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Mortgage with Bad Credit Score

It is very important to properly manage a good credit history to get a mortgage. Banks check your credit report and decide if you are eligible based on that information.


It is very easy to destroy your credit score by simple things that you might not even think about, like late payments, going over the limit, using your cards too often or not using them at all. At the same time, it’s very difficult and takes a lot of time to get it back to normal.


So, what is a credit report


A credit report is a primary tool that lenders use to establish a borrower’s creditworthiness. It reflects current outstanding balances and maximum credit limits; plus shows how many times the borrower has applied for credit and the status of that application. All this information greatly influences a borrower’s credit score. 


In Canada, there are two credit reporting agencies: Equifax and TransUnion. In addition to a borrower’s credit profile, lenders often make decisions based on applicants’ employment, indebtedness compared to income level, and the ability to easily make payments for a sustained period.


Credit Score Breakdown 

·     30% Credit Utilization 

·     35% Payment History 

·     15% Length of Credit History 

·     10% Inquiries 

·     10% Type of Credit 



A measure of how much of your available credit, on credit cards and/or lines of credit, is being used. It also factors in the number of accounts with balances and the amount paid down on installment loans. Generally, lower credit utilization demonstrates restraint and is viewed as positive. 



A credit score shows how all credit accounts are being repaid. Not only does this consist of any late monthly payments, but also items of public record and foreclosures. It’s important to note that a co-borrower has just as much responsibility on the payment as the primary borrower. For instance, a missed payment on a co-signed credit card will show on both borrowers’ credit reports. 



A credit score does not only consider the date that the first account was opened, but also the average age of the accounts on the report. Creditors typically want to see at least two open trades on a credit report, each being used for a minimum of two years. 



Borrowers who continually seek new credit can negatively impact their credit score. An exception to this are borrowers who are rate shopping for a mortgage or auto loan over a short period of time. In these cases, the credit score will not be meaningfully impacted. Also, credit inquiries made by the borrower or a potential employer are typically not factored into the score and are considered ‘soft’ inquiries. 



In general, lenders and creditors like to see borrowers manage a variety of credit types. A borrower’s credit score can improve if they have demonstrated the ability to manage several different credit accounts, rather than having only installment loans or only revolving credit. 


It is very important to manage a good credit history to get a mortgage.


If you have any issues with your credit, talk to us and we will find the best and most efficient way to improve your credit score to help you purchase a new home. 

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