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Credit Score

Credit scores are a number that indicate to lenders, and professionals in the finance industry, how your overall financial picture looks.  It factors in your financial past, including but not limited to your credit card balances, repayment history, and if there are any judgments or personal collections.  There are two credit reporting companies in Canada - Transunion, and Equifax.  Lenders will typically look at both.

 680 - 900

This is what is considered a strong credit score, and is typically approved by all mainstream lenders.

600 - 680

This is what is considered a fair credit score, and typically is associated with high credit card balances, a couple of late or missed payments, or a collection. 

Under 600

This is where credit can be the major reason for a decline from your financial institution.  Credit has been severely impacted, by either a previous bankruptcy or lots of late payments on credit cards, car loans, etc.  This is where we can place your mortgage with an alternative lender, who can provide financing for 1 or 2 years while we work to repair your credit.

We are happy to review credit scores in depth with our clients, and help them plan for their future - your credit score doesn’t have to be perfect, but we can get you in the right direction moving forward.

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