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Brampton Real Estate home

Credit Score


Score Range 750 - 840 660 - 749 620 - 659 Below 620
Rating Excellent Good Fair Poor


A Credit history is created when you borrow money or apply for credit. They are maintained by Canada's major credit-reporting agencies: Equifax Canada and TransUnion Canada. You may obtain your credit report for free by contacting them. This credit report/history is one of the tools lenders use when approving you for a loan/mortgage.


Credit companies (including banks, finance companies, credit unions, retailers) send ongoing updates to these credit reporting agencies about your financial situation such as:


Payment History - Recency, late payments (>30 days), collections, judgments, and bankruptcies. A single 30-day late payment can drop your score 15-20 points.  

Current Debts - How much you currently owe compared to your credit limits, number of creditors, maxed-out available credit.

Age of credit
- The longer your credit history, the better; preferably >1 year. 


Type of Credit - loans, credit cards, and revolving credit accounts have different impacts.

Credit Enquiries - Numerous credit applications/inquires in a short time have a detrimental effect.

Top Credit Score killers: Bankruptcies, judgments, collections; Payments over 30-days late; Maxing out credit cards (>75% of credit limit)

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