Tag Archives: Credit Score

There are ways you can repair your credit score, however it might help to also understand how credit reporting agencies collect the information in the first place. Very few people actually understand how credit reporting works.  There are two very large national credit bureau companies in Canada – Equifax and Trans… Read more

Your credit score is a number that lenders look at to assess your credit worthiness when you apply for a loan or mortgage. It tells the lender how risky it will be for them to lend money to you. A credit score can range from a low of 300 to… Read more

Dealing with your debts through an accredited credit and debt counsellor can improve your long term credit risk. A recent study released by the Canadian Association of Credit Counselling Services showed that consumers who repaid their debt with the assistance of a credit counselling Debt Management Plan proved to have… Read more

Your credit score is negatively impacted by frequent credit applications, if you are turned down.  So, if you are applying for credit (such as applying for a mortgage) and you want to “shop around” for the best rate, be sure to do all of your credit shopping within a 15… Read more

Your credit history is recorded in files maintained by two main credit-reporting agencies in Canada: Equifax and TransUnion. If you are trying to improve your credit score, or are considering applying for a loan, it is wise to get a copy of your credit report. Why is this important? Your credit report is… Read more

Our final tip in Credit Report Week: Old credit cards are good credit cards. One factor used in calculating your credit score is your credit history. The longer you are able to manage revolving credit, the better you look. So, if you have a credit card that you haven’t used… Read more

Today’s tip in Credit Report Week: Keep your debt utilization rate low. When lenders are deciding whether or not to give you credit, they look at your utilization rate. For example, if you have $25,000 in available credit on your credit cards, and you are currently borrowing $2,500, you have… Read more

Today’s Credit Week Tip: Never be late with a payment. The most important component of your credit score is your payment history. Just one late payment on your bills or your credit card debt can drop a credit score from 750 to 650, and that may dramatically increase your borrowing… Read more

Question: I have a consumer proposal which I am half way through paying off. I got a copy of my credit bureau because I am trying to qualify for a mortgage. When I pulled my bureau I noticed that the mortgage company had hit my bureau very heavily and it… Read more

How does credit counselling affect your credit score compared to late payments or a consumer proposal? We are often asked how credit counselling, or a debt management plan, impact credit scores. If you are having financial difficulties, chances are you already have some negative marks on your credit history. If you are… Read more