What is your credit score, and how can you improve it?

  • Your credit score is a number that illustrates your financial health at a specific point in time. It is also an indicator of how consistently you pay off your bills and debts.
  • Your credit score is one of the factors lenders consider when qualifying you for a mortgage. A good credit score, for example, can help improve your chances of being approved.
  • To find out your credit score, contact Canada’s two credit-reporting agencies: Equifax Canada and TransUnion Canada. These agencies can provide you with an online copy of your credit score as well as a credit report — a detailed summary of your credit history, employment history and personal financial information.
  • If you find any errors in your report, notify the credit-reporting agency and the organization responsible for the inaccuracy immediately.
  • If you want to improve your credit score, always pay your bills in full and on time; pay off your debts as quickly as possible; never go over the limit on your credit cards; and try to reduce the number of credit card or loan applications you make.
  • Once your credit score has improved, work with your mortgage professional to obtain a mortgage that works for you.
Jorge Branca

Jorge Branca

Sales Representative
CENTURY 21 Leading Edge Realty Inc., Brokerage*
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