How to Find Out About Your Credit Rating
Planiprêt | 26 August 2024
- The current monthly balance on your credit cards, lines of credit, car loans, furniture loans, etc.
- The minimum payments, and if they were paid on time.
- How often you have overcharged a credit card or loan, and is your total balance above 50% of your total limit?
What is considered a good credit score?
- 700 is a strong credit score
- 800 is an excellent score
- A score between 600-650 is a critical zone where a valid explanation will allow for the mortgage application to be approved (on a case per case basis )
- A score under 600 is rarely accepted by the traditional banks and insurers (CMHC and Sagen or Canada Guaranty). You will need help rebuilding your credit rating and will have to show that you are determined to do so. Certain alternative or private lenders may accept your application, but only under certain circumstances, and the interest rate will be quite high.
Give us a call today and we’ll put our experience to work in helping you find the perfect solution !
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