Whistler Real Estate Co Ltd, #137- 4370 Lorimer Road, Whistler, BC V0N 1B4

Your credit score is an indicator of how regularly you are paying your current bills, and also how you have paid the ones in the past. There are 2 credit-reporting agencies in Canada: Equifax Canada www.equifax.ca, and TransUnion Canada  www.transunion.ca. You can obtain a copy of your credit report by contacting these agencies.

Why is my Credit Score Important? 

Your credit score or "beacon," as referred to in the lending industry, is an important part of the Canadian banks' credit analysis for all forms of credit applications: Credit cards, lines of credit, personal loans, car loans, and mortgages. Many lending institutions view a beacon score of 680 as an acceptable reflection of credit history. In the world of credit granting, a higher beacon is viewed favourably.

How do I Maintain or Improve my Score?

• Always pay your bills in full and on time. If you cannot pay the full amount, pay at least the required minimum by the due date on your monthly statement. Missing a payment can lower your score which can adversely impact your ability to borrow.
• Pay off your debts in a timely manner, and by the scheduled payment dates.
• Never go over the limit on your credit cards and try to keep the balances well below the limits.
• Be selective with your credit requests; try to limit the number of credit card and loan applications you make.

How do I Find Out More Information? 

Click here to visit the Financial Consumer Agency of Canada web site and download a free copy of their guide,  Understanding Your Credit Report and Credit Score.

This is an excellent resource that shows what your credit report looks like and how to interpret the terminology on the report. For example, you may see "R1" beside one of your credit card accounts. What does this mean? The "R" means the account is "revolving" credit where you make regular payments on an account with a fluctuating balance, and the "1" means that you paid your last monthly payment within 30 days of the due date.

If you obtain a copy of your credit report and need some guidance to interpret the information contained inside it,  please do not hesitate to contact us.

We are here to help.

www.garibaldimortgage.com