Let’s talk about credit!

Do you know about your credit score?

Find out what a credit score is, what makes it, and who records it.

Don’t feel like watching?  You can read the video transcript below.

Transcript:

“In the mortgage lending process credit is one of the main pillars on how lenders evaluate you. So credit’s made up of many different components. Credit’s made up of credit inquiries, and that’s what we all think of that really impact your credit score but a credit inquiry only is made up of 10% of your actual overall score. The majority of your score is your credit mix so the mix between bank lenders and alternative lenders. It’s made up of pieces of the limits that you have compared to the balances and it’s made up of your repayment.

Credit also takes into account public records like judgments or bankruptcies as well as collection items. There are two credit reporting agencies in Canada there’s Equifax and TransUnion both have a score out of 900. The majority of Canadians have scores over 600 and a score over 700 considered stellar. Whether you know a lot about credit or whether you don’t know anything about credit at all it never hurts to ask the questions. Feel free to give us a call today.”

Have more questions? Feel free to contact us!