 |
|
|
|
|
| |
|
Welcome to the Synergy Solutions Centre!
Just click on the one of the questions below and you'll get a simple answer. If the question you have doesn't appear on this list, feel free to ask us and we'll be happy to help you in any way we can.
You can "search" through the questions and answers by entering keyword(s) into our search box. Or you can categorize the questions listed by a category name, such as borrowing or wealth services, by selecting one of the categories from the drop-down menu from our main page. You can also comment on each of these questions by providing a comment on our answer, where we could provide additional answers.
|
 |
There are many variables that are taken into consideration when granting credit. Therefore, making a comment in this forum as to why you haven t received a loan, without the particulars of your situation, would not be of service to you. That said, you should speak with your lender to determine the ... more...
Yes, your Canada Student Loan is interest-free while you attend post-secondary school as long as you are within the minimum course load. You will also benefit from the six month grace period after your finish your schooling and are searching for a career. For more information on Canada Student Loan... more...
Unfortunately you have been given false information. All credit unions, just like other financial institutions offer pre-authorized payments, whether it is for your loans or other bill payments.
All pre-authorized payments must be instigated from the insurance company, trust company or, as in yo... more...
In your case, this would be considered a residential mortgage and, depending on your circumstances, you could most likely use the equity in your home as a down payment for your son s property while he is attending post-secondary school.
You do not need to deem this property as a rental property ... more...
You can apply for your credit report online with one of the credit reporting agencies or credit bureaus such as Equifax Canada and TransUnion Canada . The cost to obtain the report will vary depending on the bureau you select, so check them out and compare.
Most national and international cr... more...
There are a number of factors that are taken into consideration, but generally each credit card company prices their card products according to what it costs to provide the services the card offers, the risks associated with those services, and the costs for collecting payment from their customers.... more...
The interest rate you are assessed when borrowing funds is determined by your capacity to repay the loan, your character in relation to your past payment history, your capital, the conditions and collateral offered.
Should you not meet Synergy Credit Union s policy guidelines in any of these ... more...
A consolidation loan, if your circumstances allow, may be answer. A consolidation loan would retire your credit card debt, and possibly incorporate your other debt responsibilities to give you one manageable payment at a lower interest rate. Check out the Accelerated Debt Payoff calculator to see... more...
Several factors determine how much interest is charged on a loan. Let s start with a factor over which neither the lender nor the person borrowing has any control: It s called the Bank of Canada prime rate, and it s set by the Bank of Canada. This rate is adjusted by the Bank of Canada to help cont... more...
If it is credit card debt you are referring to, concentrating on one card and neglecting the others, or paying just what you can afford can further adversely affect your credit rating. If you haven t already done so, it may be in your best interest to contact the card companies and negotiate new re... more...
Often times new graduates come out of school with no credit rating, even though they may have good cash flow, they may have a hard time applying for loans. Therefore, yes, it is a good idea for you to apply for a credit card and start building your credit rating by demonstrating good payment manage... more...
When looking at a loan application, it is industry standard to consider the 5 Cs Capital, Capacity, Character, Conditions and Collateral. These represent things like your credit score, cash flow, and your money management skills. In order to qualify for a loan at Synergy Credit Union you would ha... more...
Great question! Extra money should be applied to the loan that has the highest interest rate, reducing your overall interest paid.
If you regularly accelerate your loan payments, over the long run, you can substantially reduce the interest you pay. However, a word of caution, please make sure ... more...
Selling your home and not paying out the mortgage is not an option at any financial institution. You would be well advised to speak with your loans officer prior to listing your house to determine what options are available to you based on your personal, specific situation.
more...
A Canada Student Loan is probably the best solution for you as it offers market competitive rates, is interest-free while you attend school, provides added benefits when you do begin repayment as interest is considered a tax deductible expense, and you could apply to qualify for remission, whereby... more...
If your child obtains a personal loan, co-signed by you, to purchase a vehicle, the payments he or she makes will be reported to the credit bureau in your child s name. Over time, their timely payments will go a long way to establishing a good credit record.
Since your child s name would be on ... more...
You have two options for making a consumer loan application. You can stop by your branch (the 29 th Street Personal Banking Centre is open Saturdays from 10 a.m. to 3 p.m. if the weekend is more convenient for you) and make an appointment to speak with a loans officer, or you can simply apply by p... more...
To renovate or sell as is? This question would be best answered by your real estate agent who knows the market and can best assist you with this important decision. For example, they can assess the value of your home, plus the factors you need to consider when making renovations to get the best ban... more...
Knowing what s in your credit report is invaluable. Your report contains the information your potential creditors see when they call a report on you, as well, reviewing it allows you to correct any information that may not be accurate.
You can apply for your credit report online with one of the ... more...
Your credit report lists credit activity, good and bad, for a seven year period. Demonstrating good money management skills from this day forward is critical and possible it you are committed to do so. To ensure what goes on your credit report is beneficial to you, there are a few things you should... more...
Your credit report lists credit activity, good and bad, for a seven year period. Demonstrating good money management skills from this day forward is critical and possible it you are committed to do so. To ensure what goes on your credit report is beneficial to you, there are a few things you should... more...
Using a credit card to demonstrate a commitment to responsible repayment of debt is one way to improve your credit report. However, a credit report lists all your credit information, good and bad, for up to seven years and if you exhibit good money management skills in all areas from this point f... more...
The rates charged for credit increase according to the risk they present. The higher the risk the higher the rate.
Overdrafts are classed as an unauthorized form of credit. There is no security pledged for these overdrafts, unlike credit cards where you have signed an agreement. As a result w... more...
Yes, from a financial institution s perspective, having an RRSP does help indicate your credit worthiness, as it is industry standard to consider the five C s when reviewing an individual s financial status. What are the 5 C s? Capital, Capacity, Character, Conditions and Collateral. These repres... more...
First off, there is no set interest rate for loans. When you apply for a loan, you are evaluated on a set of criteria that determines the risk rating of your loan. The higher the risk to a financial institution, the higher the interest rate charged to the borrower.
The criteria used to establ... more...
Usually we say, One size does not fit all , but in this case your question is almost identical to that of a previous question. Therefore, the answer bears repeating…
Concentrating on one card and neglecting the others, or paying just what you can afford can further adversely affect your credit ... more...
Good question, our board of directors is NOT involved with loan applications, approvals or anything involving member loans or deposits for that matter. Synergy Credit Union s board is responsible to set the strategic direction and define the type and level of service expected for members. They empo... more...
If you are checking your credit report yourself, by phone or online, it does not affect your credit report.
If a potential lender or creditor pulls your credit profile for the purpose of extending credit, however, it is called a "hard inquiry" and may affect your credit score. Multiple enquirie... more...
Yes, she should apply for a card in her name now, so she can start building her credit rating by demonstrating good payment management with her card while attending college. Often times new graduates come out of school with no credit rating, even though they may have good cash flow, they may have a... more...
For personal use vehicle purchases, in most cases, it is likely best to buy rather than lease, as the vehicle at some point would be owned by you. Having the asset will increase your equity position on your Net Worth Statement, and when you choose to sell you can reduce your next purchase with the ... more...
Credit reporting agencies or credit bureaus, Equifax Canada and TransUnion Canada as examples, are independent of all credit unions and banks. They are separate entities that collect information about consumers' financial affairs and sell that information to their business members, such as c... more...
For your soon to be 18 year old son, the best way to establish a credit rating is for him to apply for a low-fee, low limit credit card so he can prove his money management skills.
Responsibility is key. He needs to consistently show that he is a responsible and conscientious borrower. And he c... more...
Student loans generally have the benefit of lower interest rates and can be amortized over an extended period of time. In fact, you may want to let your student loan be the last debt you get rid of. Instead, concentrate your immediate repayment efforts on your other debts. Reducing other debt by ac... more...
A credit report lists all your credit information, good and bad, for up to seven years. So as you can see, if you are committed to making the necessary changes, in time you can put bad credit behind you.
To ensure what goes on your credit report from this day forward does not further damage yo... more...
Concentrating on one card and neglecting the others, or paying just what you can afford can further adversely affect your credit rating. If you haven t already done so, it may be in your best interest to contact the card companies and renegotiate new and lower repayment schedules and the possibilit... more...
To buy or lease, that is the question. Check out our Lease or Buy calculator here to crunch a few scenarios.
For personal use vehicle purchases, in most cases, it is likely best to buy rather than lease, as the vehicle at some point would be owned by you. Having the asset will increase your ... more...
The rates charged for different forms of credit increase according to the risk they present. That means the higher the risk to the financial institution, the higher the interest rate they charge.
For unauthorized overdrafts, the key here is unauthorized . There is no security pledged for the... more...
There are many different credit cards out there, and each one has its own advantages and drawbacks. It s important for people to examine their spending requirements and ability to pay off their cards each month. With some cards charging upwards of 19%, you don t want to be paying high interest on b... more...
By working with your bank, you may be able to restructure your debt load, and possibly lower your payments. Reducing your monthly debt repayment to a manageable level could help you balance your budget and improve your cash flow. Speaking of cash flow, do you know where your money goes? Knowing is ... more...
Sometimes it does - but keep in mind that you need to have the ability to make the payments for the investment loan from your current resources. You should not rely on the investment to cover your loan payments as the return on investment can go up or down but your loan payment will stay the same. ... more...
It s safe to say, paying down debt is never a bad thing and it is the ultimate goal in the end. But what are your options?
Off the top, let s assume that you don t need this extra money for living expenses in the foreseeable future.
If your debt servicing requirements are high compared t... more...
Thank you for your question. Synergy Credit Union is a strong supporter of the educational institutions in the communities we serve, and continuous learning is encouraged and supported for all individuals within our employ.
We also extend that commitment to our members as we certainly appreciate... more...
We appreciate your interest in a Credit Union Student Loan to invest in your future education plans. Synergy s student loans offer:
interest only payments while you attend school
flexibility if you do not use your annual allotment, for example if you receive a scholarship... more...
No, they are available all year. Stop into a post secondary institute and ask for an application or for more information and calculators click Canada Student Loans and Grants .
Synergy Credit Union invites you to contact us if you do not qualify for a Canada Student Loan and we ll explore all ... more...
You can t do anything to change your past, but you can start today to improve your personal credit score. Once you have made the commitment to put bad credit behind you, and you can, you must demonstrate this with actions that show you are indeed credit worthy. How?
Start with the facts. Know... more...
Most definitely. Synergy Credit Union has the experts you can talk to about your personal financial situation. As the old saying goes, Time is Money , so don t be intimidated, just call and make an appointment today.
When applying for a line of credit, you will be assessed on five distinct fac... more...
Talk to your lender so you understand why you were declined. This will help you understand what you need to do to ensure you qualify for further loan requests.
If you have been declined because of your financial history, you should review your credit score for accuracy and then take steps to imp... more...
Credit scores are used to calculate the likelihood that you will repay your debt. There are a number of factors that go into the calculation, including:
• Payment history - A good record of on-time payments will help boost your credit score. • Amount of debt in relation to available debt - e.g... more...
Requesting your own credit profile will not affect your credit score.
If a potential lender or creditor pulls your credit profile for the purpose of extending credit, it is called a "hard inquiry" and may affect your credit score. Multiple enquiries in a short period of time, like when you are s... more...
We appreciate your interest in a Credit Union Student Loan to invest in your future education plans. Synergy s student loans offer: interest only payments while you attend school flexibility if you do not use your annual allotment, for example if you receive a scholarship or work du... more...
Your mother-in-law s credit record should only be affected by the debts that she is directly involved with either as an individual or joint with her husband, past and present. These items stay on her credit record for seven years. Debt held solely by her husband has no bearing on your mother-in-law... more...
Since credit scores are used to calculate the likelihood that you will repay your debt, to improve your credit score, focus your attention and ensure you satisfy the factors that go into the calculation in the first place. These include:
• Payment history - A good record of on-time payments will... more...
A credit report lists all your credit information, good and bad, for up to seven years. With some forethought and planning, you can improve your credit score and the sooner you can do that, the sooner you will have financial freedom.
Credit reporting allows companies to determine the degree of... more...
Generally it is better to have one loan rather than many small ones.
Most financial institutions charge higher interest rates on smaller loans, so consolidating could lower your interest rate and save you money over the long haul. The rate is also dependent on security. For example, if you have ... more...
We re glad you asked! When considering credit card debt, it s helpful to look at it this way: If you saved $100 in a savings account for one year at 1%, at the end of the year you would have made $1. If you owed $100 at 20% interest charges and made minimum ( interest-only ) payments, at the end ... more...
The addition of a co-signer itself does not affect the rate. If the co-signer is prepared to offer additional collateral (i.e. personal property/savings to back up the loan), then it may affect the rate. For example, suppose you qualify for a loan for a vehicle and the rate is 10%. If the co-sig... more...
The answer could be quite an essay. But let s go with the Readers Digest version:
First of all, a credit union is a financial institution. A credit union offers the same types of loans as all other financial institutions, but sometimes with our own unique features and benefits. For example, w... more...
Generally it is better to have one loan rather than many small ones.
Most financial institutions charge higher interest rates on smaller loans, so consolidating could lower your interest rate and save you money over the long haul. The rate is also dependent on security. For example, if you have... more...
Sorry, no. However, you can use a GIC as collateral for a loan, which will provide you with preferred interest rates. more...
|
|
|
|
| |
|
|
|
|
