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Poor credit not a problem

Why is my credit bad?

Some of my clients are mystified as to why their credit is poor.  They know that their credit is bad because lenders and credit grantors have told them.  But they don't have a strong grasp on what caused it, and what to do about it.  I'll explain more about that below.

If you are looking for a mortgage, and you know that you have shaky credit, please fill in our "one minute" application form below, and our lenders will do the best they can for you.

Firstly, if you have unpaid collections or debts, they will show up as a negative entry on your credit report.  When I speak with clients, I tell them that unpaid Canadian debt and collections are like a boat anchor.  No matter how much you do positively ie pay your current credit cards and car lease, your credit score will not improve because the collections hold you back.

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Make sure that you pay off your collections, and then your credit score will rise.  It can be very frustrating for you to constantly pay high interest rates on your loans and mortgages for years, when you could easily fix your credit within one year.

The Equifax credit scoring system is what creditors use to help determine whether to give you credit. Before you request a bad credit mortgage in Ontario, check to see if the information about you on the report is accurate.  Many times, when looking for a loan, creditors don't report information correctly and an unfortunate time to find out about it is when you are applying for a loan.  Get your credit report well in advance and make sure it is accurate. Or ask us, and we can get a report for you for free.

With your credit, here is a list of reason why your credit may be suffering.  Equifax considers such things as your bill-paying history, the number and type of accounts that you have, late payments, collection actions, outstanding debt, and the age of your accounts.

If you wish good credit. make sure that you have at least 3 lines of credit (ie Visa, MC, car lease, etc).  If you have 3 credit cards, try to to get the credit limit raised so that the total between the 3 of them is $2500.

Pay the debts on time every month.  Try to keep the monthly balances at about 50% of the credit limit.

Don't let prospective creditors check your credit too often within a short period of time.

If you do these things, you should have good, or at least, improving credit.  If you slip on any one of them, your credit could go in a negative direction.

All Applications are FREE and there is NO OBLIGATION to borrow


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