In Canada, i’ve two companies that screen credit and you can designate credit ratings: Equifax and you may TransUnion

The fresh new organizations plug this article into their exclusive formulas ahead up with a credit score. The greater brand new rating, the easier it’s to getting the financing your you desire.

Which have credit ratings less than 680, your own home loan certification count could be affected (reduced)

You will find five things that the credit bureaus are considering. Here is a listing, as well as a share that displays exactly how much the newest bureau weighs this informative article:

Should you keeps credit – as well as finance, playing cards, plus things such as bills – the companies you work on are accountable to such agencies

• How many times you only pay expense timely (thirty-five %)
• How much your debt and what part of readily available credit you’re using (30 percent)
• How much time you’ve had the levels discover (fifteen %)
• Regardless if you’ve been applying for lots of the latest borrowing from the bank (10 %)
• If or not you may have a mixture of repaired and you may rotating credit (ten percent)

Certainly, the original two goods are the quintessential important. Thankfully, those are also the 2 issues that you’ve got the really command over. Continue reading →