Keep Up The Credit Score

Your credit score summarizes most of the types of credit you use, including credit cards, loans and financing plans. It also shows whether you have made your payments on time.

When you're ready to take the next step towards home ownership, we're ready to make it happen for you. It's quick. It's easy. It's secure.

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Credit Report and Credit Score

Your credit history is based on information sent to the two credit-reporting agencies in Canada, Equifax and TransUnion from businesses that have given you credit. When you want to borrow money, the lender will usually check your credit history with these agencies, also known as credit bureaus.

You build a good credit history by consistently making payments on your credit cards and other loans on time. If you have no credit history or a bad credit history, you will have more difficulty borrowing money, especially large amounts such as a home mortgage.

Credit reporting agencies provide information about your credit history in two ways: as a credit report and a credit score.

Credit Report

Your credit report includes personal information, such as your current and previous addresses and employers. Financial information in the report can include information on:

  • Your bank accounts, including any bad cheques or non-sufficient funds (NSF) payments.
  • Credit you already have such as credit cards, lines of credit, and loans.
  • A bankruptcy or a court decision against you that relates to credit.
  • Debts that you did not pay which were referred to collection.
  • A list of all people and companies who have made inquiries about your credit, including lenders, other authorized organizations (e.g. landlord), and yourself.

Credit Score

Your credit score indicates the risk you represent to lenders compared to other consumers. The higher your score, the lower the risk. Credit reporting agencies use a scale from 300 to 900. Factors that can affect your credit score include:

  • How long you have had credit.
  • Your history of making payments - Do you carry a balance on your credit cards? Have you missed payments?
  • Your outstanding debts - Are you close to your credit limit?
  • The number of recent inquiries about your credit history - Are you trying to get more credit?
  • The types of credit you are using.
  • Any record of bankruptcy or your debts being sent to a collection agency.

let'sget you started

When you team up with me you're teaming up with one of the top mortgage brokerage firms in Calgary, The Mortgage Group. This means I know how to make home ownership a reality for you! Here are 3 key things you should know.

1. credit rating

Your credit rating is a key indicator of your ability to make your mortgage payments. I'll show you where your credit rating needs to be, and how to bump it up.

2. down payment

There's no such thing as having too much money for your down payment so turn yourself into a great little saver. I'll tell you what you need to put down.

3. apply online

The next step to home ownership is to complete my online mortgage application so we can help you get pre-approved for the best rates. Let's get started!

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