getting credit visible!

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As per the Transunion Consumer Pulse Report 2023, middle income households have shown the most concern regarding household finances.

Navigate through 2023 with MyCreditz

Undebt™ Yourself with MyCreditz

Better Credit Scores await you! Stay up to date with MyCreditz and learn how you holdup in the credit market.

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Are you a New to Credit (NTC) consumer?

Educate yourself on how to maintain a good Credit Score from the start and facilitate your growth with MyCreditz!

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Fintech and Neobanking are the future!

Neobanks are new-age banks without any physical location, present entirely online.
The average transaction value per user in the Neobanking segment is projected to amount to C$36.82k in 2023.

Keep a check on your transactions and maintain your credit score with MyCreditz

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Did you notice?

The Fintech sector has shown significant growth in recent years and is showing no signs of stopping

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Undebt™ Yourself with MyCreditz Inc.

Learn the importance of Credit Monitoring and the latest trends in Consumer Empowerment with MyCreditz

Undebt™ Yourself with MyCreditz

As per Transunion Consumer Pulse Study 2022, consumers continue to turn towards credit cards with the inflation of 2023 in the picture. Learn how to navigate through it with MyCreditz.

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Receive solid recommendations based on AI generated analysis of your spending habits with MyCreditz Credit Genie, our AI-powered financial services chatbot.

With Credit Genie keep your finances under control.

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Create a debt management program with MyCreditz
Learn how to get rid of revolving debt with some simple habits!

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The MyCreditz Bingo Report assists consumers achieve the best rates and terms to improve their Credit Score and Credit Worthiness.

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Consumer credit trends to pay attention to in 2023 as per TransUnion

-Card Originations will be above Pre-Pandemic Levels even though Delinquency Rates might rise

-Personal Loan Originations to Slow to “Normal” Levels

-Steady Growth in Home Equity Originations



#2023

With the MyCreditz Debt Reduction Tool, set 'reminder alerts' before payment dates and generate a plan to eliminate debt.

Do you know how much consumer credit levels increased in Canada in Q3?





#2023

With the dynamic MyCreditz dashboard, you can configure and personalize to learn more and better understand your current credit profile and how your credit habits influence your credit score. This tool can assist you in maintaining a positive credit report.

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Do You Know what the average credit card spend was by the end of 2022?



#2023

Want to know what habits help you maintain your Credit Score?

Here’s a Checklist for you!

How to make sure you don’t take any steps back this season, and how to protect your credit score and financial well-being while still enjoying your holidays? Protecting your credit score this Christmas is all about being aware and making good choices.

Security

During the holidays, you’re shopping more, pulling out your credit cards more, and you’re doing it all so fast that things could easily go unnoticed. Beware of credit card scams during the holiday season, and do not give out any personal information to unverified sources. Nothing is worse than finding out you’ve had your credit card stolen and maxed out just a few days before Christmas. Protect yourself; protect your credit score; protect the progress you’ve made this year by being aware of what is happening with your cards.

Overspending

Everyone is guilty of this during the holidays, but running up your credit card balances is going to up your credit utilization ratio. Higher credit usage ratios mean a lower credit score. Make sure to can pay off most of what you spend on your card before you spend it, and if you can’t, then you need to lower the amount you’re spending.

Bill Payments

Do not lapse out on paying any bills. Keep your finances under a vigilant eye. Set reminders for when bills are due so you don’t have any late payments on your credit report going forward. Making sure you’re paying what you owe, on time is the best way to keep your credit score in check over the holidays.

Overall debt

Finally, be cautious about increasing your overall debt. Do not take on any new credit products. The best way to avoid increasing your debt is to sign up for a secured card which uses your own money. A secured card allows you to make purchases online or in-store just like a regular credit card, and influences your credit score, without putting you into debt. Set limits for spending and try to save money wherever you can. Accumulating more debt is only going to make it harder for you to get out of debt, so be cautious and aware of what you’re spending.

If you can do that, you’re going to be able to keep that score moving in an upward motion and your financial security healthy.

A credit utilization ratio compares your debt to your available credit in percentage, the credit utilization ratio aka Debt-to-Credit ratio or credit usage rate—shows potential lenders how much of your available credit you’re using. The less you use, the better, as this indicates to lenders that you’re managing your finances well enough that you don’t need to tap into even more credit.

Credit bureaus also use your credit utilization ratio to calculate your credit score, a three-digit number from 300 to 900 that reflects how well you manage credit. You’ll need a score of at least 600 to be approved for a loan or line of credit, but a score of 700 or more can get you a better interest rate.

Part of achieving financial health is understanding your credit score, what it means, how it is calculated, and learning practical strategies for improving it. Understanding debt utilization rates and the difference between corporate and soft checks or between revolving credit and instalment credit is only a small part of the story when it comes to seeing the complete picture of your credit. Your credit score is used by lenders to determine what type of borrower you are. This may affect your eligibility for certain loans or credit cards as well as the interest rates you receive.

In Canada, your credit score ranges from 300 to 900, with 900 being the perfect score. If you have a score between 780 and 900, that's great. If your score is between 700 and 780, it's considered a high score and you shouldn't have too much trouble getting approved with a good rate. As you start to hit 680 or less, your score will get low and you will start to find it more and more difficult to qualify for a loan. Your credit score is calculated using five factors:

Payment history (35%)
Debt utilization ratio (30%)
Credit history (15%)
Credit application frequency (10%)
Credit Diversity (10%)

A prepaid credit card looks like a regular credit card, but there's one big difference: It won't help your credit score as a regular credit card can.

Regular credit cards allow you to take on debt, and how you repay that debt is an important factor in your credit scores. A prepaid credit card works more like a debit card you load with money and make purchases until the money is gone. Since you are not borrowing any money with a prepaid card, the account is not reported to the credit bureaus, and won't have any effect on your credit score.

There are several reasons people choose prepaid credit cards such as the following:

1. Not having a bank account since you can buy a prepaid credit card with cash and get the convenience of a payment card without a bank account.

2. You want an alternative to cash and Prepaid credit cards can be more convenient than carrying cash or for businesses that don't accept cash.

You can't qualify for a regular credit card; There's no credit check for prepaid credit cards; you can get one at drugstores, office supply stores, gas stations, supermarkets and online, and start using it right away.